Global ARC Boston 2026

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• “ Stopping attempts to subvert the 2026 midterms will require courage and integrity from the courts, political leaders of both parties, and the local officials running elections. Most of all, it will depend on individual Americans to stand up for their rights and demand that their votes are counted. “ The Atlantic, October 28 th 2025 There is widespread concern that public trust in elections is under threat in America and many other parts of the world. This development heightens risks to voter participation, civic engagement, and feelings of political legitimacy and, in the most severe cases, catalyse contentious outcomes, election-related violence, and democratic backsliding. Attitudes toward electoral integrity matter for political behaviour and system stability and access to information in society.

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• “ One asset management structural trend towers over the rest: the “great convergence” between traditional and alternative asset management. These two worlds are beginning to blend as public and private investing increasingly overlap, and as private capital managers penetrate deeper into wealth, defined contribution, and insurance channels. ” McKinsey & Co, September 18 th 2025

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• Global ARC’s Monday morning Investor Education Forum is a closed-door session open only to Global ARC’s sponsors and to major pension funds, sovereign wealth funds, foundations, endowments and selected wealth managers and consultants. The Global ARC Investor Education Forum will provide institutional investors and other allocators with the opportunity to choose from a range of meetings with leading investment firms.

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• “ With the exponential rise of generative A.I. systems, the greatest danger is no longer a flood of invective and falsehoods on social media. Rather, it is the slow, subtle and corrosive manipulation of online communication. We have entered a new era in international influence operations, where A.I.-generated narratives shift the political landscape without drawing attention. “ The New York Times, August 5 th 2025 New technologies are offering companies, politicians, and others unprecedented opportunity to manipulate us. Sometimes we are given the illusion of power - of freedom - through choice, yet the game is rigged, pushing us in specific directions that lead to less wealth, worse health, and weaker democracy. In, his new book Manipulation , nudge theory pioneer and New York Times bestselling author, Professor Cass Sunstein, offers a new definition of manipulation for the digital age, explains why it is wrong; and shows what we can do about it. Professor Sunstein reveals how manipulation compromises freedom and personal agency, while threatening to reduce our well-being; he explains the difference between manipulation and unobjectionable forms of influence, including 'nudges'; and he lifts the lid on online manipulation and manipulation by artificial intelligence, algorithms, and generative AI, as well as threats posed by deepfakes, social media, and 'dark patterns,' which can trick people into giving up time and money. Drawing on decades of groundbreaking research in behavioural science, this landmark book outlines steps we can take to counteract manipulation in our daily lives and offers guidance to protect consumers, investors, and workers.

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• “ Red-hot debt markets are putting pressure on the extra yields that private credit can charge borrowers above public alternatives. That added “premium” is the key selling point for private credit from an investors point of view was historically around 200 basis points… this figure has halved to… 100 basis points or less ”. Reuters, December 30 th 2025

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• “ Real assets - global real estate, listed infrastructure, natural resource equities, and commodities - offer a compelling way to build portfolio resilience… taken together, these ‘core four’ categories create a coherent portfolio that complements and diversifies traditional allocations. ” The Financial Times, November 14 th 2025

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• “ For decades, institutional allocators took roughly the same approach to managing the vast piles of cash under their control: they diversified by divvying up the money across asset classes then stuck with it by rebalancing now and again when things got out of whack. But a growing list of institutional investors are challenging that convention and ditching these asset-class silos. Instead, they pit investments as disparate as, say, public equities and private credit against each other in search of the best bet for the whole portfolio. Dubbed the Total Portfolio Approach, it’s gaining traction fast . ” Reuters, January 24 th 2026

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• “Hedge funds made their largest asset gains on record in 2025…. the hedge fund industry recorded returns of 12.8 per cent last year, its best performance since 2009.” The Financial Times, February 17 th 2026 A perennial delegate favourite, Professor Nicole Boyson of Northeastern University D’Amore-McKim’s School of Business will return for her annual review of the most thought-provoking academic alternatives research of the last twelve months.

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• “ America isn’t ready for what AI will do to jobs. Does anyone have a plan for what happens next? ” The Atlantic, February 10 th 2026 In this thought experiment session, it is January 2029 and to the surprise of American political pundits - and the even greater surprise of the “natural-born citizen” clause of the U.S. Constitution - Professor Mark Blyth has been elected the 48th President of the United States, propelled into office on the strength of a radical policy agenda centred on artificial intelligence. Whilst A.I. has accelerated the pace of technological progress in the 2026-29 period, it has also brought a sharp and rapidly rising wave of unemployment. This shift has led to a dangerous contraction in demand and increasing social dislocation across the economy. Mark Blyth will outline some of the innovative macroeconomic policies and tools that his incoming 2029 administration plans to deploy to ensure that the United States’ political and economic system can withstand - and adapt to - the economic storm unleashed by the A.I. revolution.

