Saturday, April 30, 2011
6:00 pm - 9:30 pm
Master of ceremonies Mike Milken hosts an unforgettable evening of cross-cultural cuisine that will test your discerning palate. The Global Gourmet Games is a unique evening that combines exceptional wine, food, conversation - and friendly competition. Tables compete as teams, winning points based on contests that include white and red wines, various food categories, and a food and wine quiz that will enlighten as well as entertain. All proceeds benefit the Prostate Cancer Foundation, the world's leading philanthropic funder of prostate cancer research, and FasterCures, the Milken Institute's Center for Accelerating Medical Solutions, a catalyst for improving the medical research system to meet patients' needs. For more information, including details on purchasing tickets or tables, visit www.globalgourmetgames.org.
Sunday, May 1, 2011
3:00 pm - 8:00 pm
5:00 pm - 7:00 pm
Monday, May 2, 2011
6:00 am - 7:30 pm
6:00 am - 8:30 am
6:30 am - 7:45 am
Fifteen years and $1.3 billion. That's how long it takes and how much it costs to develop ONE medical solution. Medical research in our country has become mired in a "Valley of Death." That has to change - and that's where FasterCures comes in. FasterCures, the Milken Institute's Center for Accelerating Medical Solutions, is speeding up the time it takes to get important new medicines from discovery to patients - ultimately saving lives. We'll all be patients at some point. So we have to act now and act wisely - because patients are dying every day waiting for treatments and cures. Join us and learn what you can do to make a difference.
Moderator
Margaret Anderson, Executive Director, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Jeffrey Kindler, Former CEO and Chairman, Pfizer
Andrew von Eschenbach, President, Samaritan Health Initiatives; former Commissioner, U.S. Food and Drug Administration
6:30 am - 7:45 am
Moderator
Bradley Belt, Senior Managing Director, Milken Institute
6:30 am - 7:45 am
Are we realizing our full potential? Drawing on wisdom gleaned from his own transformative journey and studies with some of the world's most insightful spiritual teachers, Radhanath Swami will guide participants through simple yet profound exercises. Start the day with a powerful and experiential reminder that a centered inner life is key to making more thoughtful, sustainable decisions - today and every day.
Speaker
Radhanath Swami, Author, "The Journey Home: Autobiography of an American Swami"
8:00 am - 9:15 am
The cataclysm is behind us - but the view looks dramatically different from the other side. Global Conference 2011 kicks off by bringing the outlines of the new global economy into sharper focus. Emerging economies are flexing their muscle and attracting vast flows of capital, while the developing world begins to seem like a lumbering giant. What are the economic relationships, trade flows and demographic trends that will define the future? How will global institutions manage the world's web of interconnection and risk? How permanent are these changes? Who are the players to watch?
Moderator
Jared Carney, Executive Director, Program Development and Marketing, Milken Institute
Speakers
Mohamed El-Erian, CEO and Co-Chief Investment Officer, PIMCO
Scott Minerd, Chief Investment Officer, Guggenheim
Laura Tyson, S. K. and Angela Chan Chair in Global Management, Haas School of Business, University of California, Berkeley; former Chairman, National Economic Council
Ruben Vardanian, Chairman and CEO, Troika Dialog
8:00 am - 9:15 am
When it comes to medicine, what was once science fiction is now becoming science. We've moved from mapping the human genome to creating the first synthetic cell. Scientists are developing artificial ovaries that could one day nurture immature human eggs outside the body. Experts in regenerative medicine are printing layers of cells on inkjet printers to construct human organs. The field of nanotechnology is fundamentally changing disease by bringing diagnosis and treatment to the molecular level. And great progress is being made in eradicating diseases that exist in the developing world but have been eliminated in the West. What else is on the horizon for medical science? Will personalized medicine, which rejects one-size-fits-all treatments, fulfill its promise to tailor medical treatments to individuals? Will getting your personal genome reading be as routine as checking your blood pressure? What game-changing drugs for treating cancer, hepatitis and multiple sclerosis seem poised for discovery?
Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Elizabeth Blackburn, Nobel Laureate, 2009; Morris Herzstein Professor of Biology and Physiology, Department of Biochemistry and Biophysics, UCSF
Susan Desmond-Hellmann, Chancellor and Arthur and Toni Rembe Rock Distinguished Professor, UCSF
Sean Harper, Global Development and Corporate Chief Medical Officer, Amgen
James Watson, Nobel Laureate, 1962; Chancellor Emeritus, Cold Spring Harbor Laboratory
9:30 am - 10:45 am
The Great Recession represented a nadir in the relationship between the private sector and Washington policymakers. Civil discourse gave way to name-calling, finger-pointing and the blame game. But more recently, there appears to be a new spirit of cooperation, as key business leaders and government officials have joined hands to discuss issues of common interest rather than focusing on differences in their respective points of view. Is the new civility for real, or is it simply political expediency? Can the business community and Washington forge a real partnership? What is needed to make it last?
Moderator
Bradley Belt, Senior Managing Director, Milken Institute
Speakers
John Engler, President, Business Roundtable
Orrin Hatch, U.S. Senator; Ranking Member, Senate Committee on Finance
Wilbur Ross Jr., Chairman and CEO, WL Ross & Co. LLC; Chairman, Invesco Private Capital
Robert Wolf, Chairman, UBS Americas; President, UBS Investment Bank
9:30 am - 10:45 am
The New York Times Magazine once dubbed him "the seer who saw it coming." Having successfully predicted the housing collapse when everyone else was happy to ride the wave, Nouriel Roubini is now one of the world's most renowned economists, eagerly sought out for his expertise and insights. In this wide-ranging session, he'll cover a host of topics, including surging food and energy costs; when central banks will raise rates; and fiscal woes in the U.S. and Europe. And above all, where is the next asset bubble, and how much systemic risk still lurks in the global financial system?
Interviewer
Tom Keene, Editor-at-Large, Bloomberg News; Host, "Surveillance Midday," Bloomberg TV
Speaker
Nouriel Roubini, Chairman and Co-Founder, Roubini Global Economics; Professor of Economics and International Business, Stern School of Business, New York University
9:30 am - 10:45 am
The American people and the politicians finally seem to have reached a consensus: Children in our K-12 public schools deserve and must have better. Everyone - superintendents, administrators, teachers, principals, union officials and elected legislators - is on the hot seat, expected to start delivering results. Proposed solutions abound, from President Obama and Secretary of Education Arne Duncan to school superintendents, business executives, labor leaders, and nonprofit foundations and think tanks. But are we headed in the right direction? Are our education and political leaders ready to meet world standards? Can there be consensus and collaboration on reaching shared goals?
Moderator
Lowell Milken, Co-Founder, Knowledge Universe Education; Founder, TAP: The System for Teacher and Student Advancement
Speakers
Craig Barrett, Retired Chairman/CEO, Intel Corp.
Eli Broad, Founder, The Broad Foundations; Founder, KB Home and SunAmerica
Jeb Bush, President, Jeb Bush and Associates LLC; former Governor, State of Florida
Allan Golston, President, United States Program, Bill & Melinda Gates Foundation
Randi Weingarten, President, American Federation of Teachers
9:30 am - 10:45 am
Emerging countries used to be known for volatile equity markets, debt defaults and periodic balance-of-payments crises. But in every geographic region, these nations now seem to be firmly on the path to sustained economic growth and have accumulated sizable financial surpluses. Today it's the United States and Western Europe that seem unsure of how to regain their footing after the financial crisis of 2008. Are Western nations ready to accept the epic change and allow developing nations their time in the limelight? Are measures such as QE2 simply attempts to improve American competitiveness despite EM protests? Will inflation be the headwind that will derail EM progress? With banks in the developed world still recuperating, are EM financial institutions ready to provide the funds necessary to grow domestic demand?
Moderator
Komal Sri-Kumar, Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.
Speakers
Filippo Cipriani, Partner Trader, Brevan Howard Asset Management LLP
Peter Dattels, Assistant Director, Global Markets Analysis, Monetary and Capital Markets Department, International Monetary Fund
Nathan Sandler, Co-Founder and Managing Partner, ICE Canyon LLC
Laura Tyson, S. K. and Angela Chan Chair in Global Management, Haas School of Business, University of California, Berkeley; former Chairman, National Economic Council
Ruben Vardanian, Chairman and CEO, Troika Dialog
9:30 am - 10:45 am
Venture capitalists seem to be emerging from their shells after a long retreat. Deal volume and size improved late in 2010. Many of the deals were in the later rounds, trying to get firms to the next benchmark. But how has the industry changed in the wake of the Great Recession? Are VCs only investing in later rounds, or are they starting to nibble at more early-stage firms? Is American-style VC and private-equity investing being adopted more widely around the world? How truly global are U.S. VCs becoming, and do they need to put deals together with greater international composition? Which geographies look most appealing? Which investing area is hotter: social or science? Is there too much fixation on finding the next Facebook or Twitter? With energy prices rising again, are alternative energy plays and green technologies looking more attractive? Are there better prospects for biotech investing in regenerative medicine and medical technologies? A group of experienced venture capitalists will share insights and predictions.
Moderator
Alec Ellison, Vice Chairman and Chairman of Technology Investment Banking, Jefferies & Co. Inc.
Speakers
Noubar Afeyan, Managing Partner and CEO, Flagship Ventures
William Draper III, General Partner, Draper Richards LP
Terry Matthews, Chairman, Wesley Clover; Chairman, Mitel
Geoff Yang, Founding Partner, Redpoint Ventures
9:30 am - 10:45 am
A paradigm shift is under way, giving large institutional stockholders significant influence in corporate America. This panel consists of representatives of some large and influential pools of capital discussing their approaches. The days of uninvolved directors, lack of transparency, staggered boards and limited accountability are fading as these stockholders face off directly with managements and boards and insist on playing a more active role in monitoring their investments. A new breed of active minority shareholders has arisen to drive value creation. Some are focusing attention within their own organizations, using their large direct shareholdings in public companies to influence management and board composition, executive compensation policies and matters like environmental and social stewardship. Some are taking the charge to Washington, working to change the regulatory framework and the rules relating to broker voting, proxy access and other aspects of corporate governance. Others are identifying and backing external managers with the experience and mandate to serve as lead stockholders, driving value creation for all stockholders.
Moderator
Clifton Robbins, Founder and CEO, Blue Harbour Group
Speakers
Janet Cowell, Treasurer, State of North Carolina
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)
Robert Grady, Chairman, New Jersey State Investment Council
William Royan, Vice President, Relationship Investing, Ontario Teachers' Pension Plan
Anne Sheehan, Director of Corporate Governance, CalSTRS
9:30 am - 10:45 am
The U.S. auto industry once dominated America's manufacturing machine. So it was ironic that when the CEOs of the big three automakers testified before Congress in 2008, the media focused on their arrival in Washington via business aircraft. Left out of that story was the fact that the business aircraft industry accounts for more than 1.2 million jobs. It's part of a broader U.S. aerospace industry that has quietly become one of the country's bright spots for exports. In fact, much of its growth can be attributed to exports, as American brands are the planes of choice around the world. The industry is now responsible for more than 10 percent of U.S. manufacturing's annual exports. This panel brings together executives from several leading U.S. aerospace companies to discuss how America has maintained its position as the world's aviation supplier and whether it will remain on top.
Moderator
Kevin Klowden, Managing Economist and Director, California Center, Milken Institute
Speakers
Dale Carlson, Executive for Advanced Engine Systems, GE Aviation
David Coleal, Vice President and General Manager, Learjet
Larry Flynn, Senior Vice President, Marketing and Sales, Gulfstream
Richard Wynne, Director of Environment and Aviation Policy, Boeing Commercial Airplanes
9:30 am - 10:45 am
Economists across the political spectrum have long argued that the least costly, least intrusive way to contain greenhouse gases is to charge emitters for the privilege and let the market decide how to cut back. But market-friendly fixes have been rejected by the rapidly growing economies of the developing world and are off the political agenda in the United States. This panel will weigh the prospects for non-market initiatives to contain emissions - everything from subsidizing new emissions-sparing technologies to mandating the use of renewable energy and efficient-efficient vehicles. It will also debate the practicality of an entirely different approach to combating global warming: technology for deflecting solar energy before it heats the atmosphere, thereby offsetting the impact of growing concentrations of greenhouse gases.
