The panel was hosted by Lisa Abramowicz, co-anchor of Bloomberg Surveillance. David Kelly, chief global strategist at J.P. Morgan Asset Management, referenced a “super-stretch expansion” that has defied traditional economic cycles and predictions. “Of course, we could have a recession,” he added.

“So far so good on the soft landing,” said Kathy Jones, managing director and chief fixed income strategist at Charles Schwab. Jones also said she is “optimistic” about the inflation outlook. “It’s a bumpy road,” she said, “and not every month provides a perfect number, but the direction is lower.”

Jimmy Chang, chief investment officer at Rockefeller Global Family Office, was cautious about the size of the national debt, but said the U.S. economy has shown its ability to “get by” with such high numbers.

Jones said that one of the most important results of the election for the economy, besides possible tax cuts, will be who will lead the Federal Reserve. Kelly was particularly negative about the effects of a predicted increase in protectionist legislation.

“It destroys an economy to be protectionist,” he said. “It causes more inflation and doesn’t protect anyone.” But Chang sees more federal tariffs on imports as “inevitable.”

Kelly provided a generally positive view of migrants strengthening the workforce without also causing inflationary pressures. Chang said that subsidies to migrants in American cities end up filtering back into the economy.

There was also support on the panel for keeping a diverse portfolio that includes international assets and not concentrating on a few high-profile tech stocks, which could, Kelly said, eventually “take it on the chin.” He added, “There’s a lot of stupid money in the market.”

Asked about investment beyond big tech stocks, Chang cited basic industries including mining and trades like plumbing that are not likely to be affected by the rise of artificial intelligence. Skepticism was expressed about banks with large commercial real estate holdings and high Bitcoin valuations.

The GAME conference drew more than 1,500 participants from 130 universities. There are 29 panels, over 110 speakers and 70 companies represented.

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