Institute Chairman Mike Milken moderates our annual discussion on the state of the credit markets, joining a panel of seasoned investors. The future model of the $10-trillion housing finance market is unclear as Congress debates plans to wind down Fannie and Freddie. What are the tradeoffs involved in denationalization, and what opportunities would it present for investors? Washington is also taking increased interest in the role of so-called non-bank-banks, which provide capital access for small and medium businesses. What's the outlook for business-development companies and vehicles such as collateralized loan obligations in view of the Dodd-Frank financial overhaul? Is corporate debt overvalued, having reached the largest share of the U.S. bond market ever? The high-yield market--which has doubled in size over the past five years and is now at $2 trillion--has provided remarkable returns since the crisis, but do we face a reckoning? And are U.S. investors turning to Europe's fast-growing high-yield market for opportunities? What niche areas of the credit markets are investors exploring in the search for yield?

Credit Markets- What's Next

Ken Griffin

Steve Schwarzman

Institute Chairman Mike Milken sits down with legendary investors Kenneth Griffin of Citadel and Stephen Schwarzman of Blackstone Group to discuss not only their investment outlooks for various asset classes, but also the social and geopolitical trends informing those opinions. Among their many areas of concern and focus are America's competitiveness, education reform, the U.S.-China relationship, corporate governance, political polarization, regulation, taxation and central bank policies. What are the most important lessons they've learned - from both their successes and their failures? What responsibilities come with managing giant asset pools? What keeps these leaders awake at night? What drives their philanthropic initiatives? And what's next for their personal efforts and their firms?

A Conversation with Ken Griffin and Steve Schwarzman

Bitcoin evokes surprisingly strong emotions, not only among investors, but technophiles, entrepreneurs and those seeking alternate forms of payment and currency. With recent issues surrounding some of the exchanges, Bitcoin's rapid rise seems to have cooled--which exposes another significant problem, namely that building and maintaining a stable currency infrastructure does not happen overnight. Yet Bitcoin and its major offshoots and competitors clearly serve a growing need, one that many traditional investors did not realize existed. This panel will examine not only how Bitcoin and other "cryptocurrencies" work, what markets they serve and how they might survive and grow in the future. We'll discuss another set of key questions: What kind of regulation is likely in the wake of the Mt. Gox debacle? And how can government oversight be made compatible with the mission of virtual currencies?

Money Goes Virtual- The Bitcoin Bourse

Speakers:Leon D. Black, Chairman and CEO, Apollo Global Management, LLCTom Finke, Chairman and CEO, Babson CapitalMitchell Julis, Co-Chairman and Co-CEO, Canyon Partners LLCScott Minerd, Global Chief Investment Officer, Guggenheim PartnersDavid Zervos, Managing Director and Chief Market Strategist, Jefferies LLCModerator:Michael Milken, Chairman, Milken Institute. Institute Chairman Michael Milken will close the Summit with a panel of leading financial experts, who will discuss the forces moving the markets. What are the trends that will impact investors, companies and nations? Investors have prospered in the era of the central bank-driven liquidity trade. When will that wave break? Where is capital migrating - is it chasing the soon-to-be-immense global middle class? Who will provide growth capital to corporations as banks pull back? Will we soon be seeing hedge funds, insurers and sovereign wealth funds in that role?

Speakers: Leon D. Black, Chairman and CEO, Apollo Global Management, LLC Tom Finke, Chairman and CEO, Babson Capital Mitchell Julis, Co-Chairman and Co-CEO, Canyon Partners LLC Scott Minerd, Global Chief Investment Officer, Guggenheim Partners David Zervos, Managing Director and Chief Market Strategist, Jefferies LLC Moderator: Michael Milken, Chairman, Milken Institute. Institute Chairman Michael Milken will close the Summit with a panel of leading financial experts, who will discuss the forces moving the markets. What are the trends that will impact investors, companies and nations? Investors have prospered in the era of the central bank-driven liquidity trade. When will that wave break? Where is capital migrating - is it chasing the soon-to-be-immense global middle class? Who will provide growth capital to corporations as banks pull back? Will we soon be seeing hedge funds, insurers and sovereign wealth funds in that role?

