2050 Investors — Economic and markets megatrends, ahead of 2050’s global sustainability targets

Escaping Plato’s Cave: Public vs. Private Markets (ft. Ludovic Subran, CIO and Chief Economist of Allianz)

31min | 10/12/2026

Description

Private credit has become one of the fastest-growing areas of finance.
But behind the headlines lies a deeper question: what do we gain, and what do we give up, when we exchange liquidity for commitment?

In this episode of 2050 Investors, Kokou Agbo-Bloua explores the rise of private credit, the enduring dominance of public markets, and the trade-offs between liquidity and flexibility, transparency and discretion, mark-to-market pricing and long-term conviction.

Joining him is Ludovic Subran, Chief Investment Officer and Chief Economist of Allianz, for a wide-ranging conversation on the "conservation of risk" between public and private markets, the nature of the illiquidity premium, and how the coming wave of AI-driven investment could reshape the balance between public and private capital.

From Plato's Cave to modern data centres, from The Truman Show to Kierkegaard, the discussion moves beyond finance to examine a more fundamental question: are investors seeing reality, or merely its reflection?

The conclusion is less public versus private than a distinctly Hegelian synthesis: two seemingly opposing worlds that may ultimately prove most powerful when working together.

Listen to the episode to explore the forces reshaping tomorrow’s financial landscape.

Credits

Presenter & Writer: Kokou Agbo-Bloua.
Producers & Editors: Jovaney Ashman, Matthew Johnson, Jennifer Krumm, Elise Bou.

Sound Director: La Vilaine, Pierre-Emmanuel Lurton.
Music: Cézame Music Agency.
Graphic Design: Studio Societe Generale.

Whilst the following podcast discusses the financial markets, it does not recommend any particular investment decision. If you are unsure of the merits of any investment decision, umannplease seek professional advice.

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Chapters

The investigation
0sec
The Interview
13min

About 2050 Investors — Economic and markets megatrends, ahead of 2050’s global sustainability targets

Welcome to 2050 Investors your monthly guide to understanding the intricate connections between finance, globalisation, and ESG.

Join host Kokou Agbo-Bloua, Head of Economics, Cross-Asset & Quant Research at Societe Generale, for an exploration of the economic and market megatrends shaping the present and future, and how these trends might influence our progress to meeting 2050’s challenging global sustainability targets.

In each episode, Kokou deep-dives into the events impacting the economy, financial markets, the planet, and society. Through a magical blend of personal anecdotes, in-depth research and narratives overlaid with music, sound effects, and pop culture references, there’s certainly something for everyone.

Kokou also interviews industry-leading experts, personalities, entrepreneurs and even Nobel prize winners! You will learn from the best on a wide range of subjects on current affairs, market shifts, and economic developments.

If you like 2050 Investors, please leave a five-star review on Apple Podcasts or Spotify. Your support will help us spread the word and reach new audiences. If you’re seeking a brief and entertaining overview of market-related topics and their business and societal implications, subscribe now to stay informed!

Previous episodes of 2050 Investors have explored the post-COVID growth cycle, inflation, ESG-influenced financial assets, changes in the workplace and labour market, climate change, artificial intelligence, greenflation, smart cities, mobility, insurance, the macroeconomic impacts of the war in Ukraine, the food industry, hydrogen versus other renewables, the water cycle, the end of abundance, globalization and international trade, plastic pollution, health care, happiness and economic growth, biodiversity collapse, the fashion and retail industry, the energy transition, and more.

Credits
Presenter & Writer: Kokou Agbo-Bloua. Editor: Vincent Nickelsen, Linda Isker, Jovaney Ashman. Production Designer: Emmanuel Minelle, Radio K7 Creative. Executive Producer : Fanny Giniès. Sound Director: Marc Valenduc. Music: Rone. Graphic Design: Cédric Cazaly.

Although the following podcast discusses the financial markets, it does not recommend any particular investment decision. If you are unsure of the merits of any investment decision, please seek professional advice.