Kelly: The 1987–2021 Market Golden Era Ended with Zero Interest Rates
Mike Kelly · Michael Kelly – Democratizing Access to the Middle Market at Future Standard (EP.473) · Nov 24, 2025 · at 56:20
Mike Kelly, Co-President and CIO of Future Standard, explains what triggered the inflection point in wealth channel adoption of private market alternatives.
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“In some ways, what I would call the golden era of the market backdrop that started in 1987 when Volcker stepped down, ended in 2021 with the end of zero interest rates. And thus began a cycle of more challenging backdrops for, say, stocks and bonds together in a 60 40 portfolio, and for bonds generally in long duration, fixed income instruments. Nat accelerated this trend of wanting to put assets into private credit, private equity vehicles.”
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