Global Capital Markets: The Forces Shaping the Future of Finance

Speakers:Richard Byrne, President, Providence Equity Capital MarketsTom Corcoran, President, Imperial CapitalRobert Kricheff, Senior Vice President and Portfolio Manager, Shenkman Capital ManagementBrian Pinto, Chief Economist for Emerging Markets, GLG Partners LPRobert Ruberton, Partner and Senior Portfolio Manager for European Credit, Apollo CreditModerator:Komal Sri-Kumar, Senior Fellow, Milken Institute; President, Sri-Kumar Global Strategies, Inc. Bonds are not what they used to be. In the U.S. and many parts of the globe, they are perceived as better-quality than a while back. The U.S. deficit is shrinking, corporate defaults are low, but yields are up as the Federal Reserve prepares to throttle back its quantitative easing program. Is more volatility in store for bonds, and are dividend-bearing stocks at risk? Will the central bank's agenda have global consequences? Many investors are also wondering whether new rules on credit derivatives will strengthen confidence or throw a spanner in the works. Europe, feeling the strain of austerity, is faced with the quandary of getting its debts back into line with GDP levels. How will its leaders' choices ricochet through credit markets? What is the likely position of Europe's banks going forward, and what about the borrowing needs of entrepreneurs and households? Our panel of strategists and other experts will yield insights.

Speakers: Richard Byrne, President, Providence Equity Capital Markets Tom Corcoran, President, Imperial Capital Robert Kricheff, Senior Vice President and Portfolio Manager, Shenkman Capital Management Brian Pinto, Chief Economist for Emerging Markets, GLG Partners LP Robert Ruberton, Partner and Senior Portfolio Manager for European Credit, Apollo Credit Moderator: Komal Sri-Kumar, Senior Fellow, Milken Institute; President, Sri-Kumar Global Strategies, Inc. Bonds are not what they used to be. In the U.S. and many parts of the globe, they are perceived as better-quality than a while back. The U.S. deficit is shrinking, corporate defaults are low, but yields are up as the Federal Reserve prepares to throttle back its quantitative easing program. Is more volatility in store for bonds, and are dividend-bearing stocks at risk? Will the central bank's agenda have global consequences? Many investors are also wondering whether new rules on credit derivatives will strengthen confidence or throw a spanner in the works. Europe, feeling the strain of austerity, is faced with the quandary of getting its debts back into line with GDP levels. How will its leaders' choices ricochet through credit markets? What is the likely position of Europe's banks going forward, and what about the borrowing needs of entrepreneurs and households? Our panel of strategists and other experts will yield insights.

Credit Markets at a Crossroads

Speakers:John Calamos Sr., CEO and Global Co-Chief Investment Officer, Calamos InvestmentsAnne Casscells, Co-President and Chief Investment Officer, Aetos Alternatives ManagementGeorge Evans, Chief Investment Officer, Equities, OFI Global Asset ManagementJ. Todd Morley, Chairman and CEO, G2 Investment GroupJohn Rogers Jr., Founder, Chairman and CEO, Ariel Investments LLCModerator:Christopher Ailman, Chief Investment Officer, California State Teachers Retirement System (CalSTRS). A year ago, few pros expected Apple to fall and the Facebook IPO to fizzle. On the other hand, it wasn't a long shot that yields would stay low and Congress would still be wrangling over fiscal issues. Our panel of investment sages will offer their analysis and opinion on the questions facing the markets, and some that aren't on the radar yet. What has changed in the world's two top economies after the U.S. election and the transfer of power in China? With uncertainty reduced and optimism rising, will PE ratios continue to climb? Or are dividends, which have staged a lively rebound since the financial meltdown, the core of a smart strategy? The market may be ready to embrace a new group of bellwethers -- names, please. Has the love of Treasuries run its course? Will risk-takers in Europe be rewarded or regretful? Will hedge funds have a good year? Which asset classes, and regions of the world, will stand out in the next 12 months?

