Brandon Sedloff and Elizabeth Burton explore the shifting landscape of institutional investing, macro strategy, and the growing case for credit over traditional private equity allocations. Burton brings a unique perspective shaped by her time as an allocator at the Maryland State Retirement System and as CIO of the Employees' Retirement System of Hawaii before joining Fortress Investment Group as chief strategist. The conversation touches on her unconventional path into finance, the lessons she learned managing public pension capital, and why she believes floating rate credit deserves a larger role in institutional portfolios.

They discuss:

• Why floating rate credit offers better downside protection and fee alignment than private equity in a higher-rate environment
• How debt monetization and money supply growth could push inflation back above 4% by year-end
• Why AI is creating a divide between investors who can move quickly on co-investment opportunities and those constrained by governance structures
• The consumer credit opportunity in prime and near-prime segments that many institutional investors are overlooking
• How anchoring investment strategy to a single variable like the 10-year Treasury can simplify decision-making across asset classes

This episode offers a clear-eyed view of the challenges facing institutional investors in the 2030s and the strategic shifts required to meet return targets in a persistently higher rate world.