Moderator
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review
Speakers
Linda Cohen, Professor of Economics and Law, and Associate Dean for Research and Graduate Studies, School of Social Sciences, University of California, Irvine
Jae Edmonds, Laboratory Fellow and Chief Scientist, Pacific Northwest National Laboratory
Robert Hahn, Professor of Economics, Sustainable Consumption Institute, University of Manchester
Bjorn Lomborg, Adjunct Professor, Copenhagen Business School; Author, "Cool It: The Skeptical Environmentalist's Guide to Global Warming"
9:30 am - 10:45 am
Innovation, creativity and the ability to collaborate across great distances will be the cornerstones of future growth. In a world that's powered by increasingly sophisticated technology, it's all about developing and attracting skilled human capital. While the United States has fallen behind in science and math proficiency, other nations are racing to build their capabilities. How are companies tapping into the new global talent pool? How are management and training paradigms changing? Which skills will be in greatest demand in the future? This panel will examine the mobility of talent, future human capital requirements and how to train people to succeed.
Moderator
Joel Kurtzman, Senior Fellow; Executive Director, Center for a Sustainable Energy Future, Milken Institute
Speakers
Gary Burnison, CEO, Korn/Ferry International
Stedman Graham, Chairman and CEO, S. Graham & Associates
Chaly Mah, CEO, Deloitte Asia Pacific
Vineet Nayar, Vice Chairman and CEO, HCL Technologies
Kodumudi (Radha) Radhakrishnan, Executive Advisor, Digital Intelligence Systems Corp.; former Vice President, Information Technology Operations, Boeing Co.
10:00 am - 10:30 am
Speaker
Arthur Agatston , Preventive Cardiologist and Associate Professor of Medicine, University of Miami Miller School of Medicine; Author, "The South Beach Diet"
10:30 am - 11:00 am
Speaker
Peter Guber, Chairman and CEO, Mandalay Sports Entertainment; Owner and Co-Executive Chairman, Golden State Warriors
11:00 am - 12:00 pm
Across the board, commodity prices are soaring. Part of the recent run-up is event-driven: Political upheaval in Libya has sent oil prices skyrocketing, while violence in the Ivory Coast recently tightened the world's supply of coffee and cocoa. Flooding and drought around the world last year caused major crop failures and shortages. But for much of the past year, we've seen extraordinary price hikes in gold, copper, minerals, wheat, corn, cotton and more. How much of this trend is a temporary spike, and how much is caused by fundamental demand growth in emerging markets like China and India? Is the world now in a permanent race to grab precious commodities? How should investors approach this sector? And how will today's commodity shocks affect a fragile recovery?
Moderator
Kai Ryssdal, Host, "Marketplace," American Public Media
Speakers
Richard Evans, Chairman, AbitibiBowater
Lourenco Goncalves, Chairman, President and CEO, Metals USA
Joshua Harris, Senior Managing Director, Apollo Global Management LLC; Managing Partner and Co-Founder, Apollo Management LP
Richard Sandor, Chairman and CEO, Environmental Financial Products; Senior Fellow, Milken Institute
Layle (Kip) Smith, President and CEO, Noranda Aluminum
11:00 am - 12:15 pm
The Dodd-Frank bill was designed to be a sweeping overhaul of the U.S. regulatory system. But it punted on some key points, most notably the fate of GSEs. With most major pieces of reform legislation, the devil is in the details - and Dodd-Frank left many of the details to be filled in by regulators after the fact. How long will it take for hundreds of new rules to be unveiled and implemented? Have we managed to rein in systemic risk? Is "too big to fail" truly solved? How will the new laws affect commercial banks' global competitiveness? How effective will the new Consumer Financial Protection Bureau be? This panel brings experts, regulators and practitioners to the table to discuss these issues.
Moderator
Alan Schwartz, Executive Chairman, Guggenheim
Speakers
Kenneth Griffin, Founder and CEO, Citadel
Raymond McDaniel Jr., Chairman and CEO, Moody's Corp.
Jim Millstein, Chairman, Millstein & Co. LLC; former Chief Restructuring Officer, U.S. Treasury Department
Thomas Wilson, Chairman, President and CEO, Allstate; Deputy Chairman, Federal Reserve Bank of Chicago
11:00 am - 12:15 pm
The U.S. has long benefited from immigration policies that entice the world's best and brightest to arrive, learn and stay in America. The consequent creative and productive strengths have contributed significantly to the nation's global leadership in countless fields, especially high-tech innovation. But now, for the first time in history, talent appears to be migrating the other way. Not only are foreign nationals returning home after getting a top-flight education in American graduate schools, but U.S. policy now actually encourages them to take their diplomas and leave. And why shouldn't they? China, India, Chile, Singapore and other nations actively recruit talent - including native U.S. talent - with attractive, career-advancing jobs and abundant research funding. How can America retain valuable human capital? Is high-skill immigration policy reform sufficient? How might it differ from low-skill immigration policy reform? Can more robust STEM (science, technology, engineering and math) curricula in U.S. schools take effect in time to compensate? Expect a lively debate among leaders from public, private and academic sectors with real stakes in this historic development.
Moderator
Vivek Wadhwa, Director of Research, Center for Entrepreneurship and Research Commercialization, Duke University; Distinguished Visiting Scholar, Halle Institute of Global Learning, Emory University
Speakers
Craig Barrett, Retired Chairman/CEO, Intel Corp.
Jeff Clavier, Managing Partner, SoftTech VC
Judy Olian, Dean and John E. Anderson Chair in Management, UCLA Anderson School of Management
Hal Salzman, Professor of Public Policy, E.J. Bloustein School of Planning and Public Policy, and J.J. Heldrich Center for Workforce Development, Rutgers University
Nicolas Shea, Senior Advisor of Innovation & Entrepreneurship, Chilean Ministry of Economy
11:00 am - 12:15 pm
Suddenly there are people living longer than ever before in human history. How can you improve your own odds of making it to age 100? And more important, how can you ensure that you'll enjoy a good quality of life along the way? Can a Mediterranean diet and mental exercises keep your mind sharp in your later years? Is calorie restriction the key? What's the future price to pay for leading a high-stress, high-pressure lifestyle today? This panel will examine the latest research on scientific and medical advances in aging - and outline the proactive steps you can take in your own life.
Moderator
Howard Soule, Senior Fellow, Milken Institute; Executive Vice President and Chief Science Officer, Prostate Cancer Foundation
Speakers
Arthur Agatston , Preventive Cardiologist and Associate Professor of Medicine, University of Miami Miller School of Medicine; Author, "The South Beach Diet"
David Kirchhoff, President and CEO, Weight Watchers International Inc.
11:00 am - 12:15 pm
Teachers and professors are increasingly using technology in their classrooms. Yet many would argue that the education industry, unlike others, has not reaped the benefits of a true high-tech revolution. Education is a widely watched sector that has provided investors strong opportunities for over two decades, and online learning has offered the tantalizing promise of dramatically expanding access to education in the U.S. and internationally. Yet concerns and obstacles remain. Can for-profit companies demonstrate reliable student performance? Can quality programs be made available on an international scale to people and nations where education opportunities are urgently needed? Are U.S. students graduating with so much debt they are unable to pay it off? And conversely, will the government regulations under development in the U.S. strangle the business opportunity? Industry leaders will examine the opportunities and challenges of the for-profit education sector.
Moderator
Adam Nordin, Managing Director, Barclays Capital
Speakers
Gregory Cappelli, Co-CEO, Apollo Group Inc.
Ronald Packard, Chairman and Founder, K12 Inc.
Robert Silberman, Chairman and CEO, Strayer Education Inc.
Yufeng Xia, Founder and CEO, Rise China
11:00 am - 12:15 pm
Because there are such abundant reserves, natural gas prices have been mired in the doldrums, sitting out the latest boom in commodities. But are investors' fortunes about to change? Moving toward natural gas seems to be a no-brainer, since coal plants contribute to global warming, and recent world events have underlined the safety risks and supply vulnerabilities of oil and nuclear energy. With the global demand for energy expected to grow by double digits in coming decades, analysts are anticipating a new boom in gas consumption. But extraction from shale is not without its own environmental issues. Can these be resolved so that public support for natural gas extraction remains strong? Where are the most ambitious development projects taking shape around the world? What are the investment risks? Will currently depressed prices slow the industry's expansion? This panel will clarify what lies ahead for natural gas.
Moderator
Harold Wright, Senior Vice President and Chief Technology Officer, Rentech Inc.
Speakers
James Ivey, President and CEO, Milagro Exploration
Andrew Littlefair, President and CEO, Clean Energy
Tom Price, Senior Vice President, Corporate Development, Chesapeake Energy Corp.
Joanne Spalding, Managing Attorney, Sierra Club
11:00 am - 12:15 pm
The Human Genome Project demonstrated that data can be made immediately available to the public, benefitting scientific knowledge and innovation. Yet we know that commercialization of new treatments will not happen without appropriate protection of intellectual property. How can the field of biomedicine better balance data availability, information exchange and IP arrangements among academics, researchers, and the public and private sectors? Are there models of pre-competitive sharing from other fields of R&D that are relevant to medical research?
Moderator
John Dwyer, Chairman, Telcare
Speakers
Anna Barker, Consultant, Transformative Healthcare Initiatives; former Deputy Director, National Cancer Institute
Eslie Dennis, Executive Director, Predictive Safety Testing Consortium, and Executive Director Polycystic Kidney Disease Consortium, The Critical Path Institute
Garry Neil, Corporate Vice President, Corporate Office of Science and Technology, Johnson & Johnson
11:00 am - 12:15 pm
The incredible real estate boom in China's major cities continues unabated. Worried about overheating, the Chinese government has attempted to deflate what many observers fear is a massive speculative bubble. But its moves to tighten credit have had little effect, and property markets like Beijing, Shanghai and Guangzhou have soared to even greater heights. Ronnie Chan, one of Asia's most influential real estate developers, will join us for a candid one-on-one session about the factors driving this frenzy. As chairman of Hang Lung Properties, he is investing heavily in several mainland cities, betting big on malls that cater to the Chinese consumer's insatiable demand for luxury goods. Chan will share his views on what to expect in China's commercial and residential markets.
Interviewer
Perry Wong, Senior Fellow, Milken Institute; Senior Vice President and Senior Economist, Economic Strategy, City National Bank
Speaker
Ronnie C. Chan, Chairman, Hang Lung Properties Ltd.
11:00 am - 12:15 pm
Not only are low interest rates lingering in the U.S. and Europe, but many observers also expect long-term weakness in the dollar and the euro. These factors are leading fixed-income investors to look to emerging markets for more attractive interest rates and a way to play these global currency trends. Led by a veteran trader who specializes in this growing and liquid asset class, this discussion will outline the potential and the risks of investing in these local bond markets and related alternatives, and will consider which emerging markets look most promising.
Speaker
Filippo Cipriani, Partner Trader, Brevan Howard Asset Management LLP
11:00 am - 12:15 pm
The old economy revolved around assets that could be seen or touched: machines, equipment, vehicles and buildings. But the new global economy is increasingly driven by intangible assets such as ideas, content, patents and powerful brands. Indeed, in a knowledge economy, intellectual property is infrastructure. Yet most investors don't perceive intangible assets as an investable asset class. This panel will explore their value, covering different intangible and intellectual property sectors as well as the opportunities and risks in this huge arena.
Moderator
Brett Hellerman, CEO, Wood Creek Capital Management LLC
Speakers
Shraga Biran , Founder, Institute for Structural Reforms
David Canuel, Managing Director, Quantitative Management Group, Babson Capital Management LLC
Abha Divine, Managing Director and Co-Founder, Techquity Capital Management LLC
Stephen Smith, Chairman and Managing Member, Anthem Funds
11:00 am - 11:30 am
Speaker
Nouriel Roubini, Chairman and Co-Founder, Roubini Global Economics; Professor of Economics and International Business, Stern School of Business, New York University
11:30 am - 12:00 pm
Speaker
Vineet Nayar, Vice Chairman and CEO, HCL Technologies
12:15 pm - 2:00 pm
The markets are up, and balance sheets are looking stronger. Emerging markets are posting sizzling growth rates, while the United States is finally generating jobs again after a long lull. The global economy has clearly rebounded, though the recovery is uneven. But there are lots of wild cards in the deck: the devastation in Japan, Europe's lingering sovereign debt crises, unrest in the Middle East, skyrocketing commodity prices and unexpected events like last year's "flash crash." After two years of strong gains, do stocks have more room to run? Will the vast pools of capital sitting on the sidelines finally be deployed to spur hiring? What's the outlook for inflation and interest rate hikes? Where are the best global opportunities in the year ahead? Where should investors exercise caution?
