Elroy Dimson

2014 London Summit - Capital Markets Outlook

Michael Milken, Madelyn Antoncic, Richard Byrne, John Calamos Sr., Elroy Dimson, Thomas Finke, Mike, Rich Byrne

Following post-2008 regulatory shifts that forced legacy banks to retreat from middle-market lending, non-bank alternative capital providers and Business Development Companies have rapidly absorbed the resulting $40 billion funding gap. This structural transition coincides with a global surge in cash held by sovereign wealth funds and corporations, who are increasingly favoring direct investments in equities and convertibles over traditional fixed income as the risk-free rate nears zero. Simultaneously, market participants are shifting focus toward underdeveloped regions in Africa and Asia to capitalize on emerging consumer demand while utilizing capital market mechanisms to address climate and health risks previously managed by traditional sovereign budgets.