David Warren
Showing 1–7 of 7 transcripts.
- Milken Institute1h 0m
Real Estate: In the Eye of the Storm
Carol Massar, Jonathan Goldstein, Richard Mack, David Warren, Xin Zhang
Industry leaders Jonathan Goldstein and David Warren, alongside regional experts, characterize the current real estate landscape as volatile with a projected recovery timeline extending to late 2022 or 2023. The panel identifies a sharp divergence across asset classes, noting residential and logistics sectors driven by supply shortages and e-commerce growth, while hospitality and retail face significant distress. To navigate this environment, participants highlight strategic opportunities in distressed commercial MBS, adaptive reuse of malls, and secondary city investments, while forecasting a permanent shift toward hybrid work models and emphasizing the urgent need for diversity reforms within the sector.
- Milken Institute1h 1m
Undercapitalization: Closing the Gender Growth Gap Across Industries
Katie O'Reilly, Jesse Draper, David Jeffrey, Megan McDonald, Mina Pacheco Nazemi, David Warren, Mindy Silverstein, Tracy Briscoe Monroe
Executives from Standard Bank Group, Halogen Ventures, and DW Partners discussed the critical need to accelerate gender diversity in finance, citing a persistent global pay gap and a projected 30–50 year timeline to parity without intervention. Panelists highlighted that diverse, female-led funds generate significant alpha while noting that retention challenges, particularly for women in their 30s, require shifting from mentorship to active sponsorship by male leaders. The dialogue concluded with a consensus that Limited Partners and institutional investors must mandate accountability through data-driven policies rather than relying on marketing claims to drive systemic change.
- Milken Institute55 min
Trends Shaping Global Credit Markets
Tracy Alloway, Sir Michael Hintze, Paul Horvath, Steven Shapiro, David Warren, Michael Hintze
Senior secured floating-rate managers and credit strategists navigated a market characterized by a mid-to-late cycle risk profile and diverging equity-bond valuations by pivoting away from generic high-yield exposure toward distressed special situations and hard assets. Despite warnings that rising rates and thin subordination could stress lower-rated issuers, panelists identified attractive dislocations in emerging markets and complex restructurings while utilizing options to hedge systemic risk cheaply. These strategic shifts reflect a calculated approach to capitalizing on liquidity mismatches and negative convexity in an environment where quantitative tightening is increasing default probabilities.
- Milken Institute59 min
Credit Market Outlook
Michael Milken, Richard Byrne, Scott Minerd, Joseph Naggar, David Warren, James Zelter, Mike Milken, Rich Byrne
The panel examined a complex credit environment characterized by historically high corporate debt levels and constrained bank liquidity, which has created significant arbitrage opportunities in special situations, distressed commercial real estate, and non-bank lending. Industry leaders emphasized that effective capital deployment now demands substantial technological infrastructure and deep sector expertise, leading to a market dynamic where active management consistently outperforms passive strategies. While current conditions favor a "credit alpha" environment with yields ranging from 8% to 16%, experts warn that regulatory pressures and potential recessionary headwinds will likely drive future industry consolidation toward larger, well-capitalized firms.
- Milken Institute1h 1m
Credit Markets: What's Next?
Mike Milken, Rich Byrne, David Warren, Tom, Steve, Michael
Regulatory constraints have forced banks to retreat from middle-market lending, creating a liquidity vacuum now filled by alternative capital providers such as Business Development Companies and institutional investors actively engaging in bespoke direct origination. This structural shift compels pension funds and credit managers to abandon passive index strategies in favor of deep fundamental analysis and flexible capital deployment across complex assets like legacy CMBS and emerging market debt to achieve realistic returns. By acting as both lenders and equity partners in distressed or restructuring scenarios, these active managers are capitalizing on a sustained "golden era" of institutional credit investment driven by regulatory disintermediation.
- Milken Institute1h 11m
Credit Markets: What's Next?
Mike Milken, David Warren, Steve Tannenbaum, Mark Rowan, Josh Friedman, Mark Antonazio, Richard Kanner
Representatives from Moody's, Apollo, and Golden Tree analyzed the current high-yield credit landscape, warning that stripped covenants and the dominance of liquidity-seeking ETFs are obscuring default risks despite historically low immediate default rates. The panelists outlined a strategic pivot toward direct origination and distressed opportunities in Europe's non-performing loan sector and China's underserved SME market to navigate the transition from a public to a private credit-driven era. Participants concluded that regulatory changes shrinking bank balance sheets and the shift away from traditional "Too Big to Fail" models will establish a "golden era" for alternative capital providers in infrastructure and structured products over the next decade.
- Milken Institute1h 3m
Credit Markets: What's Next?
Maria Boyazny, Richard Cantor, Joshua Friedman, Tony Ressler, Steven Tananbaum, David Warren, Michael Milken, Steve Tannenbaum, Maria Boiasni, Mike Milken
Six prominent credit executives from firms like Ares, GoldenTree, and Moody's convened to analyze the current credit market cycle, balancing optimistic views on RMBS and European bank debt against warnings of rising leverage and potential defaults. The panelists identified specific undervalued opportunities in structured products and illiquid assets while debating the structural risks posed by re-leveraging and the Federal Reserve's balance sheet expansion. Ultimately, the discussion emphasized a shift toward dynamic tactical asset allocation to navigate an environment where investors face a trade-off between immediate compensation and anticipated market corrections.