Moderator
Paul Gigot, Editorial Page Editor and Vice President, The Wall Street Journal
Speakers
Eike Batista, Chairman and CEO, EBX Group
Jeffrey Immelt, Chairman and CEO, General Electric
Nouriel Roubini, Chairman and Co-Founder, Roubini Global Economics; Professor of Economics and International Business, Stern School of Business, New York University
David Rubenstein, Co-Founder and Managing Director, The Carlyle Group
12:30 pm - 2:15 pm
Lowell Milken, founder of TAP: The System for Teacher and Student Advancement, will lead a spirited conversation with education leaders about their challenges and successes in providing sustained and meaningful improvement in student performance and teacher effectiveness in an environment of diverse student populations and constrained economic conditions. Business, education and philanthropic leaders are welcomed to respond by providing input on how they can help find solutions to the challenges facing American K-12 education.
Moderator
Lowell Milken, Co-Founder, Knowledge Universe Education; Founder, TAP: The System for Teacher and Student Advancement
Speakers
Dwight Jones, Superintendent, Clark County School District
Barry Munitz, Trustee Professor, California State University, Los Angeles; Chair, Sierra Nevada College Board of Trustees
Alvin Wilbanks, CEO and Superintendent, Gwinnett County Public Schools
2:30 pm - 3:40 pm
Their level of optimism may vary, but many observers believe that the recovery has arrived for commercial real estate. Who are the major players poised to profit from the upswing? Which asset classes are going to lead the way: hospitality, industrial, multifamily, single-family or commercial? And what do investors need to know before plunging in? This panel will explore current trends in deal flow and how developers are accessing capital. Who is providing that capital, and does it take the form of debt or equity? We'll also explore the new role of CMBS and the impact of new investment strategies, such as CalPERS' shift from residential to commercial. Finally, this panel will identify current opportunities, whether they come from repositioning existing assets or financing new markets such as the Middle East.
Moderator
Lewis Feldman, Partner and Los Angeles Chair, Goodwin Procter LLP
Speakers
Joseph Azrack, Managing Partner, Real Estate, Apollo Global Management
Richard LeFrak, Chairman, President and CEO, LeFrak Organization
Peter Lowy, CEO, Westfield LLC
Barry Sternlicht, Chairman and CEO, Starwood Capital Group
Robert Toll, Executive Chairman, Toll Brothers Inc.
2:30 pm - 3:40 pm
No one ever accused Eike Batista of failing to think big. Already the wealthiest man in Brazil, he has served notice that he intends to become the richest man in the world. Batista got his start by following the gold rush into the Amazon, where his mining operations led to Indiana Jones-style adventures deep in the jungle. Today his self-made fortune spans shipping, mining, power plants, logistics and - above all - vast oil and gas holdings. Don't miss the chance to hear from two of the most influential figures in the world of business as Batista sits down with Institute chairman Mike Milken for a wide-ranging conversation about Brazil's remarkable rise, the changing balance of power in the global economy and where to find the most exciting growth opportunities in the years ahead. Among other topics, they will touch on Batista's "360-degree" approach to business, global energy markets and the game-changing trade relationship between Brazil and China.
Interviewer
Michael Milken, Chairman, Milken Institute
Speaker
Eike Batista, Chairman and CEO, EBX Group
2:30 pm - 3:40 pm
Here we go again . . . unrest erupts in the Middle East and the insecurity of our energy supply is laid bare. The U.S. military continues to be spread thin by the task of protecting global energy supply lines. And political upheaval in petroleum-exporting countries is not the only wild card: The Deepwater Horizon spill underlined the risks of offshore drilling, while the antiquated electrical grid continues to leave parts of the U.S. vulnerable to blackouts. The crisis in Japan may have dashed prospects for nuclear energy assuming a greater role in the nation's energy portfolio. This panel will explore solutions for delivering a safer and more secure flow of energy that can reliably power America's economy.
Moderator
Ralph Eads, Chairman, Energy Investment Banking, Jefferies & Co. Inc.
Speakers
Gary Doer, Ambassador of Canada to the United States
T. Boone Pickens, Entrepreneur and Philanthropist; Founder, BP Capital
Michael K. Wirth, Executive Vice President, Downstream & Chemicals, Chevron Corp.
R. James Woolsey, Chairman, Woolsey Partners; Of Counsel, Goodwin Procter LLP; former Director, Central Intelligence Agency
2:30 pm - 3:40 pm
Almost exactly a year ago, the Dow plunged 600 points in the span of just five heart-stopping minutes, then recovered in the blink of an eye. One of the wildest days in Wall Street history, sparked by a single trade placed by a mutual fund in Kansas, laid bare the risks of ultra-high-speed, high-frequency trading built on computer algorithms. But the technology that powers most trading platforms is just part of the story in the fast-changing world of global trading. Other issues include the growth of ETFs, secondary markets, stock loans, derivatives and credit default swaps. How can we ensure more transparency in these new financial instruments? Should international exchanges harmonize their systems so traders can't exploit their differences? And most important of all: How can regulators contain these systemic risks and maintain a level playing field for ordinary investors?
Moderator
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)
Speakers
Harold Bradley, Chief Investment Officer, Ewing Marion Kauffman Foundation
Seth Merrin, Founder and CEO, Liquidnet
Duncan Niederauer, CEO, NYSE Euronext
Mike Novogratz, Principal, Fortress Investment Group
2:30 pm - 3:40 pm
Is it possible to keep your personal life private anymore? Stores, online retailers and credit-card companies record what you buy. Websites and online advertisers watch your surfing habits. TiVo knows your favorite TV shows. GPS cell phones track your whereabouts. Security cameras abound in public places. New airport security technology peeks under your clothes. Meanwhile, the Facebook generation has come of age thinking it's no big deal to post confessions, provocative photos and personal stories online - public records that are essentially permanent. Has the digital age corrupted the expectation of privacy? Can we ensure that our personal information isn't abused? Does it even matter - is privacy a Luddite concern?
Moderator
Daniel Casse, President, G100; Managing Partner, High Lantern Group
Speakers
Philip Kaplan, Co-Founder, Blippy.com
Fran Maier, President and Executive Chair, TRUSTe
Patrick Manzo, Senior Vice President and Chief Privacy Officer, Monster Worldwide Inc.
Scott Meyer, CEO, Evidon
Jay Stanley, Senior Policy Analyst, American Civil Liberties Union
2:30 pm - 3:40 pm
There is a growing "Valley of Death" in funding for the development of new disease treatments. Investment is needed to turn promising discoveries into products. But fiscal realities are causing government, researchers, industry and venture capital funders of medical research to become increasingly conservative and risk-averse in their approaches to R&D and deal-making, despite the fact that the threat to pharmaceutical companies' pipelines has never been greater. The need for new financing models and return on medical research investment is acute. This panel will highlight some alternative and novel mechanisms for identifying and funding high-impact research that can deliver medical solutions to patients.
Moderator
Margaret Anderson, Executive Director, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Ali Andalibi, Head, Therapeutics and Diagnostics Section, SBIR Development Center, National Cancer Institute
Catherine Arnold, Managing Director and Global Head of Biopharmaceutical Equity Research, Credit Suisse
Christopher Elias, President and CEO, PATH
Stephen Seiler, CEO, AesRx LLC
Daniel Wattendorf, Lt. Colonel, USAF MC; Program Manager, Defense Advanced Research Projects Agency (DARPA), Defense Sciences Office
2:30 pm - 3:40 pm
The costs of providing a college education and the price tag of tuition are rising just as rapidly as seats in the university classroom are vanishing. Affordability and access are falling victim to budgetary constraints in tough economic times. Can state universities develop alternate models for providing instruction and support services that will ensure longer-term financial stability? Will private university endowments earn strong enough returns on investment to continue the dramatic subsidies that these institutions require to hire strong faculty and provide quality curriculum? How will online access and the broader impact of technology affect universities in traditional, hybrid and online settings?
Moderator
Barry Munitz, Trustee Professor, California State University, Los Angeles; Chair, Sierra Nevada College Board of Trustees
Speakers
Angel Cabrera, President and Professor, Thunderbird School of Global Management
Steve Fireng, President and CEO, Embanet-Compass Knowledge Group
C. L. Max Nikias, President, University of Southern California
Santa J. Ono, Provost and Senior Vice President for Academic Affairs, University of Cincinnati
Luis Proenza, CEO, University of Akron
2:30 pm - 3:40 pm
Imagine a world where plastics don't linger in landfills for centuries. In the not-so-distant future, the everyday products we use - from soda bottles and cosmetics to laundry detergent and car parts - will be biodegradable. And the kicker? Instead of being manufactured from petroleum, these new products will use plants as a feedstock. Bioplastics, the next wave in the effort to decrease dependence on oil, can make all of this possible. But industrial biotech companies still face significant challenges in commercialization. The demand for start-up capital is high, and competition from low-cost, petroleum-based products is fierce. Building on a Financial Innovations Lab convened by the Milken Institute and the USDA, this roundtable will explore potential collaborations between the public and private sectors to provide the financing needed to usher in the brave new world of industrial biotech products.
Moderator
Rina Singh, Director, Policy, Industrial and Environmental Section, Biotechnology Industry Organization (BIO)
Speakers
Frances Arnold, Dick and Barbara Dickinson Professor of Chemical Engineering and Biochemistry, California Institute of Technology
Bobby Bringi, President and CEO, MBI International
Stephen Mullennix, Managing Director, US Renewables Group
Rocco Papalia, Senior Vice President, Advanced Research and Beverage Packaging Innovation & Equipment Development, PepsiCo
Corinne Young, CEO, Corinne Young LLC
2:30 pm - 3:40 pm
Many governments around the world launched stimulus packages to spur economic recovery, and infrastructure projects - such as the building of rail networks, roads and power grids - were typically the centerpiece. In China, the Ministry of Transportation doubled its outstanding debt in three years; most proceeds from debt issuance went to high-speed rail projects as part of the economic stimulus package. In Brazil, public-private partnerships have been established to finance infrastructure projects. The Indian government has a $1 trillion infrastructure program that needs funding to succeed. But emerging economies are not the only ones facing funding challenges. With rising government debt, the United States also needs to find a way to leverage capital to fix its aging infrastructure. What role can the public and corporate bond markets, private equity firms and international development agencies play in funding infrastructure projects? What financial instruments can effectively attract private capital to form a successful public-private partnership? Can financial innovations help to bridge the funding gap?
Moderator
Adebayo Ogunlesi, Chairman and Managing Partner, Global Infrastructure Partners
Speakers
Jan Boyer, Private Equity Investor
Stan Hazelroth, Executive Director, California Infrastructure and Economic Development Bank
Christopher Leslie, CEO, Macquarie Infrastructure Partners Inc.
Peter Rigby, Senior Director, Standard & Poor's
3:00 pm - 3:30 pm
Speaker
William Draper III, General Partner, Draper Richards LP
3:50 pm - 5:00 pm
Last year saw private-equity deal-making recover to levels not seen since the onset of the financial crisis. Many PE firms have been looking to exit some of their investments, and now they've got a market that's ready to take these firms off their hands. The last quarter of 2010 was particularly bullish, with $64 billion in new deals announced and $72 billion in exits (setting a new quarterly record). And the early months of 2011 have been marked by blockbuster PE-backed IPOs, including HCA, Kinder Morgan and Nielsen. Are additional megadeals in the cards? What's the current outlook for fundraising? What are the opportunities in emerging markets?
