Bloomberg Talks – Episode Summary

Episode Title: Strategas Research Partners CEO Talks Financial Services
Date: March 17, 2026
Host: Tom Keene (with Paul)
Guest: Jason Trennor, CEO, Strategas Research Partners

Episode Overview

In this insightful episode, Tom Keene and Paul sit down with Jason Trennor, CEO of Strategas Research Partners, to dive into the realities of Wall Street beyond the headlines. Trennor emphasizes the societal value of financial services, debates the risks and returns of private credit and alternative assets, examines the impact of AI and infrastructure spending, and reflects on personal lessons from his recent health challenges. The conversation is marked by frankness, wit, and deep industry knowledge.

Key Discussion Points & Insights

1. The Real Wall Street and Its Social Purpose

• [01:06] Jason Trennor discusses his motivation for writing "My Side of the Street," aiming to dispel myths about the financial industry by focusing on "the 6 million people in financial services" and emphasizing its important societal function:

  “I truly believe financial services serve a social purpose, an important social service purpose to raise capital, breathe life into dreams and raise capital for research and development..."

• He shares a personal perspective, noting he didn't come from a Wall Street background but developed a genuine passion for markets.

2. Private Credit: Opacity, Risk, and Opportunity

• [02:12] Concerns over the growing trend towards private credit.

  “The problem with the private assets, of course, is the opacity... which also tends to be the attraction for a lot of pensions, endowments and foundations because it seems less volatile, although it's not.“

• Warns that history shows Wall Street’s creativity in extending credit to marginal players can end poorly.

3. Geopolitical Risks & Infrastructure Spend

• [02:59] Current client conversations revolve around three themes:

  • Ongoing war and geopolitical tensions, especially the situation in Iran.
  • The persistence and risks of private credit.
  • The robustness of infrastructure spending in AI.

  “If this [the war/instability] lasts another couple of weeks, it’s going to be real problems... infrastructure spend, it’s really hard to fade that.”

• AI investments are still in early adoption, with only a small fraction of U.S. companies utilizing AI extensively ([04:30]).

4. The Reality of AI Adoption

• Companies and investors now seek not just promises but real-world AI use cases and demonstrable ROI ([04:08]).

  “According to the Census Bureau, it’s only 5% of companies [using AI], on a labor-weighted basis, maybe 20%. So there’s a long way to go.” — Jason Trennor, [04:30]

5. Shifting Value in Growth & Passive Investing

• [05:11] Discussion around the enduring appeal of growth stocks and ‘fear of missing out.’

• Trennor notes the outdated nature of traditional value investing tools:

  "Graham and Dodd was like... now it’s a book. Now it’s like a doorstop, you know, valuation basically since the GF is tragic." — Jason Trennor, [05:38]

• Despite a theoretical case for value, U.S. market innovation keeps drawing capital back.

6. Alternatives, Liquidity, and the 60/40 Portfolio

• [06:43] The increasing allocation to alternatives (alts) by large funds.

  “People are conflating the idea of risk and volatility. The thing is the observed volatility of private assets is very low… but if you actually had to sell, the volatility would be very high... liquidity is always there until you need it, and then it’s an issue.” — Jason Trennor, [07:01]

7. Market Sentiment & Generational Investing

• [07:47] The "silly season" of conspicuous consumption primarily affects the wealthy, but middle-class and younger investors are more serious and prudent.

  “Younger people have learned from us, and they’re more serious about it… much better than burying it in a savings account.” — Jason Trennor, [08:36]

8. Personal Story: Facing Cancer & Life Lessons

• [08:49] Trennor shares his experience being diagnosed with multiple myeloma just before starting a government post:

  “The good news in multiple myeloma is it's… just chronic and it's treatable. But last nine months was... something else. Unlike anything I’ve ever experienced...” — Jason Trennor, [08:58]

• He encourages listeners to prioritize medical checkups:

  “...you've got to focus on your health because you can't do all the other things. You know, being a father, being a husband... It's important that you catch this stuff early.” — Jason Trennor, [09:58]

9. Investment Strategy: Cautious Optimism

• [10:59] On client guidance and market outlook:

  “You have to manage expectations about returns moving forward... There’s not a lot of room. You have to really find idiosyncratic bets or you have to find things to really get big returns... you can’t rely on outsized returns from the public markets to sustain you.” — Jason Trennor, [11:21]

10. Closing Reflections

• Lighthearted reflection on leadership change in the New York Archdiocese, sharing an anecdote about Cardinal Dolan:

  “He was eating a chocolate bar and he looked at me and he said, it's good for the kidneys. So this guy, you know, this guy's ready to give you a hard time. He's very funny.” — Jason Trennor, [12:19]

Selected Notable Quotes

• "Liquidity is always there until you need it, and then it’s an issue." — Jason Trennor, [07:01]
• "The problem with private assets, of course, is the opacity..." — Jason Trennor, [02:12]
• "According to the Census Bureau, it’s only 5% of companies [using AI], on a labor-weighted basis maybe 20%." — Jason Trennor, [04:30]
• "Younger people have learned from us, and they’re more serious about it." — Jason Trennor, [08:36]
• "You have to manage expectations about returns moving forward... you can’t rely on outsized returns from the public markets to sustain you." — Jason Trennor, [11:21]
• "When you’re in a situation where you’re dealing with the treatments, you really are incapable of doing all the things that you love to do. So it’s important that you catch this stuff early." — Jason Trennor, [09:58]

Important Timestamps

• [01:06] Trennor on the true purpose of financial services
• [02:12] Risks of private credit and asset opacity
• [02:59] Top client concerns: war, private credit, AI infrastructure
• [04:30] Real-world AI adoption statistics
• [05:38] Value growth, liquidity, and U.S. market dominance
• [07:01] Critique of alternative assets and liquidity risk
• [08:49] Personal health and cancer diagnosis story
• [11:21] Managing return expectations for investors
• [12:19] Reflections on leadership within the Catholic Church

Overall Tone and Style

The episode is candid, thoughtful, and balanced between strategic financial analysis and personal storytelling. Trennor brings clarity to complex market dynamics while offering grounded advice for both investors and listeners on life’s unpredictability.