Some medical breakthroughs come from unexpected sources. The origins of new weight-loss drugs such as Ozempic—known in the industry as GLP-1s—can be traced back to 2005, when they were introduced as a treatment for diabetes. Two decades later, these drugs have seemingly burst onto the medical scene, gaining notoriety for their ability to help people lose weight and the potential implications for a variety of other business sectors. This “Ozempic effect” serves as an important lesson for investors: Healthcare innovations often have a cascading impact on the economy and their portfolios. With th ..read more

A storm may be brewing off the coast. It is not a new concern for investors, but its intensity has grown. The US federal government owes more than $34 trillion—and counting. This level of debt has the potential to wreak havoc, even for the world’s largest economy. Government debt has grown in other parts of the globe as well, and debt held by consumers and businesses can also pose economic risks. With a tsunami of debt lurking in the distance, investors must take stock of the potential ramifications if it ever crashes onto the shore. This episode of The Outthinking Investor addresses the econo ..read more

Industrial policy is making a comeback in the West. The US, Europe and other governments have introduced new incentives to the private sector in hopes of bringing supply chains closer to home, boosting domestic industries, and building strategic advantages in key technologies such as semiconductors and EVs. But success is not guaranteed. Can governments pick winners and losers? Do the potential benefits of industrial spending, such as driving innovation and economic growth, outweigh the consequences of higher debt and interest rates? This episode of The OUTThinking Investor gathered insights f ..read more

In this environment of uncertainty, it's more important than ever for investors to think outside the box. Welcome to The Outthinking Investor, an award-winning podcast from PGIM that examines past events, present-day opportunities, and future possibilities across global capital markets. In Season 4, hosted by Toby Ricketts, experts from PGIM and the investment world bring unique perspectives as we explore a fast-changing landscape of investment opportunities and risks. Join us as we take a deep dive into the portfolio implications of a changing world ..read more

The invention of the spinning jenny in 1764 upended the textile industry—and the women who earned a living weaving cotton and preparing fabrics in their homes. Suddenly, these jobs became obsolete. Just as the industrial revolution had a profound impact on how people worked and lived, structural forces are transforming global labor markets today, from slowing globalization to the advent of generative AI. The evolution of labor markets is poised to reshape the macro landscape in the years to come, posing broad implications across the investment portfolio. In this episode of PGIM’s The OUTThinki ..read more

In one of Rembrandt’s famous paintings, Storm on the Sea of Galilee, a ship’s crew struggles to navigate through an epic storm thrashing the ship. But toward the stern, Jesus sits calmly. This image graced the cover of Peter Bernstein’s classic book, Against the Gods: The Remarkable Story of Risk. So what can investors take away from a classic piece of Renaissance art? Market shocks can emerge suddenly and in unexpected ways. Mitigating the impact of these risks is no doubt challenging when they are difficult to predict. Still, investors need a gameplan. This episode of PGIM’s The OUTThinking ..read more

Fans of the long-running game show Jeopardy will remember that one famous contestant stood out from the rest. IBM’s supercomputer, named Watson, beat two human opponents in a 2011 competition that brought artificial intelligence into the spotlight. More than a decade later, AI has taken a giant leap forward. Generative AI, made popular by the launch of ChatGPT, has already made its impact felt on the investment world, and it appears poised to shake up the modern economy as businesses find new ways of utilizing the technology. The next generation of AI presents new possibilities for the way peo ..read more

Ever since the oil crisis of the 1970s and the creation of the Strategic Petroleum Reserve, the United States has held millions of barrels of oil in a stockpile to safeguard the country—and its economy—from future supply shocks. Just as oil has kept the world’s economic engine running, a new critical component has emerged: the microchip. Everything from satellites and missiles to cars and toasters are powered by chips, making the semiconductor industry a linchpin of both the global economy and national security. The recent chip shortage affected virtually every industry, revealing a new vulner ..read more

From growing rice on Mars to developing new farming techniques here on Earth, the future of food is rapidly evolving. The global food system—spanning farms, factories, grocery stores and more—is a complex network that has far-reaching economic implications. It is also inefficient and increasingly unfit for purpose, encouraging innovation across the value chain that will give rise to attractive investment opportunities. In the newest episode of PGIM’s The OUTThinking Investor, we take a deep dive into the world of food and its portfolio implications—whether seeking opportunities or mitigating h ..read more

Watch the video version of this episode by visiting www.pgim.com/david-rubenstein. Private markets represent a fast-growing asset class with unique opportunities for investors. The growth of private equity in particular has transformed the investment landscape over the last several decades. Private equity assets more than doubled over the course of a decade to reach $11.5 trillion by 2021. David Rubenstein, co-founder of The Carlyle Group, has played a prominent role in the evolution of private equity. His work beyond Carlyle is just as monumental—from advocating for broader investor and civic ..read more