Global elite regroup at Milken conference
BEVERLY HILLS, California (Reuters) – Titans of US industry and Wall Street gather in Beverly Hills this week to discuss how to navigate – and profit from – hot topics such as US tax reform, the upcoming French election and Chinese economic growth.
US President Donald Trump’s first 100 days and the next 1,000, as well as the outlook for liberal democracy in Europe in the wake of Brexit are also set for debate at the Milken Institute Global Conference.
The event aims to convene “the best minds in the world to tackle the most stubborn challenges,” but political and market surprises over the past year serve as a reminder that predictions made by its roster of elite speakers are far from certain.
Most attendees expected Hillary Clinton to beat Trump, as Carlyle Group LP co-founder David Rubenstein noted during a panel discussion in May 2016. And many did not predict a UK vote to leave the European Union. Former UK Prime Minister Tony Blair said in an interview at the event last year that voters were likely to do “do the sensible thing and stay.”
Jill Posnick, the Milken Institute’s executive director of communications, said it is natural that some calls will be off.
“We solicit multiple points of view and promote a free flow of ideas designed to solve world challenges, rather than making predictions about where the markets are going” she said.
The four-day meeting this year at the Beverly Hilton hotel will once again mix big investment industry names such as billionaires Jamie Dimon, Stephen Schwarzman, Leon Black and Kenneth Griffin with political, business and entertainment celebrities, including US Treasury Secretary Steven Mnuchin, former US vice president Joe Biden, Cisco Systems Inc. executive chairman John Chambers and basketball great Kareem Abdul-Jabbar.
Total attendance is estimated to be the most ever: some 4,000 are registered, up from 3,500 last year. Most conference goers pay at least $12,500 if they are not from event sponsors such as Guggenheim Partners LLC, Goldman Sachs Group Inc. and Two Sigma Investments LP.
Some repeat attendees told Reuters they come less for the investment advice and more for the chance to network, sell product and learn about far-flung topics.