Speakers: John Calamos Sr., CEO and Global Co-Chief Investment Officer, Calamos Investments Anne Casscells, Co-President and Chief Investment Officer, Aetos Alternatives Management George Evans, Chief Investment Officer, Equities, OFI Global Asset Management J. Todd Morley, Chairman and CEO, G2 Investment Group John Rogers Jr., Founder, Chairman and CEO, Ariel Investments LLC Moderator: Christopher Ailman, Chief Investment Officer, California State Teachers Retirement System (CalSTRS). A year ago, few pros expected Apple to fall and the Facebook IPO to fizzle. On the other hand, it wasn't a long shot that yields would stay low and Congress would still be wrangling over fiscal issues. Our panel of investment sages will offer their analysis and opinion on the questions facing the markets, and some that aren't on the radar yet. What has changed in the world's two top economies after the U.S. election and the transfer of power in China? With uncertainty reduced and optimism rising, will PE ratios continue to climb? Or are dividends, which have staged a lively rebound since the financial meltdown, the core of a smart strategy? The market may be ready to embrace a new group of bellwethers -- names, please. Has the love of Treasuries run its course? Will risk-takers in Europe be rewarded or regretful? Will hedge funds have a good year? Which asset classes, and regions of the world, will stand out in the next 12 months?

Reading the Tea Leaves: Where Are Markets Headed?

Speakers:Janet Cowell, Treasurer, State of North Carolina Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)Michael Sabia, CEO, Caisse de depot et placement du QuebecMauricio Wanderley , Chief Investment Officer, Fundacao Vale do Rio Doce de Seguridade SocialModerator:Tom Finke, Chairman and CEO, Babson CapitalWhat strategies are the biggest funds betting on in 2013? Our panel of top-tier institutional managers will discuss their paths to outperformance, whether based on gut feelings or algorithms. What international themes appear promising - BRIC, MIST, CIVETS, even Europe? Do certain asset classes stand out this year? At the same time, where are the caution signs flashing? What policy and regulatory issues are on their radar, even after the resolution of political uncertainties in the U.S. and elsewhere? How is trading itself evolving, and are those trends helping or hurting?

Speakers: Janet Cowell, Treasurer, State of North Carolina Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS) Michael Sabia, CEO, Caisse de depot et placement du Quebec Mauricio Wanderley , Chief Investment Officer, Fundacao Vale do Rio Doce de Seguridade Social Moderator: Tom Finke, Chairman and CEO, Babson Capital What strategies are the biggest funds betting on in 2013? Our panel of top-tier institutional managers will discuss their paths to outperformance, whether based on gut feelings or algorithms. What international themes appear promising - BRIC, MIST, CIVETS, even Europe? Do certain asset classes stand out this year? At the same time, where are the caution signs flashing? What policy and regulatory issues are on their radar, even after the resolution of political uncertainties in the U.S. and elsewhere? How is trading itself evolving, and are those trends helping or hurting?

Institutional Investors: Where in the World Will Returns Come From?

Speakers:Alexandra Lebenthal, President and CEO, Lebenthal &amp; CompanyMustafa Sagun, Chief Investment Officer, Principal Global InvestorsMax Stone, Managing Director and Executive Committee Member, The D. E. Shaw GroupJames Zelter , Managing Partner, Apollo Capital Management; CEO, Apollo Investment Corp.Moderator:Joe Reece, Managing Director, Investment Banking, and Global Head, Equity Capital Markets, Credit Suisse. There is, by some estimates, at least $30 trillion sitting on the sidelines globally earning less than 1 percent. Risk-off sentiment has kept most of this liquidity out of the markets - with no apparent strategy or timeframe for being channeled into more productive use and better returns. Even with relatively benign inflation, the real return on this staggering amount of capital is negative. In 2012, the equity markets saw greater outflows than even 2008, the crux of the financial crisis. Investors bypassed double-digit gains as a result. What are they thinking now? Are new financial models needed? Are new allocation strategies coming? Will the fatigue of low returns raise investors' risk tolerance, or will the lingering hangover from the crisis keep them paralyzed? With corporations, institutional investors and sovereign wealth funds still hoarding cash, our panel will consider what might trigger the deployment of this capital toward building the future.

