Conference Presentation, Earnings Call
Nasdaq Closing Bell Ceremony | Institute Chairman Michael Milken on Building Meaningful Lives
- The NASDAQ Closing Bell ceremony marked the 20th anniversary of the Milken Institute Global Conference, held simultaneously in Los Angeles and New York's Times Square.
- Adina Friedman, President and CEO of NASDAQ, emphasized the exchange's role in transforming nascent ideas into iconic companies such as Apple, Alphabet, Amazon, Microsoft, and Tesla.
- Michael Milken, Chairman of the Milken Institute, stated his intention to focus the 2017 conference theme on "building meaningful lives" after not addressing the event since 2000.
- Milken outlined a revised prosperity formula replacing physical "Real Assets" with technology and intellectual capital, noting that raw materials comprised 60% of early automobile costs but only 2% of microchip costs.
- The Milken Institute launched its "First 1,000" scholars program in partnership with the IFC and George Washington University to train financial experts for developing nations in Africa and Asia.
- In the healthcare sector, Milken highlighted that leukemia survival rates for children have risen from 5% to nearly 100%, and immunotherapy advancements driven by the institute are creating a "visible end to cancer" as a cause of death.
- Milken identified obesity as a critical failure point, noting that in 2025, every U.S. state reported obesity rates exceeding 20%, contributing to $1.4 trillion in annual U.S. costs.
- Mexico implemented a squat-initiative program at 21 metro stations to combat obesity, allowing commuters to travel for free after performing 10 squats.
- Milken noted a shift in global wealth and demographics, projecting that sub-Saharan Africa will surpass Asia as the most populous continent by the end of the century.
- Private equity firms now control more companies in the U.S. than public exchanges, with the industry's top eight employers ranking just behind Walmart.
- Economic projections suggest that assuming a 5% annual return on global capital markets assets would yield $95 trillion over 32 years, compared to $51 trillion at 3% and $130 trillion at 7%.
- Milken cited a "Sputnik moment" in 1957 as a catalyst for the formation of NASA, DARPA, and the National Defense Education Act, contrasting it with modern challenges in access to capital.
- The conference acknowledged the rising median income inequality in the U.S., where 30% of the population holds less than $10,000 in net wealth and median income has remained stagnant for 17 years.
- New financial technologies including crowdsourcing, mobile banking, AI, and fintech are identified as essential tools to unlock capital for entrepreneurs and create tens of millions of new jobs.
- Milken concluded by invoking a quote from Eleanor Roosevelt on living a meaningful life and referencing the upcoming 2017 conference panel featuring NASA astronaut Dan Golan and space financier Yuri Milner.