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• As global capital flows become increasingly politicised, sovereign debt markets are emerging as an important arena of strategic influence. This session explores how sovereign debt and state-backed capital are contributing to the formation of new capitalist and political spheres of influence in global finance. Could sovereign debt markets increasingly become a channel for financial statecraft and influence? What macro risks and opportunities might this create for global capital markets? At the portfolio level, what should institutional investors be looking out for as they try to navigate an increasingly complex financial system?

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• “ The 1920s roared with financial overindulgence until the markets drowned in the Wall Street crash of 1929. Today we find ourselves again dancing toward new highs in the stock market. Speculative money is once more pouring into risky investment schemes, with staggering sums of money being thrown at A.I. and cryptocurrencies. … The parallels between the 1920s and the 2020s are numerous — and ominous. ” The New York Times, November 7 th 2025 Investment returns across asset classes are increasingly driven by a narrow set of growth themes, such as artificial intelligence. At the same time, richly valued risk assets across multiple asset classes have heightened vulnerability to a broad, cross-asset sell-off—particularly in the event of an inflation shock. In this environment, building portfolios that are resilient to rising correlations has never been more important, yet it has also become more challenging.

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• “ Current market volatility underscores epic buildup of global risk. Some experts see a dangerous combination of factors reminiscent of practices that led to previous financial crises. ” The New York Times, November 25 th 2026 What are the best ways for investors to construct an investment portfolio that benefits from increased volatility? More fundamentally, should investors rethink their investment beliefs and, by extension, their manager allocations, to actively seek opportunities to profit from volatility spikes rather than simply fear them?

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• “For decades after the end of the Cold War… the premise was simple: markets could be optimized through globalization and cooperation… and [they didn’t see] hard geopolitics and national-security issues as the primary constraints on global economic growth. That premise no longer holds. Today, markets are shaped by war, sanctions, industrial policy and geopolitical tension.” The Wall Street Journal, February 12 th 2026 Wars in Ukraine and the Middle East, persistent grey-zone conflict between the U.S. and China and Europe and Russia, along with troubling signs of fraying social cohesion across several Western European societies, have combined to create a profound sense of uncertainty - verging on asset allocation paralysis - amongst many institutional investors. Professor David Betz and Professor Hal Brands will explore how current and emerging external security pressures and internal Western societal schisms are likely to shape the geopolitics of the coming decade: where existing Western policies are falling short and what kinds of urgent adjustments need to be enacted to address these vulnerabilities.

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• “ It is comforting, in times of chaos, to believe that things will return to normal. People tend to seize on hints that the worst is over. This is why stock markets surge every time U.S. President Donald Trump does something marginally reasonable…. [However], letting your guard now would be to fall victim to “normalcy bias.” This theory holds that people believe during abnormal times that normality will reassert itself, removing the urgency to act. “ The Globe and Mail, February 17 th 2026 On Monday we heard from Professor Steven Pinker on the dangers of group think; one of the most insidious repercussions of which is normalcy bias. In the context of investing, normalcy bias can imprison investors in the cognitive trap of assuming that the fundamentals of our established economic system will continue to remain in place and that any disruptions to the system will ultimately self-correct and prove transitory. Yet over the last eighteen months numerous ‘fixed’ cornerstones of the international order have begun to crumble: hastily imposed tariffs point to a long-term rollback of global free trade, whilst sudden and often quixotic switches in U.S. economic policy and the acceleration U.S. federal deficit have the questioning of U.S. dollar dominance. In a world where clinging to assumptions can be increasingly dangerous how can institutional investors best create and then nourish investment systems that are resistant to confirmation bias?