Moderator
Maria Bartiromo, Anchor, CNBC
Speakers
Leon Black, Managing Partner, Apollo Management LP
David Bonderman, Founding Partner, TPG Capital
Jonathan Nelson, CEO and Founder, Providence Equity Partners
David Rubenstein, Co-Founder and Managing Director, The Carlyle Group
3:50 pm - 5:00 pm
The United States often takes its dominance in science and technology for granted - and no wonder, since U.S. firms like Apple, Google and Facebook continue to dazzle consumers with inventiveness. But other nations around the world aren't exactly sitting still. They've studied the U.S. model of research funding, commercialization incentives and intellectual property protection, and they've gotten busy building their own high-tech clusters and research capacities. China and India have become hotbeds of "frugal innovation," rethinking process and design to improve products (such as medical devices) while bringing down their costs. Today it's clear that innovation knows no borders. Where are the next great game-changing designs being produced? How does this worldwide phenomenon change corporate decision-making? How are companies changing their R&D models to discover and integrate ideas from around the globe?
Moderator
Kara Swisher, Co-Executive Editor, AllThingsD.com
Speakers
Rani Borkar, Corporate Vice President, and General Manager, Microprocessor Development Group, Intel
Jacob Hsu, CEO, Symbio
John Manley, President and CEO, Canadian Council of Chief Executives
John Ruffolo, Senior Vice President and Head of Knowledge Investing, OMERS; CEO, Inkef Capital
3:50 pm - 5:00 pm
In the coming years, demographic shifts will cause profound transformations in America and around the globe. The imperatives created by aging populations threaten to swamp economies and place unprecedented burdens on the next generation. A host of challenges must be addressed, from physical health and financial well-being to community engagement and senior employment. Some of these issues pose major policy dilemmas, but the implications aren't all dire. We're on the cusp of accelerating disease cures, setting the stage for seniors to enjoy better health and quality of life as they age. And the graying population is already rewriting the rulebook for retirement. Seniors have new options for staying active, engaged and productive through wellness and disease management programs, continuing education, encore careers, social networks and travel. Our panel of experts will address the key challenges and opportunities in a thought-provoking session.
Moderator
Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute
Speakers
Marc Freedman, CEO, Civic Ventures
Michael Hodin, Executive Director, Global Coalition on Aging; Adjunct Senior Fellow, Council on Foreign Relations
Paul Kusserow, Senior Vice President, Chief Strategy and Corporate Development Officer, Humana
Sherry Lansing, CEO, The Sherry Lansing Foundation; Founder, EnCorps Teachers Program
3:50 pm - 5:00 pm
How will the Great Recession and its aftermath change the structure of employment in the future? Which jobs are unlikely to ever return because of a fundamental restructuring of the economy? Which categories will bounce back? Which sectors will create the jobs of tomorrow? How much of the current unemployment is attributable to the extensive slack in the economy as opposed to a deeper structural issue with firms needing skills that aren't possessed by most workers that are jobless?
Moderator
Rafael Pastor, Chairman and CEO, Vistage International Inc.
Speakers
John Engler, President, Business Roundtable
Mary Kay Henry, International President, SEIU
Deborah Wince-Smith, President and CEO, Council on Competitiveness
Susan Windham-Bannister, President and CEO, Massachusetts Life Sciences Center
3:50 pm - 5:00 pm
In recent months, we've witnessed history unfold in the streets of Tunisia, Egypt and Libya. Dynamic forces are pulling and pushing for change as the rallying cry for social justice and democracy echoes across multiple borders. Hopes - and fears - are running high. Where do we go from here? Building a more open, entrepreneurial and dynamic economy is the best strategy for containing extremism and militarism. What kind of institution-building needs to take place? What role can investments play in promoting democracy and stability in the region? What mechanisms for economic development should be developed and implemented to build robust, job-creating markets? Will the pendulum finally swing toward democracy, moderation and more widely shared prosperity? How much reform will we see in other nations where protests have erupted but the existing regimes still cling to power?
Moderator
Jerrold Green, President and CEO, Pacific Council on International Policy
Speakers
Abdulla Mohammed Al Awar, CEO, Dubai International Financial Centre Authority
Neveen El Tahri, Co-Chairperson and Managing Director, Delta Financial Investments
Dalia Dassa Kaye, Senior Political Scientist, Rand Corp.
James Prince, President and Founder, The Democracy Council
Janet Sanderson, Deputy Assistant Secretary of State, U.S. State Department
3:50 pm - 5:00 pm
Despite decades of government aid and charitable giving, economic growth in frontier markets remains stagnant. How can we change this picture? From credit enhancements to advance market commitments, donors are looking for new, innovative tools to encourage more effective and predictable aid flows. Market-based approaches that align the interests of donors, local governments and the private sector are becoming increasingly popular in the philanthropic world. Traditional up-front grant-making is increasingly being supplemented (or even supplanted) by the use of "pull mechanisms," in which donors provide funding only after specified outcomes are achieved. The panel will discuss models that incentivize investment in developing countries to promote entrepreneurship and support sustainable economic growth.
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Orin Hasson, Associate Program Officer, Development Finance and Economic Policy, Bill & Melinda Gates Foundation
Kola Masha, Managing Director, Doreo Partners
Susan McAdams, Director, Multilateral and Innovative Financing, World Bank
Maura O'Neill, Chief Innovation Officer, U.S. Agency for International Development (USAID)
3:50 pm - 5:00 pm
There's a clear consensus that it's time for a greater push toward renewable energy. But some nations have been much faster out of the gate than others. What models are evolving in different parts of the world? Here in the U.S., shale gas has emerged as a cheap and relatively clean resource, but environmental concerns are mounting; meantime, renewables remain dependent on government subsidies. China has focused on building large, competitive producers, while the U.S. has concentrated more on making deployment more cost effective for end users. Europeans, suffering through fiscal challenges, are increasingly resentful of high prices. Who will solidify leadership in this sector? Which regions and technologies look most promising to investors? Which are closest to achieving maturity and critical mass?
Moderator
Ray Wood, Head, Global Alternative Energy, Credit Suisse
Speakers
Patrick Eilers, Managing Director, Madison Dearborn Partners
Charles Gassenheimer, Chairman and CEO, ENER1 Inc.
Joseph Kelliher, Executive Vice President, Federal Regulatory Affairs, NextEra Energy Inc.; former Chairman, Federal Energy Regulatory Commission
Peter Labbat, Partner, Energy Capital Partners
Michael Polsky, President and CEO, Invenergy LLC
3:50 pm - 5:00 pm
To enhance its energy security, reduce greenhouse-gas emissions and strengthen its economy, the U.S. needs to find and develop new energy sources. But most of the payoff for that investment will be over the long term. Fossil fuels will remain a substantial portion of our energy mix for the next few decades - and that means energy efficiency is the fastest, cheapest and cleanest solution to implement now. It's the low-hanging fruit, and the most sensible place to start changing our patterns of energy use. This panel of experts will examine how we can jumpstart a major push for energy efficiency, including the new technologies, practices and behavior changes that will have a quick impact.
Moderator
Martha Amram, Senior Fellow, Milken Institute; CEO, Ennovationz
Speakers
David Arfin, CEO, First Energy Finance
Nicole Woolsey Biggart, Director, Energy Efficiency Center, University of California, Davis
Geoff Chapin, Founder and CEO, Next Step Living Inc.
James Davis, President, Chevron Energy Solutions
3:50 pm - 5:00 pm
What is the future of housing? Here in the U.S., how will changes to Fannie Mae and Freddie Mac reshape the market going forward? Which asset classes will lead the recovery: multi-family, condos, senior housing or single-family homes? Has a desire for transportation-oriented development taken hold, pushing development to urban infill, or will single-family residential housing make a comeback? And applying a more global perspective, are new opportunities being created in the Middle East, Brazil and other emerging markets?
Moderator
Lewis Feldman, Partner and Los Angeles Chair, Goodwin Procter LLP
Speakers
Shraga Biran , Founder, Institute for Structural Reforms
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)
Emile Haddad, President and CEO, Five Point Communities
Larry Mizel, Chairman and CEO, MDC Holdings Inc.
Robert Toll, Executive Chairman, Toll Brothers Inc.
3:50 pm - 5:00 pm
Interviewer
Jim Gray, Sportscaster, Showtime, Golf Channel, Sacramento Kings and Westwood One Radio
Speaker
Bill Walton, NBA champion, NBA All-Star and Basketball Hall of Fame member
3:50 pm - 5:00 pm
5:15 pm - 6:15 pm
It's been said that democracy is messy - but today it seems downright cumbersome, too. The United States seems stuck in neutral on pressing issues such as ending our addiction to foreign oil, rebuilding our infrastructure or transforming our schools. Meantime, China is building vast new projects and implementing policy shifts seemingly overnight. But its speed and decisiveness often come at the expense of individual rights and the environment, and its state-run system has monumental challenges to overcome. India, the world's most populous democracy, has economic potential to match China's. But can its government pull off the massive infrastructure improvements and bureaucratic reforms needed to maintain growth? Can European democracies deal with the increasing costs of their more robust socialist safety net? Which approach will carry the day? Which nations have models and results worth examining? Can participatory democracy respond quickly enough to a world where change moves at lightning speed?
Moderator
Michael Klowden, President and CEO, Milken Institute
Speakers
Evan Bayh, Senior Advisor, Apollo Global Management; former U.S. Senator
Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of Chicago
William Bennett, Former U.S. Secretary of Education; Senior Advisor, Houghton Mifflin Harcourt
Ronnie C. Chan, Chairman, Hang Lung Properties Ltd.
5:30 pm - 6:00 pm
Speaker
Radhanath Swami, Author, "The Journey Home: Autobiography of an American Swami"
6:30 pm - 7:30 pm
6:30 pm - 7:30 pm
6:30 pm - 7:30 pm
6:30 pm - 7:30 pm
6:30 pm - 7:30 pm
6:30 pm - 7:30 pm
7:30 pm - 9:15 pm
Great leaders can inspire innovation, harness creativity and turn organizations into powerhouses. And we've seen the consequences all too clearly when effective, ethical leadership is lacking. But what really makes a great leader? Are they born or made? What's the difference between a leader and a visionary? What is the ideal relationship between a manager and his team? Why do some individuals have the ability to make tough decisions under pressure when others balk with uncertainty? Our dinner program will explore these issues and more, with a distinguished panel sharing tales from their own storied careers.
Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Steven Burd, President and CEO, Safeway
Susan Desmond-Hellmann, Chancellor and Arthur and Toni Rembe Rock Distinguished Professor, UCSF
Joe Torre, Executive Vice President, Baseball Operations, Major League Baseball
Steve Wynn, Chairman and CEO, Wynn Resorts
7:30 pm - 9:30 pm
The theme of impact investing runs through many panels at the Global Conference as well as through the broader work of the Milken Institute. We believe that new asset classes and investment instruments can yield financial returns while solving social and environmental problems at the same time. Public funding and philanthropic initiatives cannot bridge the capital gap needed to address poverty alleviation, sustainable energy, environmental conservation, water, education and global health. But market-based solutions offer new hope through a fresh approach. How can we complement traditional and limited grant-based funding with capital market mechanisms on a greater scale? How can impact investors evaluate these emerging financial products and processes, and measure results in the field? What lessons can be learned from recently launched experiments? This private dinner session will feature a lively discussion with pioneers and thought leaders in this sector, including representatives from public and private foundations, institutional investors, philanthropists and researchers. This is a unique opportunity to explore the issues surrounding social finance and impact investing with the people who can turn ideas into action.
Speakers
Sir Ronald Cohen, Chairman, Bridges Ventures and The Portland Trust; Director, Social Finance
Snehal Patel, Senior Vice President, Richard Chandler Corp.
