Milken Institute
Showing 1771–1785 of 2077 transcripts.
- 58 min
Treasure Hunters: Discovering Value in Volatile Markets
Stephen Toy, Jonathan Seaford, Steve Shapiro, Tad Revell, James Reynolds
Panelists including Steven Toy, Tad Revell, and Steve Shapiro characterize the 2013 private equity and credit markets as mid-to-late cycle environments defined by record leverage, tripled GP counts, and compressed risk premiums that mirror pre-crisis excesses. While consensus views plain vanilla high yield as unattractive due to valuation risks, experts identify immediate opportunities in non-auction distressed deals, the U.S. shale energy sector, and undervalued fixed income instruments like non-agency mortgage securities. To prepare for an anticipated wave of defaults and rising interest rates over the next 12 to 24 months, firms such as Golden Tree are raising dedicated distressed funds and advising general partners to secure long-duration capital to exploit the projected market dislocation.
- 1h 1m
Bridging the Divide: The Rise of Philanthropy in Asia
Rich, Anne, Your Highness, N, Mike, Laurie Milken, Carl, Justin Nix
The Milken Institute established a new Singapore center to analyze the intersection of Asia's rapid wealth accumulation and social needs, highlighting a distinct regional shift toward integrating philanthropy with family business strategies. Key initiatives, including Bhutan's "King's Challenge" and new impact investing funds in Hong Kong and South Korea, are driving a generational move away from traditional secrecy and pure donation models toward measurable, data-driven social returns. This evolving landscape seeks to leverage private capital and intergenerational collaboration to address systemic issues like youth demographics and sustainable economic development across the region.
- 1h 2m
Financing the Missing Middle Market
Jonathan Bach, Lawrence Golub, Rick Miller, Jim Moglia, Adam Sokoloff, Barry Volpert
Panelists from Golub Capital, TCW, BMO, and Jefferies convened to define the fragmented middle market segment, ranging from $5 million to $50 million in EBITDA, while analyzing significant pricing inefficiencies and strategic opportunities created by post-crisis banking constraints. The discussion highlighted that direct lenders and private equity firms are leveraging superior underwriting discipline and flexible capital structures to outperform large-cap peers, despite rising concerns over credit froth and potential deflationary shocks. Ultimately, the sector's economic significance is underscored by its contribution to 40% of U.S. GDP and 41% of private net job creation, positioning it as a critical engine for growth even as investor demand reaches record highs.
- 1h 0m
Global Governance: Which System Will Thrive?
Nathan, Mario Monti, Mitch Julis, Frank Fukuyama, Neil Ferguson
Prominent scholars including Mario Monti, Neil Ferguson, and Frank Fukuyama analyze the tension between democratic short-termism and the long-term planning capabilities of autocratic systems, highlighting how institutional decay and generational imbalances threaten Western stability. The discussion further examines the fragility of the European Union, the mispricing of geopolitical risks by financial markets, and the urgent need to revive robust military alliances to counter a resurgent Russia and manage China's rise. Ultimately, the panelists argue that navigating this return to 19th-century power dynamics requires overcoming domestic gridlock through grand coalitions and shifting public focus from immediate consumption to sustainable intergenerational security.
- 1h 4m
K-12 Education Reform: Forward or Faltering?
Ron Brownstein, Kevin Huffman, Ruslan Ali, Lowell Milken, Patricia Levesque, Bruce Reed, Brooke Allen, Ted Fenton
A diverse panel of education leaders, including Tennessee Commissioner Kevin Huffman and Lowell Milken, analyzes the stagnant progress of U.S. school reform three decades after *A Nation at Risk* despite growing evidence that teacher quality and accountability drive success. While consensus exists on the necessity of performance-based pay and charter expansion, the discussion highlights a critical barrier: a fractured political landscape where opposition from the far left and right threatens to undermine standards, testing, and the constitutional right to an effective education. The experts conclude that closing persistent achievement gaps requires shifting from incremental funding to scalable, outcome-focused policies that empower parents and align incentives for the teachers serving low-income communities.