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• “ Benjamin Graham, the doyen of financial analysis, once quipped: ‘In the short run, the market is a voting machine but in the long run, it is a weighing machine.’ However, according to a hot new financial theory - dubbed the Inelastic Markets Hypothesis - this is utter baloney. It argues that inflows and outflows are wildly more impactful on the stock market than previously thought. This has caused a stir in the cloistered world of financial research [as it offers] a compelling explanation for why the stock market keeps marching higher, almost impervious to bad news. ” The Financial Times, September 19 th 2025

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• “ With harmony small things grow ; with discord great things collapse. ” Sallust, The War With Jugurtha Current media platforms often incentivise the amplification of discord between U.S. political parties and movements, since the resulting noise generates monetizable online “clicks” for their owners. Yet a closer examination reveals that, beneath the empty media bombast, many of the concerns held by the centre-left and centre-right about neoliberalism are, in fact, shared by both sides. The centre-left has long expressed scepticism about neoliberalism and the growing market dominance of a small number of powerful transnational oligopolies. At the same time, within centre-right thought, a new conservative-interventionist current has emerged increasingly sceptical of neoliberal orthodoxy and believing that more must be done to protect society from the often-profound moral, economic, and social downsides to neo-liberalism. In this session, two leading academics - one broadly aligned with the centre-right and the other with the centre-left - will explore their shared concerns. Through this dialogue they will seek to formulate policy approaches that could command support across both their traditions. This is no empty intellectual exercise. The magnitude of the socio-economic challenges facing Western democratic societies today are immense and growing by the day. Only through more bipartisan engagement can effective and lasting solutions begin to emerge.

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• “ The global zeitgeist is changing. Gone is the old language of the “rules‑based order”; today, large powers talk more about spheres of influence and less about restraint. In Washington, President Donald Trump has embraced a more transactional view of raw power…. the United States should not be surprised, then, if China comes to a similar conclusion. ” Unherd, February 16 th 2026

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• How is the increasing convergence of private and public markets reshaping the skill sets required of managers? Do current deal flow challenges in private equity create compelling investment opportunities? And within infrastructure investing, which areas offer the greatest potential for growth?

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• “ Private credit is no longer a niche strategy, but an essential component of the financial system. ” CNBC, January 19 th 2026 With an increase in private credit default rates and covenant-lite deals, first rate risk management systems are becoming an essential component of private credit manager outperformance. How can investors best gauge whether their private credit manager is in possession of truly top tier due diligence and operational infrastructure systems?

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• “Demand for geopolitical analysis is rising, as asset managers and corporate investors seek guidance on the best way to price in risk from wars and global political risk… for investors, geopolitical risk used to be overshadowed by factors including economic data points and central bank decisions. But since the Ukraine war, the demand for insight has been climbing steadily.” Reuters, January 23rd 2026

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• In an environment shaped by higher uncertainty and market volatility, wealth managers have become increasingly deliberate about which external managers they include in client portfolios. This discussion will bring together leading wealth managers to share how they assess external managers beyond the traditional pillars of performance, process and people, and how wealth firms are placing greater emphasis on other factors such as transparency, trustworthiness, communication, client service and the ability to collaborate effectively. The session will explore what ultimately differentiates investment managers in today’s increasingly competitive investment landscape.

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• Which strategies can help investors navigate rising correlations and volatile markets? Investment returns across asset classes are increasingly driven by a narrow set of themes, while elevated valuations leave portfolios vulnerable to broad cross-asset drawdowns. As correlations rise, achieving genuine diversification becomes more difficult. Which strategies are best positioned to protect portfolios in this environment, and how can investors potentially benefit from periods of heightened volatility? More fundamentally, what type of volatility exposure actually matters? Should investors seek strategies that benefit when volatility rises, those that perform well during periods of elevated volatility, or both?

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• Where are the most attractive opportunities in private credit today? Private credit has evolved from a niche allocation into a core component of institutional portfolios. Yet as capital has flowed into the asset class, spreads have compressed and competition for traditional direct lending deals has intensified. At the same time, new areas of growth are emerging, particularly in specialised segments such as asset-backed lending and other less commoditised credit strategies. Which private credit opportunities can still deliver attractive risk-adjusted returns, and how should investors assess whether managers have the sourcing, underwriting and operational capabilities required to succeed in a more competitive market?

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• Private markets have become a central component of institutional portfolios, offering the potential for diversification, income and illiquidity premiums relative to public markets. Yet the opportunity set is evolving as capital flows reshape deal dynamics, exits slow and the boundaries between public and private markets increasingly blur. Private market investments can generate return premiums, but investors must balance these against trade-offs in liquidity and complexity. Which private market strategies currently offer the most compelling opportunities? As liquidity pressures grow, what role are secondaries and continuation vehicles playing in portfolio management? And across real assets such as real estate and infrastructure, where are investors finding the most attractive opportunities today?