Bobby Turner, Managing Partner, Canyon Partners LLC
9:30 pm - 10:30 pm
Interviewer
Michael Milken, Chairman, Milken Institute
Speakers
David Foster, Producer and Songwriter
Lionel Richie, CEO, Lionel Richie Productions; Founder, The Lionel Richie Foundation; Entertainer, Composer, Producer and Humanitarian
Tuesday, May 3, 2011
6:00 am - 8:00 pm
6:00 am - 8:30 am
6:30 am - 7:45 am
The traditional defined-benefit methodologies for asset allocation, portfolio construction and risk management have been evolving to mitigate drawdown risk, but the gap between assets and liabilities remains. There's a critical need for a nimble, holistic framework that can manage market volatility and fluctuating liabilities while offering plan sponsors and investors greater flexibility. This discussion will delve into the concepts and implementation of dynamic risk investing, an asset allocation and risk architecture that seeks to address some of the challenges of traditional investment modeling. We will explore how this approach can provide decision-makers with a comprehensive, multi-period configuration for expressing investor preferences and identifying desirable contribution policy.
Speakers
Kenneth Yip, Founder and CEO, Investor Science Group
Sanjay Yodh, Managing Director, Alternative Strategies, Security Global Investors
6:30 am - 7:45 am
Wall Street financier David Bonderman, founding partner of TPG Capital, is a legend in the world of private equity, having earned a reputation as a trailblazer drawn to complex deals. Today there's a flurry of activity across the entire PE industry. How will the capital still sitting on the sidelines be deployed in the coming year? In this interactive private breakfast with the Milken Institute Associates, Bonderman will offer his take on the outlook for fundraising, what's ahead in the pipeline, the best areas for growth and the impact of financial regulation.

If you are not currently a Milken Institute Associate and would like to learn how to join, contact associates@milkeninstitute.org.

Speaker
David Bonderman, Founding Partner, TPG Capital
6:30 am - 7:45 am
Speaker
William Bennett, Former U.S. Secretary of Education; Senior Advisor, Houghton Mifflin Harcourt
6:30 am - 7:45 am
An inherent value exists in transferrable life insurance policies, also referred to as life settlements. Financial markets are beginning to realize their potential as an alternative to fixed income or other traditional investment products. The life settlement industry has matured beyond its early stages, with an estimated $30 billion+ outstanding. Current dislocations, caused by the combination of the credit crisis and shifts in life expectancy estimates, have created an opportunity to earn attractive and stable risk-adjusted returns over the long term and potentially higher returns in the short term. Is now the time to invest? Who are the appropriate investors for this asset class? Are the regulations and legal precedents in place to allow this market to mature? What are the key risks and benefits to consider? This private session will explore these questions and more with a panel of experts offering investor, legal and regulatory perspectives.
Moderator
Marc Utay, Managing Partner, Clarion Capital Partners LLC
Speakers
William Ketterer, Partner, Viewport Partners
Jeff Sipos, Executive Vice President, KBC Financial Products
Boris Ziser, Partner, Stroock & Stroock & Lavan LLP
6:30 am - 7:45 am
Historically, the Canadian debt market focused on investment-grade offerings and traditional loans. Local companies desiring the advantages of high-yield bonds were required to turn to the U.S. for financing, exposing themselves to currency risk and the critique of a distant audience. But beginning in mid-2009, Canadian companies have had access to a nascent but expanding Canadian-dollar high-yield market. This development has been applauded by Canadian investors and attracting increasing interest from U.S. buyers. Will this market grow? Will it address fixed-income requirements historically met by income trusts? Will it become attractive to U.S. investors? Will it contribute to Canadian industry and employment? Will it increase equity values? Will it seed other markets? This panel will address these questions.
Moderator
James Moglia, Executive Managing Director, Head of Leveraged Finance and Debt Capital Markets, BMO Capital Markets
Speakers
Hanif Mamdani, Head of Alternative Investments, RBC Global Asset Management
Geof Marshall, Vice President, Portfolio Management, CI Investments
Sue Riddell Rose, President and CEO, Perpetual Energy Inc.
6:30 am - 7:45 am
Are we realizing our full potential? Drawing on wisdom gleaned from his own transformative journey and studies with some of the world's most insightful spiritual teachers, Radhanath Swami will guide participants through simple yet profound exercises. Start the day with a powerful and experiential reminder that a centered inner life is key to making more thoughtful, sustainable decisions - today and every day.
Speaker
Radhanath Swami, Author, "The Journey Home: Autobiography of an American Swami"
8:00 am - 9:15 am
Indicators suggest that the U.S. economy is gaining momentum. In fact, it may be achieving escape velocity, the crucial point at which the recovery becomes self-sustaining. Consumers, businesses and financiers all appear more confident - they're purchasing goods and services, investing in plants and equipment, and providing financing to fuel the real side of the economy. However, many short-term risks remain: rising oil prices, weak job growth, a double dip in housing markets (with more homeowners underwater), state and local cutbacks, Europe's sovereign debt crisis, and constrained access to credit for small businesses. How quickly should the Fed exit its extraordinary programs? Is the Fed already behind on the inflation curve? How aggressively should we attack the federal deficit this year vs. the medium term? Do we have the will to address entitlement spending? Did financial reform legislation go too far? What might be the unintended consequences?
Moderator
Maria Bartiromo, Anchor, CNBC
Speakers
Ross DeVol, Executive Director, Economic Research, Milken Institute
Andy Stern, Senior Fellow, Georgetown Public Policy Institute; former President, SEIU
Ronald Temple, Managing Director, Portfolio Manager, Lazard Asset Management LLC
Thomas Wilson, Chairman, President and CEO, Allstate; Deputy Chairman, Federal Reserve Bank of Chicago
8:00 am - 9:15 am
Alternatives finished strong in 2010, in terms of both performance and asset flow. What lies ahead for the rest of 2011? What kind of inflows will this asset class attract going forward? Are investors prepared for new regulations to take effect? Will compliance costs prove to be prohibitive? Which exchanges will capture most of the swaps market? Will we see changes in fee structures? Is more industry consolidation in the cards? What are the current levels of leverage and risk appetite? Which sectors and strategies will generate the best returns? A panel of industry veterans will share insights and predictions.
Moderator
Alan Schwartz, Executive Chairman, Guggenheim
Speakers
Andreas Halvorsen, CEO and Co-Founder, Viking Global Investors LP
J. Tomilson Hill, Vice Chairman, Blackstone Group; President and CEO, Blackstone Alternative Asset Management
Rob McCord, Treasurer, State of Pennsylvania
Marc Rowan, Co-Founder and Senior Managing Director, Apollo Global Management LLC
Barry Volpert, Managing Partner and Co-Founder, Crestview Partners
8:00 am - 9:15 am
The price of wheat has surged to its highest level since the summer of 2008. And that's not all: Prices for rice, corn, soybeans, sugar and coffee are also soaring, creating a tremendous burden on the poorest households worldwide. Protests and riots have already broken out in Algeria, Jordan, Egypt and India. Here in the U.S., consumer prices are only ticking up, and companies are struggling to adjust to higher raw material costs. Whether the price hikes are due to a catastrophic string of floods and droughts that damaged harvests or to rising energy costs and speculation, one thing is clear: Their impact on food insecurity around the world is significant. How can communities overcome the burden of price increases? Will world governments respond by hoarding food stocks and banning exports, exacerbating shortages? What role can agricultural firms and commodities markets play? As individuals and families face hunger in the midst of the economic downturn, how can corporations and philanthropies bridge the gap to meet their immediate needs as well as addressing longer-term solutions? How can we smooth the flow of funding and aid in light of the price spikes? This panel will take a look at the ongoing solutions needed to feed the world.
Moderator
Carole Brookins, Managing Director, Public Capital Advisors
Speakers
Bob Baur, Chief Global Economist, Principal Global Investors
Allan Jury, Director, U.S. Relations Office, United Nations World Food Programme
Kerry Sullivan, President, Bank of America Charitable Foundation
Curt Vossen, President, Richardson International Limited
8:00 am - 9:15 am
Capital has been flowing toward Asia for several years, as dynamic economies and markets are expected to outperform their counterparts in the developed world. Where's the smart money going? Are bubbles forming in individual markets? Should investors consider bonds in nations where infrastructure spending is fueling growth, such as Indonesia? What are the new patterns of innovation and investment flow? Will protectionism and inflation slow growth? How will the disaster in Japan resonate throughout the broader region? What are the rivalries, opportunities and geopolitical changes sweeping through these nations that might affect the investment environment?
Moderator
Cecilia Zecha, Programming Director, Forbes Asia
Speakers
Yoshito Hori, President and Dean, Globis University; Managing Partner, Globis Capital Partners
James McWalters, General Manager, DBS Bank
Nam Sin Ng, Assistant Managing Director, Development, Monetary Authority of Singapore
Vachara Phanchet, Thailand Trade Representative, Office of the Prime Minister
Chin Hwee Tan, Head of Capital Markets Asia, Apollo Management
9:00 am - 10:45 am
This session will focus on the intersection of women and finance. Financial planning has too often taken a one-size-fits-all approach, and women in particular have not received the tools and education they need to make informed investment and savings decisions. With longer life expectancies, women need their retirement savings to last longer, so different strategies are clearly in order. The growing trend toward single motherhood and the high divorce rate have both underline the need for women to take greater charge of issues like educational savings and estate planning. How can the industry better customize its services to meet women's needs? How can we empower women of all socioeconomic levels to become more financially literate and control their own financial futures?
Moderator
Lorraine Spurge, Senior Managing Director, Guggenheim
Speakers
Alice Domar, Executive Director, Domar Center for Mind/Body Health
Patricia Duff, Founder and Chair, The Common Good
Gina Hubbell, Managing Director, Guggenheim
Joan Lamm-Tennant, Chief Economist and Risk Strategist, Guy Carpenter & Co. LLC
9:30 am - 10:45 am
It's a world full of heightened risk, market and regulatory pressures. How will Wall Street respond? Financial firms are trying to absorb the implications of new oversight and capital requirements at home, while managing increasingly complex investment risks abroad, from Europe's debt crisis to instability in the Middle East. Has Wall Street finally gotten a better handle on risk management? How will things play out as regulators fill in the many blanks left by Dodd-Frank? And how are firms evolving and changing their strategies to meet the current challenges? This panel will forecast what's in store for the industry and identify the trends that will drive investment decisions in the months ahead.
Moderator
Antonio Quintella, Regional CEO Americas, Credit Suisse
Speakers
Chris Brummer, Senior Fellow, Milken Institute; Professor of Law, Georgetown University Law Center
Andy Dillon, Treasurer, State of Michigan
Joshua Friedman, Co-Founder, Co-Chairman and Co-CEO, Canyon Partners LLC
Duncan Niederauer, CEO, NYSE Euronext
9:30 am - 10:45 am
Put down the iPad and pay attention: Technology may be rewiring your brain. Scientists say our ability to focus is being undermined by Twitter feeds, smartphones and other digital distractions. Many experts believe excessive use of technology can make users more impatient, impulsive, forgetful and even narcissistic. It may reduce the ability to process information and think deeply and creatively. Distracted drivers have become a menace on the roads. Even worse, tech-obsessed parents spend less quality time with their children, causing not only hurt feelings but potentially stunting a child's vocabulary and development. At the same time, studies show Internet users are more efficient at finding information, and gamers develop better visual acuity. Is the technology that was intended to make us more productive actually dumbing us down? Is its use in the classroom counterproductive? How does it change our culture and society in general?
Moderator
Dennis Kneale, Senior Correspondent, Fox Business Network
Speakers
Nicholas Carr, Author, "The Shallows: What the Internet Is Doing to Our Brains"
Cathy Davidson, Ruth F. DeVarney Professor of English and John Hope Franklin Humanities Institute Professor of Interdisciplinary Studies, Duke University
Clifford Nass, Thomas M. Storke Professor, Stanford University
Sherry Turkle, Abby Rockefeller Mauze Professor of the Social Studies of Science and Technology, MIT
9:30 am - 10:45 am
In 2010, 48 U.S. states faced shortfalls - a record gap of $192 billion, or 29 percent of total state budgets. The recession slashed operating revenues just as it increased demand for expenditures, and the lack of increasing investment income exposed the impossibility of governments meeting their pension and health-care obligations. It's clear that achieving long-term solvency for states and municipalities will require painful paradigm shifts. This session will address some of the most pressing issues, including the ripple effects of austerity measures and the rise in unfunded liabilities. Most important, it will focus on solutions, from regulatory and policy initiatives to shared sacrifice and a more up-to-date model for generating revenue.
Moderator
Kenneth Gibbs, President, Municipal Securities Group, Jefferies & Co. Inc.
