The Wall Street elite spent the first half of this week in Los Angeles for the annual Milken Institute Global Conference. And the mood, according to Business Insider’s Dakin Campbell, was cautious. In his story, Inside Milken 2019, where Masters of the Universe fret over the economy even as their wealth grows, he wrote:
One West Coast banker is telling business owners to sell their company in the next 12 months or prepare to navigate through the next recession. An Orange County money manager is advising his high net worth clients about pushing more money into alternative investments to weather a downturn. An investment manager at a sovereign wealth fund is looking to sell whatever he can.
According to Business Insider’s investing editor Joe Ciolli, investors and economists spent much of Milken dispelling misconceptions around a potential recession, the Fed, and inflation. And as Becky Peterson reports, despite high-profile female speakers and a lounge devoted to diversity content, Milken was still overwhelmingly male. Here’s her story:
And here are some other highlights:
- 10 of the world’s best investing minds shared their biggest fears at Milken – and the lack of consensus is a major red flag of its own
- The CEO of SoftBank Investment Advisers, who runs the world’s biggest venture fund, offers an inside look at how he picks which companies to lavish with billions of capital
- Investing in Uber? Here’s why one tech banker says not to hold your breath for big returns
- The investment chief at $US265 billion juggernaut Guggenheim made the crowd at Milken gasp with a bold stock-market forecast
- ‘Elevating the role of the human’: A group of powerful CEOs shares why the common wisdom about automation and robots stealing jobs is so clearly wrong
What did we miss? Let me know. You can reach me at [email protected] if you have any questions, ideas, or requests.
Quote of the week
“Look at it simplistically. If you have no capital, why be a capitalist?” – Michael Hintze, a billionaire and group executive chairman and senior investment officer at asset management firm CQS, on the rise of populism.
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- Meghan also talked to Woody Bradford, the CEO of $US141 billion asset manager Conning, about his plans to buy a few asset managers with various investment strategies, including real estate debt and quantitative fixed income.
- Emma Court talked to Eirene Kontopoulos, who manages the investment giant Fidelity‘s $US2.5 billion biotech fund, about the 10-item “mental checklist” she uses to choose the most promising stocks in a notoriously risky field.
- Alyson Shontell talked to JPMorgan Chase‘s chief marketing officer Kristen Lemkau, about the bank’s efforts to find new ways to reach consumers.
- Rosalie Chan talked to Mark Mader, CEO of SmartSheet, which has seen its stock more than double since it went public, about the company’s next phase of growth.
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- Graham Rapier talked to Toby Sun, the cofounder and CEO of Lime, about why he’s welcoming new competition from Uber and Lyft with open arms.
- Lucia Moses talked to Jon Steinberg, founder of Cheddar, about how ignoring conventional wisdom led him to a $US200 million cash exit.
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