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• Public markets remain the core of most institutional portfolios, yet the investment landscape is shifting as the era of ultra-loose monetary policy fades and return dispersion across sectors and issuers increases. In public credit markets, tighter spreads and changing macro conditions may create a more selective environment for active managers. At the same time, public equity markets continue to be shaped by powerful themes, such as artificial intelligence. If capital flows increasingly influence market behaviour (as suggested by the emerging “inelastic markets” debate), how should investors rethink the drivers of returns in public markets? Which public investment strategies are best positioned to generate alpha in this environment, and which markets still offer compelling opportunities for investors?

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• Geopolitical tensions are increasingly shaping the global investment environment. Conflicts in Ukraine and the Middle East, intensifying strategic rivalry between the United States and China, and growing political polarisation within North Atlantic democracies have created a more uncertain backdrop for financial markets and international relations. Against this backdrop, which geopolitical risks are currently overstated, and which may be dangerously underappreciated? How might growing geopolitical rivalry and the evolving balance of global power reshape the strategic landscape over the coming decade?

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• Which emerging or currently peripheral, alternatives strategies do managers and institutional investors believe are likely to enter the mainstream in the next five years? Institutional investors have steadily expanded their allocations to alternative assets over the past two decades, transforming what were once niche strategies into core components of diversified portfolios. As this evolution continues, allocators are increasingly exploring a new generation of alternative strategies that sit at the margins of today’s portfolios—from specialised hedge fund approaches and niche private market segments to innovative real asset and liquid alternative strategies. Which currently peripheral strategies do institutional investors believe are most likely to enter the mainstream over the next five years? And how should allocators evaluate their potential role within long-term portfolio construction?

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• “ Asset-backed financing will be a key engine for private credit growth this year. ” Bloomberg, January 21 st 2026 Fuelled by traditional banks’ ongoing de-risking and the strong financing demand from asset-intensive digital infrastructure and data centres, asset-backed lending has experienced remarkable growth over the past few years.

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• With the end of the “easy money era” public credit markets seem poised for increased return dispersion and thus conditions more conducive to high-alpha credit strategies.

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• “ An [equities] bull market that was once fuelled by bets on American exceptionalism and the profitmaking potential of A.I. has become far broader… Assuming investors in aggregate remain rational, high valuations amount to a bet that corporate profits are set to grow unusually fast across much of the world. If this bet is correct, rising earnings could fuel steady returns for shareholders despite stocks’ expensive starting point. ” The Economist, December 30 th 2025 Despite heightened geopolitical tension, policy uncertainty, and rapid technological disruption, business fundamentals in many sectors remain more resilient than headlines suggest. In this environment, should investors prioritise resilience and downside protection, or position for dispersion and opportunity in more cyclical, higher-volatility sectors? Beyond where to allocate, how should investors access equity and equity-linked returns in ways that enhance or diversify their sources of alpha? And looking ahead, will the recent rotation away from U.S. market dominance continue, with Europe and other regions sustaining relative outperformance, or will U.S. equities reassert their leadership as conditions stabilise?

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• “ The global space market is forecast to cross the USD 1 Trillion mark as early as 2032.… the rate of innovation and the speed at which new companies are coming into the space ecosystem is like nothing we have experienced before. “ The Wall Street Journal, February 10 th 2026 The rapidly expanding space economy is just that--an economy--governed by the same laws of supply and demand that apply here on Earth. How can we best deploy economic analysis, rather than the usual breathless hype, to understand how the economic market in space is forming, its source of value for businesses across industries, and where the most compelling investment opportunities lie for institutional investors?

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• “Groupthink is the silent killer of transformation. It convinces us to swap critical thinking for default ‘best practices’.... Consensus feels safe. But this homogeneity suffocates innovation and blinds organisations to new opportunities or threats.” Management Today, July 5 th 2025 Professor Steven Pinker is one of the world's foremost thinkers and bestselling author of Enlightenment Now, The Better Angels of Our Nature and The Language Instinct. In this keynote session he will reveal the power and perils of group think, or ‘common knowledge’ and how this has a momentous impact on our economic, political, and social lives. Understanding ‘common knowledge’, Professor Pinker shows, can make sense of many of life's enigmas, including financial bubbles and crashes, revolutions that seemingly come out of nowhere, the posturing and pretence of diplomacy, the eruption of social media shaming mobs and academic cancel culture.