KKR & Co. Inc. (KKR) Co-CEO Scott Nuttall Hosts Bernstein 41st Annual Strategic Decisions Conference (Transcript)

KKR & Co. Inc. (NYSE:KKR) Bernstein 41st Annual Strategic Decisions Conference May 28, 2025 1:30 PM ET

Company Participants

Conference Call Participants

Patrick Davitt

Good afternoon. I’m Patrick Davitt, U.S. Asset Manager analyst here at Autonomous. It’s my pleasure to welcome KKR’s Co-CEO, Scott Nuttall, back to the conference after having Joe here for the last couple of years. So welcome back, Scott.

Scott Nuttall

Great to be back.

Question-and-Answer Session

Q – Patrick Davitt

As a reminder, if you want to try to get one of your questions in, I have the iPad right here, you can put them into Pigeonhole and I’ll try to work them in or at the end if we have time.

So Scott, since we have most of the major large alternative managers here, I’m starting all of these discussions with some similar higher-level questions so we can compare and contrast easier across the group. It’s obviously been a crazy couple of months. I think we all have a lot of whiplash. But I still sense there’s still a lot of concern around sticky inflation, higher for longer rates, potential for slowing economic growth, even stagflation. What is your latest thinking on these concerns? And what’s the kind of internal house view on inflation rates in the economy at this point?

Scott Nuttall

Sure. Happy to share and thanks, everybody, for joining, and thanks again, Patrick, for having us back. Okay. I think let’s isolate that’s a very — I think, a U.S.-focused question. We’re a very global firm, which I’ll come back to. But in the U.S. context in the first instance, I think our base case is likely inflation rates a bit higher for longer. But for us, that doesn’t strike us as a big surprise. KKR has been around 49 years. And we actually — if you look at the numbers over that 49-year period, average 10-year treasury yields have been high 5s, and average