- 1h 1m
Is There Mojo in M&A?
Robert Rankin, Jonathan Coslet, DA, Ray, Steven, Nick, Rosie Greer
A resurgence in global M&A volumes, projected to reach $3.5 trillion this year, is driven by robust financing liquidity and a strategic shift by corporate boards from balance sheet repair to growth-focused acquisitions. While Private Equity participation remains normalized at 5% of total volume, heavy consolidation is occurring in pharmaceuticals, banking, and real estate sectors as firms navigate regulatory constraints and activist investor pressures. This market activity is further shaped by a bifurcated cost of capital that favors investment-grade borrowers and small private credit funds, forcing large deals to rely on alternative capital structures.
- 55 min
Adjusting to the Tech Revolution: Surfing the Wave or Swept Away?
Dennis Neal, Mark Benioff, Steve Case, Vivek Wadhwa
Mark Benioff, Steve Case, and Vivek Wadhwa debate the shift from creative destruction to indiscriminate technological disruption, highlighting how automation, robotics, and the "third wave" of internet integration are poised to redefine healthcare, media, and government services. The panelists warn that while these innovations create new economic paradigms, the United States risks losing global innovation leadership if it fails to enact urgent immigration reform and address regulatory barriers. Ultimately, the discussion underscores the necessity for leaders to balance operational management with visionary strategy to navigate hyperdrive disruption and ensure technology benefits society rather than creating deep social inequality.
- 1h 0m
Unlocking the Mysteries of the Brain
Margaret Anderson, Adam Ghazali, Alan Jones, Jennifer Bristar, Henry Markham, Mark Schnitzer
Driven by a stagnating global disease burden in neuroscience and the limitations of symptom-based diagnostics, major international initiatives from the U.S. and Europe are mobilizing billions in funding to transition the field toward large-scale, data-driven collaboration. These efforts aim to replace fragmented research with shared biological markers and emerging hybrid therapies, such as neuroplasticity software and deep brain stimulation, to address complex disorders like dementia and depression. Ultimately, this paradigm shift seeks to redefine neurological health as a dynamic spectrum while dismantling the silos and stigma that currently hinder effective treatment and public understanding.
- 1h 2m
Demographic Edge: California's Diversity and Global Business
Kevin Clouden, Kevin de Leon, Deep Nishar, Julia Gao, Joe Green, Sylvia Flores
Prominent leaders, including Senator Kevin de Leon and business executives, convened to address California's paradox of being a global innovation hub while facing severe threats from restrictive immigration policies and high operational costs. The discussion highlighted that while immigrant-founded companies drive over $52 billion in revenue, systemic failures such as H-1B caps and tax structures are fueling a "brain drain" that sends educated talent and corporate relocations to states like Texas and countries like Canada. Panelists urgently called for comprehensive legislative reform to secure a path to citizenship for undocumented immigrants and retain foreign talent to maintain the state's economic competitiveness against rising global rivals.
- 1h 1m
Lunch Program | High Stakes in Cyber-Security
Paul Irving, Mike Steed, Chris Inglis, Richard Clarke
Former NSA and Defense officials Chris Inglis and Leon Panetta warn that modern cyber threats have shifted from financial theft to disruptive attacks capable of paralyzing critical private-sector infrastructure, prompting the White House and SEC to implement stricter disclosure frameworks and vulnerability policies. In response, this briefing directs executive boards to elevate cybersecurity to a top-tier risk priority, mandating a strategic shift from static perimeter defenses to resilience-focused architectures that assume an internal breach is inevitable. These directives further emphasize the need for rigorous breach protocols, enhanced due diligence during mergers, and public-private collaboration to address the growing reality of state-sponsored sabotage and insider vulnerabilities.
