Erik Schatzker
Showing 1–11 of 11 transcripts.
- Milken Institute54 min
Banks, Private Credit, and the Future of Risk | Global Conference 2026
Erik Schatzker, Vivek Bantwal, Molly Duffy, Jeffrey Gundlach, Kristofer Kraus, Brad Rogoff, Paul
A panel of financial experts convened to assess that while direct lending poses no immediate systemic threat comparable to the 2008 crisis, significant risks remain due to loosened underwriting standards, high leverage in enterprise software, and critical liquidity mismatches in semi-liquid funds. The discussion highlighted how valuation opacity and rising refinancing costs ahead of the 2028–2029 maturity wall are eroding investor trust, particularly among retail participants facing redemption gates. Despite these structural fractures and a potential recessionary spike in defaults, institutional capital continues to view the volatility as an opportunity to deploy funds at wider spreads while awaiting a market correction driven by credit dispersion rather than a total collapse.
- Milken Institute58 min
AI and Humanity: Evolution or Revolution? | Global Conference 2026
Erik Schatzker, Suzanne Dibianca, Tristan Harris, Amy Webb, will.i.am
Strategic foresight expert Amy Webb, ASU professor Will Iacovelli, and ethics founder Tristan Harris convened to argue that the current AI "arms race" threatens an "anti-human future" characterized by mass unemployment and social destabilization unless proactive governance is established. While panelists cited massive productivity gains and new job creation in sectors like Salesforce, they warned that without a modernized economic framework akin to a new Bretton Woods conference, the intelligence curse could drive 60–70% of GDP to machines while incentivizing the replacement of human labor. The group concluded that immediate implementation of dynamic incentive systems, such as contribution credits to fund social safety nets and a licensing framework for developer ethics, is essential to prevent a descent into fascism and ensure AI coexists constructively with humanity.
- Milken Institute57 min
The Geopolitics of AI | Global Conference 2024
Erik Schatzker, Karen Kornbluh, Eva Maydell, Anne Neuberger, Karen Pierce, Kevin Rudd
This panel examination characterizes the U.S.-China relationship as a strategic AI competition where the United States maintains an edge in foundational models while leveraging export controls to slow Chinese semiconductor access. The discussion contrasts Western regulatory approaches, such as the EU AI Act, against China's state-driven dominance, while emphasizing a shift toward plurilateral governance among democracies to mitigate risks like election interference and disinformation. Ultimately, experts argue that long-term competitiveness hinges on public-private partnerships and alliance cohesion rather than multilateral frameworks that could empower adversarial regimes.
- Milken Institute1h 2m
Global Real Estate | Global Conference 2024
Erik Schatzker, Kathleen McCarthy, Al Rabil, David Steinbach, Barry Sternlicht
Leading real estate experts including Al Rabel, David Steinbach, and Kathleen McCarthy characterize the current market as a balance sheet crisis where global rates have shifted from a declining to a stable environment, precipitating a predicted hard landing due to inverted yield curves and regional bank fragility. While distressed office assets face devaluation and commercial lending is constrained by $1.6 trillion in maturing debt, specific sectors like data centers, senior housing, and India's logistics market demonstrate robust demand driven by artificial intelligence and demographic shifts. Capital flows are consequently pivoting from institutional banks to private credit and high-net-worth investors, with major firms like Blackstone and Canaccord positioning for a 2024 wave of discounted transactions to exploit the widening bid-ask spread.
- Milken Institute1h 0m
Restarting the Economic Engine
Erik Schatzker, Todd Boehly, Charles W. Scharf, Kerry Healey, David Hunt, Charlie Scharf
Experts David Hunt, Charlie Scharf, Kerry Healy, and Todd Boley forecast a two-year economic recovery marked by persistent unemployment and deep disparities, warning that minority-owned businesses face structural exclusion due to inadequate capital access. The panel emphasized shifting from broad government shutdowns to targeted behavioral compliance and digital infrastructure to balance public health with financial stability, while urging a second wave of fiscal aid for vulnerable sectors. Furthermore, participants called for private credit expansion, antitrust reform, and state-level experimentation to build system resilience, noting that current high-yield markets require specific interventions to prevent a prolonged downturn.
- Milken Institute1h 0m
The Evolution of Hedge Fund Management
Erik Schatzker, Dmitry Balyasny, Andrew Feldstein, Dawn Fitzpatrick, Ricky Sandler
At the 2018 Milken Institute Global Conference, industry leaders including Eric Schatzker, Dawn Fitzpatrick, Ricky Sandler, Andrew Felstein, and Dimitri Baljasny analyzed the hedge fund sector's shift away from the traditional "2 and 20" fee model toward performance-based structures and institutional scale. Panelists argued that generating sustainable alpha now requires massive capital deployment for technology and data science, driving market consolidation while forcing managers to adopt hybrid fundamental-quantitative approaches or co-invest in niche specialists. Looking ahead, the group anticipated that hedge funds would outperform long-bias markets over the next three to five years as capital retreats from crowded strategies, though they warned that absolute returns may remain suppressed due to elevated asset prices in a late-stage cycle.
