Co-founder & CEO, Ares Management
3 dated public stances tracked since 2024-06-07, most recently 2026-10-29. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Michael Arougheti's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Michael Arougheti is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2024-06-07 | Commercial Real Estate | bullish | +16.0% | +18.1% | +13.0% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| Ai Infra | 1 | | 1 bullish | 2026-10-29 |
| Commercial Real Estate | 1 | | 1 bullish | 2024-06-07 |
| GPU | 1 | | 1 bearish | 2026-10-29 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-10-29
Ai Infra
bullish
CNBC (uncut) · uncut_tv
Of the $5T+ global CapEx demand, ~$2T sits in data centers adjacent to power gen and infrastructure where equity and debt risk can be structured attractively around the powered shell without taking on technology depreciation exposure.
“we can actually structure really attractive risk on both the equity and the debt side, sticking to building the powered shell”
CNBC uncut 2026-10-29 10:36 ET (5 min)
2026-10-29
GPU
bearish
CNBC (uncut) · uncut_tv
GPU technology depreciation curves are unknown and potentially rapid making them poor collateral, while Neo Cloud companies are already showing credit stress, leaving this segment with unattractive risk-adjusted underwriting economics.
“We don't want to underwrite the technology curve. We don't know how quickly these will depreciate.”
CNBC uncut 2026-10-29 10:36 ET (5 min)
2024-06-07
Commercial Real Estate
bullish
Dan Loeb · video
Regional banks carry 45% of balance sheets in CRE loans that cannot service debt under current cap rates and rates; forced restructurings will transfer value from equity to debt, making this next year's—not last year's—opportunity
“real estate is going to be one of the biggest value transfers from Equity to debt that we've almost ever seen”
90d +16.0% · 180d +18.1% · 1y +13.0%
Credit Investing Opportunities: Is Now the Right Time for Distressed? | SALT iConnections NY
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