Speakers
John Chiang, California State Controller
Dennak Murphy, Director, Capital Stewardship Program, Service Employees International Union (SEIU)
Robin Prunty, Managing Director, Public Finance Ratings Group, Standard & Poor's
James Spiotto, Partner, Chapman and Cutler LLP
9:30 am - 10:45 am
In the last several years, we've seen some extraordinarily innovative nonprofits make an enormous impact in the global community. With a laser focus and growth that's powered by social media, these agents of change were, by and large, formed by a single person or a small team responding to a specific need with a global solution. These digital leaders are entrepreneurial in style, they inspire others to join their cause and they approach their mission with passion and leadership. Pioneers in the new age of philanthropy, they are the next generation that will shape the global conversation, impact millions of lives and change history.
Moderator
Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute
Speakers
Jim Berk, CEO, Participant Media
Adam Garone, Co-Founder and CEO, Movember
Scott Harrison, Founder, charity: water
Dolores Huerta, President, Dolores Huerta Foundation; Co-Founder, United Farm Workers
9:30 am - 10:45 am
The nation's retirement security safety net is increasingly tattered: The Great Recession wiped out trillions of dollars of household net worth. IRA and 401(k) balances were severely eroded, and home values have yet to recover. Private-sector defined-benefit plans are going the way of the dodo bird, while public-sector pension plans are underfunded by as much as $3 trillion. Without changes, Social Security will only be able to pay 75 percent of its promised benefits beginning in 2037. And meantime, health-care costs continue to skyrocket. Simply put, governments and individuals haven't saved enough to meet future needs and obligations. Can governments afford an aging population? Can individuals afford to retire? Is the ability to enjoy the "golden years" of retirement an increasingly unattainable dream? This panel will examine what governments, companies and households can do to strengthen the safety net.
Moderator
Bradley Belt, Senior Managing Director, Milken Institute
Speakers
Charles Blahous, Research Fellow, Hoover Institution
David Blitzstein, Special Assistant for Multiemployer Plans, Collective Bargaining Department, UFCW
Zvi Bodie, Norman and Adele Barron Professor of Management, Boston University
Robert Grady, Chairman, New Jersey State Investment Council
9:30 am - 10:45 am
Manufacturers need raw materials from their suppliers, and in turn they need to count on getting finished goods to the end customer. But today's intricate supply chains may stretch around the globe, necessitating multiple means of transport and customs clearances. Online retailers stake their reputations on delivering purchases to customers anywhere in the world smoothly and quickly. Smart logistics systems are more vital to the bottom line than ever before - but the movement of goods isn't just a matter for individual firms. The entire global economy depends on the ease of international trade. Providing the basic infrastructure to streamline commerce - from rail lines to container ports - is crucial to any region's growth potential. The most modern and efficient airport hubs, especially, are attracting clusters of firms and vendors. This panel will explore factors such as new technologies, rising fuel prices, expanded shipping routes and free trade deals.
Moderator
Kevin Klowden, Managing Economist and Director, California Center, Milken Institute
Speakers
Mo Klein, President and CEO, The Price Pros
Kurt Kuehn, CFO, UPS
Matt Ryan, President, Americas, CEVA Logistics
Rodney Slater, Partner, Patton Boggs LLP; former U.S. Secretary of Transportation
9:30 am - 10:45 am
With oil prices spiking and concern over climate change growing, biofuels hold tremendous appeal. But they must overcome considerable hurdles. Further process and technology refinements are needed to ensure that biofuels make a significant dent in carbon emissions while avoiding other negative environmental impacts. Beyond the extensive R&D effort required, it will also be necessary to build a network of cutting-edge processing plants and to open up distribution and retail channels. Taking this idea to scale will call for a vast infusion of capital. This panel will discuss the latest scientific and commercialization efforts, including the exciting potential of fuels like algae-based biodiesel. How close is this fledgling industry to reaching maturity? What do policymakers and investors need to know?
Moderator
James McDermott, Managing Partner, US Renewables Group
Speakers
Alan Boyce, Director, Adecoagro
Richard Hamilton, President and CEO, Ceres Inc.
Dallas Tonsager, Under Secretary, Rural Development, U.S. Department of Agriculture
9:30 am - 10:45 am
It's a distant memory now, but after World War II, North America boasted over half the world's manufacturing capacity. This industry long represented the ticket for U.S. workers to gain a foothold in the middle class. But millions of American manufacturing jobs have been lost as other nations build up their capacity and offer companies lower cost structures. As it fights to maintain and reshape what is left, what can North America learn from Germany and Japan? Are there high-end sectors worth keeping and low-end sectors worth letting go? How has Canada continued to attract and retain manufacturing jobs?
Moderator
Daniel Casse, President, G100; Managing Partner, High Lantern Group
Speakers
Linda Hasenfratz, CEO, Linamar Corp.
Brian Krzanich, Senior Vice President, General Manager, Manufacturing and Supply Chain, Intel Corp.
Jayson Myers, President and CEO, Canadian Manufacturers & Exporters
Carol Williams, President, Chemicals and Energy Division, and Group Senior Vice President, Dow Chemical
9:30 am - 10:45 am
The doctor-patient relationship is changing. Today many patients are acting as their own best advocates - and now they have new tools at their disposal. Doctors may have to rush through appointments, but patients can maximize the efficiency of their interactions by arriving well-informed. Vast libraries of online information help patients bring themselves up to speed quickly and ask more targeted questions. Interactive support groups offer information and encouragement, while electronic medical records make histories more portable when patients seek out second opinions. Creative new apps help users stay focused on healthy living and maintenance of chronic conditions, while drop-in clinics in retail settings make simple preventive care more accessible. Is patient empowerment the wave of the future?
Moderator
Jim Glasheen, General Partner, Technology Partners
Speakers
Heyward Donigan, President and CEO, ValueOptions Inc.
Paul Kusserow, Senior Vice President, Chief Strategy and Corporate Development Officer, Humana
Richard Merkin, CEO and Founder, Heritage Provider Network; Board Member, FasterCures
9:30 am - 10:45 am
One of the most stable democracies and economies in Europe today, Poland is due to assume the EU's rotating presidency in mid-2011, while former Prime Minister Jerzy Buzek is the current speaker of the European Parliament. Against this diplomatic backdrop, Poland's advocacy of Israel and the Jewish people has fostered a remarkable, full-fledged cultural renaissance. As testament, the stunning Museum of the History of Polish Jews is being erected opposite the memorial to the Warsaw Ghetto Uprising. In this session, leaders will discuss the economic, political and cultural outlook for a country that has garnered global respect for its success in building a market economy, a more open society and strong alliances with both Israel and the U.S.
Moderator
Shana Penn, Executive Director, Taube Foundation for Jewish Life & Culture
Speakers
Arnold Eisen, Chancellor, The Jewish Theological Seminary
Aleksander Kwaśniewski, Former President, Republic of Poland
Irene Pletka, Founder and Chairman, Kronhill Pletka Foundation
Tad Taube, President, Koret Foundation
9:30 am - 10:45 am
Over the past decade, efforts have been made to engage local communities around the world in appropriately valuing their cultural and environmental assets to increase the potential for development and growth. From the ever-expanding ecotourism market to the emergence of cultural heritage-themed artisans and vendors at archaeological sites, the market can support local populations, conserve the environment, promote cultural appreciation and provide a rewarding experience for travelers. According to a study by the Global Heritage Fund, cultural heritage sites in the developing world could generate up to $100 billion a year by 2025. Ecotourism now generates over $30 billion in revenues. What are the most effective models to ensure that all stakeholders truly benefit? How can the market be structured to provide both a double-bottom line return both financially and socially? Panelists will discuss current initiatives to utilize cultural and environmental assets to generate economic growth in local communities while providing a more meaningful experience for tourists.
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Larry Coben, Executive Director, Sustainable Preservation Initiative
Uri Dromi, Director General, Mishkenot Sha'ananim
Crawford Hill, CEO, Chill Expeditions
Brent Lane, Director, Center for Competitive Economies, Kenan-Flagler Business School, University of North Carolina
11:00 am - 12:00 pm
Institute chairman Michael Milken moderates our annual look at the state of credit markets, assembling a panel of seasoned investors. Many companies, capitalizing on growing dissatisfaction with low-yielding government debt, are seizing the opportunity to take on debt while it's cheap, leading to robust activity in the corporate bond market. Is too much risk creeping back into holdings? Or will tumultuous events and high oil prices drive a flight to safety? How long will the Fed maintain ultra-low rates? What has been the effect of QE2, and what will be the reaction when the Fed eventually moves to the exits? Will dire predictions about defaults in the muni market come to pass - or conversely, have they actually created some incredible bargains? Will European bondholders be forced to take haircuts in the coming year? Will emerging market corporate bonds assume a greater place in portfolios?
Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Joshua Friedman, Co-Founder, Co-Chairman and Co-CEO, Canyon Partners LLC
Carey Lathrop, Head of Global Credit Markets, Citigroup
Steven Tananbaum, Managing Partner and Chief Investment Officer, GoldenTree Asset Management
David Warren, CEO and Manager, Brevan Howard Credit Catalysts Master Fund
11:00 am - 12:15 pm
As you read this, you might be logged into Facebook, watching a YouTube video that was Tweeted by a friend. Soon you'll be able to rent and stream movies on the social networking site. The 800-pound gorillas Facebook and Twitter have market valuations of $70 billion and $7 billion, respectively, while two-and-a-half-year-old Groupon has taken social commerce to new places with $760 million in revenue in 2010. Social media's reach has grown so powerful that Facebook and Twitter have been credited with aiding game-changing protests in the Middle East. But are any of these sites really profitable? Are their businesses sustainable? Most Internet revenue models are based on subscriptions or advertising, but the power of the purse for social media lies with access to their large base of users. Can these sites get beyond privacy concerns so they can better monetize their customer base? What are the business models of the future?
Moderator
Andrew Miller, Entrepreneur and Founder, ATM Holdings Inc.
Speakers
Bonin Bough, Global Head of Digital, PepsiCo
Bill Gross, CEO, Idealab
Neil Kataria, Chairman and CEO, newBrandAnalytics
Mike Zapolin, Author, "Internet Warrior"
11:00 am - 12:15 pm
Nothing, it seems, will keep travelers grounded for long. After a wild couple of years - complete with a recession, strikes, security incidents, a pandemic and even a volcano - the global travel and tourism sector has bounced back and then some. Worldwide, there were 935 million international tourist arrivals in 2010, up 58 million from 2009. But the United States is drawing slightly fewer overseas arrivals today than it did in 2000. Now that travelers are willing to seek out more far-flung destinations, how can the U.S. do a better job of attracting and welcoming international visitors - and competing for their business? Is it time to streamline airport security? What's the impact of taxing visitors in order to balance local budgets? Globally, can the industry absorb higher oil prices and airfares? What are the hot destinations, and where are visitors willing to spend? Many hotel developers were hard-hit by the slump in commercial real estate - are they finally turning a corner? This panel of industry veterans will discuss the state of the travel business.
Moderator
Jared Carney, Executive Director, Program Development and Marketing, Milken Institute
Speakers
Stephen J. Cloobeck, Chairman and CEO, Diamond Resorts International
Roger Dow, President and CEO, U.S. Travel Association
Gary Loveman, Chairman, President and CEO, Caesars Entertainment Corp.
Nicolas Shea, Senior Advisor of Innovation & Entrepreneurship, Chilean Ministry of Economy
John Wagner, Executive Director, Admissibility and Passenger Programs, Office of Field Operations, U.S. Customs and Border Protection
11:00 am - 12:15 pm
The global health community has pulled off a series of miracles: We are on the brink of eradicating polio; maternal deaths have dropped significantly for the first time in decades; and AIDS patients around the world are receiving life-saving treatment. Millions of mothers and children are alive today because of investments in global health. But progress is fragile, and we've yet to erase the major disparities between rich and poor countries. Vaccines and other proven, effective solutions exist, but are not always deployed to save children in developing nations. Aid from the U.S. and other developed countries has been crucial to making strides forward - but how can we ensure that critical health interventions reach those who need them most when governments around the world face tough decisions about how to reduce spending? From bed nets that ward off malaria to targeted vaccine campaigns, what are the initiatives that would produce the greatest results? How can we expand the private sector's engagement?