- 1h 2m
China's Economic Outlook: The View from Asia
Virginia Kamsky, Ha Ji-Ming, Huang Jing, Timothy O
At an upcoming Milken Institute Asia Summit in Singapore, Dr. Ha Ji-Ming, Virginia Kamsky, and Huang Jing analyze China's structural economic shift from 8% to 6% growth driven by demographic decline and over-investment. The panel highlights critical risks including a massive real estate bubble, deepening household debt, and severe environmental degradation that threatens political stability. Concurrently, they note a strategic pivot where Chinese capital increasingly flows overseas for diversification while domestic reforms face a decade-long timeline to dismantle entrenched state interests.
- 1h 1m
Monetary Policy: Forward Guidance on the World's Central Banks
Dave, Brian Sack, Janet Yellen, Mike, Athanasios, Cliff Noreen, Jeremy Stein, Dan Tarullo, Mario Draghi
Chair Janet Yellen and FOMC panelists addressed critical shifts in central bank communication, debating the efficacy of dot forecasts versus probability distributions while navigating the transition from a zero-rate regime to imminent tightening. Discussions on economic slack highlighted a pivot toward viewing labor force participation gaps as largely structural, sparking debate over secular stagnation theories and the risks of anchoring policy to negative equilibrium rates. Amidst record corporate debt levels and a historic divergence between the Fed's normalization efforts and the ECB's accommodative stance, experts forecast a gradual rate hike trajectory for 2016 despite persistent uncertainty regarding future inflation dynamics.
- 58 min
Fallible: The Risk of Predictions and the Limits of Expertise
Sam Arbisman, Zachary Carabon, Bethany MacLean, John Rohal, Paul Kudrowski
A diverse panel of experts from finance, journalism, and science convenes to dissect the inherent limitations of predicting complex systems, highlighting the "Gentleman Amnesia Effect" where trust in expertise overrides direct experience of fallibility. Speakers argue that tightly coupled models fail in social and economic contexts characterized by nonlinear interactions, necessitating a shift from precise forecasting to defining bounds on surprise and prioritizing transparent data inputs. Ultimately, the discussion proposes a framework for evaluating predictors based on failure rates and incentives while warning that the human desire for binary certainty often obscures the fluid, probabilistic reality of financial and scientific outcomes.
- 1h 4m
The Arctic: The New Frontier
Jared Carney, Olafur Grimson, Lawrence Smith, Terry Audla, Torben Moger Pedersen
At the 2014 Milken Institute Global Conference, a panel featuring Iceland's President Guðni Th. Jóhannesson, Canadian Inuit leader Terry Audla, and experts from UCLA and Pensions Denmark analyzed the Arctic's transformation into a critical global frontier driven by accelerating climate change and opening shipping routes. The discussion highlighted substantial economic opportunities in resource extraction, hydropower, and tourism, while simultaneously warning of severe risks including undefined environmental protocols, infrastructure deficits, and the necessity of stable long-term regulatory frameworks. Emphasizing the urgent need for international cooperation and Indigenous-led governance, the speakers urged Western nations, particularly the United States, to deepen their strategic engagement to prevent marginalization by rapidly advancing Asian and European interests in the region.
- 1h 1m
The Business Case for Wellness: Is a Wellness Dollar Worth More than a Treatment Dollar?
Linda Fried, Nancy Brown, Bill Dietz, Steve Bird, Andy
A multi-sector panel of healthcare leaders and corporate executives argues that shifting resources from treatment to prevention is now a viable, high-ROI business model capable of reducing US healthcare costs by 40–50%. Successful implementation relies on collaborative strategies between governments, corporations like Safeway, and individuals to address environmental drivers of disease while leveraging technology for personal accountability. Despite persistent socioeconomic disparities and small business constraints, experts agree that aligning financial incentives across payers and providers will create a necessary "culture of health" to reverse the US health paradox within the next decade.