- Milken Institute59 min
Real Estate Outlook: A More Attractive Asset?
Erik Schatzker, Neil Bluhm, Robert Morse, Eyal Ofer, David Simon, Sam Zell, Bob Morris
A panel of prominent real estate executives, including Sam Zell and David Simon, identifies the current market as a late-cycle environment characterized by unprecedented capital inflows, compressed yields, and a looming oversupply of new construction. While experts debate the severity of the impending correction, they agree on specific pressures driving valuation disconnects, such as the aggressive bidding for select assets contrasting with public REIT discounts and significant oversupply risks in the office and industrial sectors. Looking forward, the group forecasts that technological disruptions in autonomous vehicles and shifting workforce dynamics will fundamentally reshape demand, necessitating strategic pivots toward mixed-use developments and the acquisition of distressed private assets.
- Milken Institute1h 2m
Chess and the Art of War: Strategies That Win, from Grandmaster Magnus Carlsen
Magnus Carlsen, Erik Schatzker, Danny Rensch, DAN GALPIN, Rockwell Shaw, Frank Motek, Yascha Monk, Igor Tuchinsky, Steven Knapp, Toby Post, James Kuffner, Brett Bryan, Noaf Altari, Danny Kane, David Wall, Ari Milken, Bailey Milken, Eric Olives, Mike Tyson
World champion Magnus Carlsen demonstrated his elite cognitive endurance by winning most games in a rapid "sudden death" simul against ten opponents, including WorldQuant CEO Igor Tuchinsky and representatives from major tech and academic institutions. While adhering to a philosophy that prioritizes winning over artistic expression and relies on flexible physical optimization, Carlsen managed the extreme time pressure of ten-minute games by rapidly controlling the center and converting technical endgames. The event highlighted the intense mental strain of simultaneous high-level play, featuring a notable draw against David Wall that resulted from a clerical error where Carlsen mistakenly believed the game had concluded.
- Milken Institute1h 1m
Entrepreneurship & Essential Ingredients to U.S. Competitive Advantage
Erik Schatzker, Jim Clifton, John Danhakl, Adena Friedman, Julie Sweet
Panelists Julie Sweet, Jim Clifton, and Adina Friedman warn that the United States faces a critical decline in entrepreneurial momentum and GDP per capita, driven by a failing education system, stagnant startup formation, and restrictive immigration policies. While global rivals like China and Sweden outpace American innovation through targeted tax incentives and cultural support, the domestic landscape is suffering from a collapse in IPO activity and a disconnect between intellectual capacity and independent business creation. To counter these trends, experts advocate for structural reforms including expanded apprenticeships, private sector-led reskilling initiatives, and reduced regulatory burdens to restore the U.S. competitive edge.
- Milken Institute55 min
Transforming a Legacy Company
Erik Schatzker, Hubert Joly, Federica Marchionni, Denise Morrison, Takeshi Niinami
CEOs Hubert Joly of Best Buy, Federica Marchione of Lands' End, Denise Morrison of Campbell's, and Takeshi Nishimura of Suntory detailed their strategies for transforming century-old enterprises facing threats from digital disruption and demographic shifts. These leaders successfully reversed decline by implementing specific tactics such as Best Buy's price-matching, Campbell's purpose-driven rebranding, Lands' End's generational product bridging, and Suntory's global acquisitions. The panel concluded that while core corporate values must remain rooted in identity, successful turnaround requires a bias for action, agile business model evolution, and the recruitment of diverse leadership to bridge legacy strengths with future market demands.
- Milken Institute58 min
The Alchemy of Capital Structure
Erik Schatzker, Joshua Friedman, Joshua Harris, Carey Lathrop, Jonathan Sokoloff, John Sokoloff, Kerry Lathrop
A panel of financial experts analyzes the current high-yield debt market, identifying a late-cycle environment where record leverage multiples and covenant erosion have created a fragile "refinancing wall" for overextended issuers. Drawing on historical shifts from the Drexel era to post-2008 regulatory constraints, the discussion highlights specific vulnerabilities in the energy sector and warns that passive investing has exacerbated liquidity mismatches. Consequently, the experts advise investors to maintain selective discipline and prioritize senior secured positions while urging corporate leaders to extend debt maturities and fortify balance sheets against an anticipated rise in borrowing costs and subsequent restructuring wave.