Moderator
Frank Sesno, Director, School of Media and Public Affairs, The George Washington University; Creator and Host, "Planet Forward"
Speakers
Amina Salum Ali, African Union Ambassador to the United States
Ezekiel Emanuel, Chair, Clinical Center Department of Bioethics, National Institutes of Health
Regina Rabinovich, Director, Infectious Diseases, Bill & Melinda Gates Foundation
Robert Sebbag, Vice President, Access to Medicines, Sanofi-Aventis
11:00 am - 12:15 pm
This private meeting will offer attendees a view of the current state of the science on breast cancer and the latest developments from across the research and advocacy sectors. It will offer an opportunity to discuss the research sector for breast cancer, enhancing understanding of the research and therapy development continuum - from discoveries to clinical application. It will also help begin to inform decision-making as philanthropic investments are initiated to find the cure.
Moderator
Margaret Anderson, Executive Director, FasterCures / The Center for Accelerating Medical Solutions
Speakers
Anna Barker, Consultant, Transformative Healthcare Initiatives; former Deputy Director, National Cancer Institute
Helena Chang, Director, Revlon/UCLA Breast Center
Laura Esserman, Director, Carol Franc Buck Breast Care Center, Professor of Surgery and Radiology, UCSF
Courtney Mizel, Founding Director and Chairman, Counterterrorism Education Learning Lab
Daniel Wattendorf, Lt. Colonel, USAF MC; Program Manager, Defense Advanced Research Projects Agency (DARPA), Defense Sciences Office
11:00 am - 12:15 pm
Russia has always been an oddity among the BRICs, with superior social indicators and a recent history as a modern superpower. Despite these advantages, it lagged far behind other emerging markets during the recession and recovery. But the first quarter of 2011 brought a reversal of fortunes. While money has been shifting out of markets like Brazil, ETF flows have been pouring into Russia - and investors were rewarded handsomely as turmoil in the Middle East boosted Russian energy stocks. How sustainable are these gains? President Medvedev has outlined plans to improve the investment climate and end conflicts of interest. Will a true reform agenda take hold, easing investors' fears about corruption? With Russia on the brink of gaining its long-sought admission to the WTO, can the economy diversify beyond its traditional dependence on natural resources? Is the government ramping up for heavy stimulus spending on infrastructure? This panel will offer an insider's view of Russia's prospects for sustainable growth and reform.
Moderator
Robert von Rekowsky, Portfolio Manager, Emerging Markets, Fidelity Investments
Speakers
Mikhail Abyzov, Chairman, RU-COM
Dmitry Akhanov, President, Rusnano USA
Alexander Kovaler, Chairman and CEO, Wendy's/Arby's Russia
Ruben Vardanian, Chairman and CEO, Troika Dialog
11:00 am - 12:15 pm
As Asia's population climbs and a vast new middle class increases its consumption, demand for hydrocarbons is soaring. Nuclear power was long considered fundamental to Asia's growth, but Japan's disaster will put pressure on governments to diversify away from it. Oil will remain part of the energy mix for years to come, but environmental realities mean that natural gas will eventually account for a greater slice of the pie. Sitting in the continent's backyard are huge gas reserves with the potential to catapult Australia ahead of Qatar as the world's biggest supplier of LNG. With the Asian market in mind, international energy companies are spending billions developing natural-gas terminals on the Australian coastline. Is gas the Asian fuel of the future? Are Asian countries nimble enough to retool their energy strategies so that economic growth can continue unabated?
Moderator
Tim Shanahan, Director, Energy and Minerals Institute, University of Western Australia
Speakers
Jay Pryor, Vice President, Corporate Business Development, Chevron Corp.
J. Robinson West, Chairman and CEO, PFC Energy
11:00 am - 12:15 pm
The Japanese economy was once considered a model for Asia and a marvel by any standard. But after the collapse of its real estate and stock market bubbles in the early 1990s and the agonizing process of financial deleveraging that followed, the economy's fundamental weaknesses became more apparent. Japan's inefficient capital markets, overdependence on exports, rapidly aging labor force and massive public debt had already led many to conclude that the economy's best days are over. Then the earthquake, tsunami and nuclear crisis struck in a devastating cascade of events, creating what the prime minister called the nation's worst crisis since World War II. The resulting economic and logistical challenges are monumental. But the pessimists ignore Japan's strengths: its disciplined labor force, social cohesion, high savings rate and sophisticated technological infrastructure. Can the nation rally these resources to tackle the formidable task of rebuilding?
Moderator
Mark Cutis, Chief Investment Officer, Special Situations, Abu Dhabi Investment Council
Speakers
Robert Dekle, Professor of Economics, University of Southern California
Teisuke Kitayama, Chairman, Sumitomo Mitsui Financial Group Inc.
Allen Miner, Founder, Chairman and CEO, SunBridge Corp.
Koji Omi, Founder and Chairman, STS forum; former Minister of Finance, Japan
Kotaro Tamura, Former Senator and Parliamentary Secretary for Economic and Fiscal Policy, Japan; Senior Fellow, Yale University; and Research Associate, Harvard University
11:00 am - 12:15 pm
Much of the capital pouring into emerging markets comes via index funds and ETFs. But many investors are going beyond those broad strokes to identify individual firms and more specific market opportunities. How well are they able to size up credit risk? In addition to growth in equity markets, what are the opportunities in these nations' bond markets? Is it safe to plunge in despite looming fears that emerging economies may be growing too fast and that inflation pressures are building? Which markets offer the greatest combination of stability, market infrastructure and growth potential?
Moderator
Paul Murphy, Editor-in-Chief, FT Tilt; Associate Editor, Financial Times
Speakers
John Coombe, Head of Consulting, Sydney, and Executive Director, JANA Investment Advisers
Matthew Crakes, Managing Partner, Greenheart Capital Partners
John Morton, Vice President, Office of Investment Policy, Overseas Private Investment Corp.
Marc Pagano, Managing Director, Citigroup
11:00 am - 11:30 am
Speaker
Nicholas Carr, Author, "The Shallows: What the Internet Is Doing to Our Brains"
11:00 am - 12:15 pm
The financial community is still digesting all the ramifications of the Dodd-Frank reform bill. This private session aims to bring into focus those changes affecting the world of alternative investments. Does Dodd-Frank provide meaningful protection for investors? What are the most important red flags to consider? How can the investor identify and be assured of truly effective compliance and internal control? And how much comfort can we take from the "new" SEC?
Moderator
Bradley Belt, Senior Managing Director, Milken Institute
Speakers
Joseph Grundfest, W.A. Franke Professor of Law and Business, Senior Faculty, Rock Center for Corporate Governance, Stanford University; and Former Commissioner, U.S. Securities and Exchange Commission
Simon Lorne, Vice Chairman and Chief Legal Officer, Millennium Partners LP; former General Counsel, U.S. Securities and Exchange Commission
11:30 am - 12:00 pm
Speaker
Clifford Nass, Thomas M. Storke Professor, Stanford University
12:15 pm - 2:00 pm
Lately it seems that a whole flock of black swans has descended at once. The Middle East has been transformed practically overnight by revolutionary forces calling for change. And yet these forces were not driven by religious fundamentalists, but by ordinary citizens demanding social justice. Will their movement be hijacked in the months ahead? The world had barely begun to digest these events when news broke of the devastating Japanese earthquake, tsunami and nuclear crisis. What will be the ripple effects of such a monumental tragedy? Has the world become so complex and fast-moving that reliable forecasts are no longer possible? Where else might trouble be brewing? This panel will examine the extraordinary shifts taking place and attempt to discern whether there are even bigger surprises on the horizon.
Moderator
Brian Sullivan, Reporter, CNBC
Speakers
Wesley Clark, Army General (ret.) and former Supreme Allied Commander, NATO; Senior Fellow, UCLA Burkle Center for International Relations
Sir Richard Dearlove, Master of Pembroke College, Cambridge; former Chief, British Secret Intelligence Service (MI6)
Roger Kubarych, National Intelligence Officer for Economic Issues, National Intelligence Council
Jami Miscik, President and Vice Chairman, Kissinger Associates Inc.; former Deputy Director for Intelligence, CIA
2:30 pm - 3:45 pm
When major funds make a move, the markets sit up and take notice. This panel offers the chance to hear directly from some of the world's most influential investors about their outlook going forward. Are they feeling upbeat or cautious? Which regions of the world are capturing their focus - and which ones are they avoiding? What are their current asset allocation strategies? How are they hedging against risk? How are fiscal and inflationary challenges affecting their investment decisions?
Moderator
Alexander Friedman, Chief Investment Officer, UBS Wealth Management
Speakers
Janet Cowell, Treasurer, State of North Carolina
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)
Andy Dillon, Treasurer, State of Michigan
Hazel McNeilage, Head of Funds Management, Queensland Investment Corp.
2:30 pm - 3:45 pm
In the Bretton Woods system (post-1946), the dollar was the benchmark to which other world currencies linked. The global monetary system was adrift when the dollar's link with gold was cut in August 1971, but the greenback still had no serious competitor until the euro arrived in 1999. The European debt crisis has created doubts about the euro's viability in its present form, and the Fed's QE programs have hastened the search for an alternative to the dollar. Since there is no other easy choice, will the Brazils and Chinas of the world resort, instead, to steps that would lead to a trade or currency war? If the dollar has to lose its global reserve currency status, can the process occur in a benign fashion with minimal disturbance to the global trading system?
Moderator
Steve Drobny, Partner, Drobny Global Advisors
Speakers
Clive Banks, Global Head, Foreign Exchange and Local Market Sales, BNP Paribas
Jim McCaughan, CEO, Principal Global Investors
Russell Napier, Consultant, CLSA Asia Pacific Markets
Michael Pettis, Associate Professor of Finance, Guanghua School of Management
2:30 pm - 3:45 pm
Has a nation of spendthrifts become a nation of tightwads? Well, not exactly, but the U.S. consumer is feeling pretty tapped out. Do higher savings rates signal a lasting shift in priorities? Now that cautious consumers seem intent on finding steep discounts, retailers have to take a new approach to managing their margins. Are high-end brands immune to these pressures? Which products, services and technologies are enticing shoppers to open their wallets? And if the U.S. consumer is no longer going to be the engine that drives the global economy, what strategies are retailers pursuing to penetrate international markets? Which brands have already seized international market share, and which ones are well-positioned for growth?
Moderator
Jim D'Aquila, Managing Director, Investment Banking, Consumer Products Group, Imperial Capital
Speakers
John Cohlan, CEO, Margaritaville Holdings
Brian Cornell, President and CEO, Sam's Club
Dottie Mattison, Senior Managing Director, Guggenheim
Jonathan Sokoloff, Managing Partner, Leonard Green & Partners LP
2:30 pm - 3:45 pm
The quality of the teacher is the most influential school-related factor when it comes to establishing excellence in education. But in the United States, only 23 percent of teachers finished among the top one-third of their college graduating class, and only 14 percent of top graduates teach in high-poverty schools. Once a teacher is hired, issues arise such as further developing that teacher's skills, evaluating performance, providing competitive compensation, and establishing incentives that encourage effective teachers to remain in the profession. How can the profession be restructured to attract and retain larger numbers of highly educated, skilled teachers? What initiatives, both public and private, are succeeding in keeping the most talented teachers in the profession? Is the current political debate in several states over public employee unions helpful or detrimental to improving the teaching profession?
Moderator
Richard Lee Colvin, Executive Director, Education Sector
Speakers
Yvonne Chan, Member, California State Board of Education; Principal, Vaughn Next Century Learning Center
Adrian Fenty, Former Mayor, Washington, D.C.
Lowell Milken, Co-Founder, Knowledge Universe Education; Founder, TAP: The System for Teacher and Student Advancement
Roberto Rodriguez, Special Assistant to President Obama for Education
2:30 pm - 3:45 pm
The $2.9 trillion muni bond market has long been considered a safe haven for steady-as-she-goes fixed-income investors, but today it's clouded by a real sense of uncertainty. It's no secret that cities, counties and states across the U.S. are deep in the red. Some observers have made headlines by predicting a massive wave of municipal defaults; others say that yes, a handful of defaults may be inevitable, but they will be limited in scope and impact. Mom-and-pop investors have been spooked, but are the pessimists' fears overblown? Is the market stabilizing? Has this flurry of alarmist talk actually created some remarkable bargains? Is the Fed about to make a move that would change the equation?