Speakers: Alexandra Lebenthal, President and CEO, Lebenthal &amp; Company Mustafa Sagun, Chief Investment Officer, Principal Global Investors Max Stone, Managing Director and Executive Committee Member, The D. E. Shaw Group James Zelter , Managing Partner, Apollo Capital Management; CEO, Apollo Investment Corp. Moderator: Joe Reece, Managing Director, Investment Banking, and Global Head, Equity Capital Markets, Credit Suisse. There is, by some estimates, at least $30 trillion sitting on the sidelines globally earning less than 1 percent. Risk-off sentiment has kept most of this liquidity out of the markets - with no apparent strategy or timeframe for being channeled into more productive use and better returns. Even with relatively benign inflation, the real return on this staggering amount of capital is negative. In 2012, the equity markets saw greater outflows than even 2008, the crux of the financial crisis. Investors bypassed double-digit gains as a result. What are they thinking now? Are new financial models needed? Are new allocation strategies coming? Will the fatigue of low returns raise investors' risk tolerance, or will the lingering hangover from the crisis keep them paralyzed? With corporations, institutional investors and sovereign wealth funds still hoarding cash, our panel will consider what might trigger the deployment of this capital toward building the future.

Cash on the Sidelines: How to Unleash $30 Trillion

Upgrading and maintaining America's infrastructure is critical to its economic future. Public investments, particularly given government budget constraints, can’t fully satisfy this need.Pension plans are struggling to meet their long-term obligations in an environment of heightened market volatility and historically low interest rates. Traditional pension investments, a mix of equities and fixed-income assets, do not provide the stable, long-term cashflows that investments in infrastructure can offer that would help pensions meet their long-term obligations.The Milken Institute convened a high-level roundtable in December 2012 to develop solutions to both these major public policy challenges. Specifically, roundtable participants – including pension fund officers, private-equity investors, and senior administration members – sought a greater understanding of pension plan investment objectives, how plans' chief investment officers and trustees view infrastructure as an asset class, and the reasons for the current modest levels of investment in infrastructure.The roundtable explored whether any new or innovative approaches to investing in the asset class could attract more pension fund capital. Roundtable participants then discussed the strengths, weaknesses, and scalability of multiple infrastructure investment approaches. In particular, the roundtable examined strategies used or being considered in non-U.S. markets to ascertain whether these or similar models are adaptable to the U.S. market.

Upgrading and maintaining America's infrastructure is critical to its economic future. Public investments, particularly given government budget constraints, can’t fully satisfy this need. Pension plans are struggling to meet their long-term obligations in an environment of heightened market volatility and historically low interest rates. Traditional pension investments, a mix of equities and fixed-income assets, do not provide the stable, long-term cashflows that investments in infrastructure can offer that would help pensions meet their long-term obligations. The Milken Institute convened a high-level roundtable in December 2012 to develop solutions to both these major public policy challenges. Specifically, roundtable participants – including pension fund officers, private-equity investors, and senior administration members – sought a greater understanding of pension plan investment objectives, how plans' chief investment officers and trustees view infrastructure as an asset class, and the reasons for the current modest levels of investment in infrastructure. The roundtable explored whether any new or innovative approaches to investing in the asset class could attract more pension fund capital. Roundtable participants then discussed the strengths, weaknesses, and scalability of multiple infrastructure investment approaches. In particular, the roundtable examined strategies used or being considered in non-U.S. markets to ascertain whether these or similar models are adaptable to the U.S. market.

Catalyzing Pension Fund Investment in the Nation's Infrastructure A Roundtable Discussion

Finance

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