Moderator
Jeffrey Werbalowsky, Co-CEO, Houlihan Lokey
Speakers
Orin Kramer, General Partner, Boston Provident LP
Marc Levinson, Partner, Orrick, Herrington & Sutcliffe LLP
William Roberti, Managing Director, Municipal Restructuring, Alvarez & Marsal
Mark Ryan, Managing Director, Municipal Securities Division, Citigroup
2:30 pm - 3:45 pm
During the Latin American crisis of the 1980s and the Asian crisis in 1997, the IMF channeled assistance to developing nations in exchange for austere economic policies to set right the balance of payments. The World Bank has provided long-term development assistance to poorer countries, sometimes at deeply discounted interest rates. With many of these countries now able to access private credit markets, and even provide financing to developed nations, how should these international institutions change to fit the new circumstances? And how should the members themselves change? Does it make sense, for example, for the U.S. to retain its veto power in the IMF? The IMF famously told Indonesia to raise interest rates in 1997; will it be allowed to dictate terms to Portugal and Spain without EU interference?
Moderator
Chris Brummer, Senior Fellow, Milken Institute; Professor of Law, Georgetown University Law Center
Speakers
Kevin Lynch, Vice Chair, BMO Financial Group
Rich Lyons, Dean, Haas School of Business, University of California, Berkeley
Komal Sri-Kumar, Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.
John Taylor, Mary and Robert Raymond Professor of Economics, Stanford University; George P. Schultz Senior Fellow in Economics, Hoover Institution
2:30 pm - 3:45 pm
As the science behind genomics matures and the promise of therapies targeted to individual patients nears, the realities of developing, approving and ultimately paying for drugs geared to targeted populations requires a new paradigm of clinical research and care. What kind of model will work as we move forward to transition drugs through the regulatory and reimbursement environment?
Moderator
Greg Simon, Senior Vice President, Patient Engagement, Pfizer Inc.
Speakers
Paul Billings, Chief Medical Officer, Life Technologies
Laura Esserman, Director, Carol Franc Buck Breast Care Center, Professor of Surgery and Radiology, UCSF
Ricardo Guggenheim, Vice President, Care Management Strategy, McKesson Health Solutions
Scott Jenkins, Area Vice President, Healthcare and Life Sciences Solution Sales, Dell
2:30 pm - 3:45 pm
Not long ago, there was talk of a "nuclear renaissance." Even committed environmentalists were willing to consider nuclear as an alternative to coal. But in the wake of Japan's disaster, governments around the world are suddenly freezing or reviewing their plans. Public fears are running high, and Europe stands divided on the issue. After the Fukushima Daiichi incident, panicked Chinese citizens raced to buy iodized salt and went online to oppose the government's plans to build dozens of plants. But Turkey and Indonesia - both located in seismically active regions - are forging ahead. Do emerging nations have the experienced engineers and regulatory regimes in place to safely expand their nuclear capacities? Here in the United States, New York's governor favors closing the Indian Point plant, while the Energy Department has reaffirmed that its loan guarantee program will continue to finance nuclear projects. Many questions remain, including how to dispose of spent fuel, whether new standards are needed and whether some existing plants should be shut down. What's the future of nuclear energy after the tragedy in Japan?
Moderator
Joel Kurtzman, Senior Fellow; Executive Director, Center for a Sustainable Energy Future, Milken Institute
Speakers
Spencer Abraham, Chairman and CEO, The Abraham Group; former U.S. Secretary of Energy
Amir Adnani, President and CEO, Uranium Energy Corp.
Christopher Paine, Director, Nuclear Program, Natural Resources Defense Council
Andrew Shapiro, Founder and President, GreenOrder
2:30 pm - 3:45 pm
Look at any successful enterprise: Human capital is the secret weapon that generates creativity, momentum, client loyalty and a dynamic corporate culture that breeds success. To build and retain a high-caliber workforce, companies need to offer innovative work-life programs that meet increasingly diverse employee needs. The best programs can reduce turnover, increase employee motivation and reduce employer costs. Leading executives will join us to describe how initiatives focusing on health and wellness, diversity, employee benefits and flexibility have been crucial to improving their competitiveness.
Moderator
Fran Durekas, Founder and Chief Development Officer, CCLC
Speakers
John Paul Macdonald, Senior Vice President, Human Resources and Public Affairs, Bombardier Inc.
Larree Renda, Executive Vice President, Safeway Inc., and President, Safeway Health, Inc.
LaTisha Starbuck, Vice President, Mission and Ethics, Saint John's Health Center
Michael Wolfe, Vice President, Human Resources, Roll Global LLC
2:30 pm - 3:45 pm
The U.S. high-yield markets represent more than $2 trillion in investable assets for institutional and retail investors worldwide. High-yield bond and leveraged loan markets have been the preferred source of financing for many of the largest, most high-profile LBOs and acquisitions over the past decade. But they've also served as sources of income and total return for pension fund beneficiaries, endowments and foundations, insurance companies, family offices and mutual funds. One of the best-performing asset classes since the financial crisis, high yield remains an attractive investment option for institutional investors and a unique source of financing for corporate borrowers. Mark Shenkman, CEO of Shenkman Capital and a pioneer in high yield, weighs in on the opportunities and challenges for leveraged finance over the near term.
Moderator
Mark Shenkman, President and Chief Investment Officer, Shenkman Capital Management Inc.
2:30 pm - 3:00 pm
Speaker
Sherry Turkle, Abby Rockefeller Mauze Professor of the Social Studies of Science and Technology, MIT
4:00 pm - 5:15 pm
How a company reacts in tough times can make or break the firm. Sometimes survival boils down to making nimble moves to restructure debt and strengthen the balance sheet. In other cases it's about getting lean and coaxing productivity and loyalty out of your employees. And if you can muster the resources, continuing to invest in R&D or snapping up distressed assets in a down cycle can leave you positioned to profit handsomely when the upswing finally arrives. This panel will look at the actions taken by some leading names that navigated through the recession and came out in good shape on the other side. What was their strategy? What were their key business decisions? What did investors look for in companies during the recession? What can we learn from these executives about how to prepare for the next challenge?
Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Pierre Beaudoin, President and CEO, Bombardier Inc.
Kenneth Griffin, Founder and CEO, Citadel
Dan Hesse, President and CEO, Sprint Nextel Corp.
Robert Miller, Chairman, AIG; Chairman, MidOcean Partners
4:00 pm - 5:15 pm
Everyone talks about the federal deficit, but is anyone really doing anything about it? In broad strokes, one camp would cut deeply into social services and entitlements, and the other would prefer to increase taxes for the wealthiest Americans while cutting defense spending, oil and farm subsidies, and corporate tax breaks. While the federal debt is a long-term problem, deep budget cuts in the short term could slow economic growth and increase unemployment, delaying a real recovery. With both parties clinging to their ideologies and playing to their bases with an eye on the next election, what options are really on the table? And what options should be? Can lawmakers get beyond the politics to create pragmatic solutions? How do we stimulate a real debate about what services the government should and shouldn't provide? With an eye toward the nation's future competitiveness, can we afford to invest in R&D, education and infrastructure? Can we afford not to?
Moderator
Jim McCaughan, CEO, Principal Global Investors
Speakers
Charles Blahous, Research Fellow, Hoover Institution
Donald Marron, Director, Urban-Brookings Tax Policy Center; Visiting Professor, Georgetown Public Policy Institute
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review
Andy Stern, Senior Fellow, Georgetown Public Policy Institute; former President, SEIU
4:00 pm - 5:15 pm
It's the mother lode of all potential markets: China's sheer size and its sizzling growth rate are powerful attractions for businesses of all types. But it pays to look before you leap. This year the World Bank ranked China only 79th in the world for general ease of doing business. Which strategies really work for gaining a foothold in China? Which international names are already out in front in terms of establishing a presence and capturing market share? What do you need to know about Chinese business culture, contractual agreements and bureaucracy? What are the pitfalls? How do you choose the right local partners? Why do some companies thrive in China while others fail to achieve critical mass?
Moderator
Zachary Karabell, Senior Fellow, Milken Institute; President, River Twice Research
Speakers
David Bonderman, Founding Partner, TPG Capital
Richard Gelfond, CEO, IMAX Corp.
Henry Gong, Co-Chairman, THL China Partners; Venture Partner, Infinity Equity
Perry Wong, Senior Fellow, Milken Institute; Senior Vice President and Senior Economist, Economic Strategy, City National Bank
4:00 pm - 5:15 pm
Universities are critical assets in promoting technology-based and other high-value-added economic development. Public research universities, supported in part by government funding, will play an increasingly vital role in the future. The most successful university systems feed a region's capacity for innovation and entrepreneurship, which drives economic growth and job creation. Recognizing this dynamic, state and local governments provided roughly $75 billion for higher education in 2008. But today budgets are tightening, and state legislatures are asking these institutions to justify these expenditures on an economic basis. This session will consider new methods to more accurately measure the full economic contribution of publicly supported universities to a state's GSP over the long term. We'll also discuss fresh approaches for increasing the impact of universities on the surrounding economy.
Moderator
Krisztina Holly, Vice Provost for Innovation, USC; Executive Director, USC Stevens Institute for Innovation
Speakers
Robert Birgeneau, Chancellor, University of California, Berkeley
Scott Cowen, President, Tulane University
Ross DeVol, Executive Director, Economic Research, Milken Institute
Eric Fingerhut, Former Chancellor, The University System of Ohio; Senior Advisor, Jobs for the Future
Richard Florida, Professor of Business and Creativity, Rotman School of Management; Author, "The Great Reset"
4:00 pm - 5:15 pm
Like the hero in a dime-store novel, will the iPad rescue publishing? Tablet computers as well as the Kindle and other e-readers have created a new platform for books, magazines and newspapers. The California start-up Vook may demonstrate the path forward: It packages cookbooks, workout manuals and even novels with illustrative video clips, then sells these video-text hybrids through Apple's iTunes Store. But what will readers pay for these products, and can this model sustain the big traditional publishers? Is salvation just wishful thinking on the part of a dying industry? Some say there will always be a place for print. In the news industry, print is too slow for breaking news, but does printed analysis have a place? In publishing, text-heavy books may be perfect for an e-reader, but will beautifully illustrated, tactile tomes become even more valuable? What lessons can publishers learn from the music industry's response to the digital revolution?
Moderator
Richard Sandler, Executive Vice President, Milken Family Foundation; Partner, Law Offices of Maron & Sandler
Speakers
James Crawford, Engineering Director, Google Books
Steve Ennen, President and Chief Intelligence Officer, Social Strategy1
Bethlam Forsa, Executive Vice President, Global Product and Content Development, Houghton Mifflin Harcourt
Jane Friedman, Co-Founder and CEO, Open Road Integrated Media; former President and CEO, HarperCollins Publishers Worldwide
4:00 pm - 5:15 pm
The financial services industry spends significant amounts on R&D for the tools it needs to provide analysis. Information asymmetries between entrepreneurs and investors must be overcome to accurately determine pricing, credit and risk. The need for in-depth market analysis and due diligence is more evident than ever following the recent financial crisis, when transparency was lost and a thorough risk assessment of complex financial instruments was lacking. This panel will focus on the interface between financial services and information technology.
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Alfred Eskandar, Head of U.S. Equities, Liquidnet
Stacy-Marie Ishmael, Editor, FT Tilt
Myron Scholes, Nobel Laureate, 1997; Frank E. Buck Professor of Finance, Emeritus, Stanford Graduate School of Business
Haim Shani, Director General, Ministry of Finance, State of Israel
Roger Stein, President, Moody's Research Labs
4:00 pm - 5:15 pm
After decades of painstaking and determined research, is there finally a real prospect of winning the war on cancer? What changes can we expect to see in detection and treatment? How will all the various stakeholders work together to maximize the opportunities that have evolved over years of history and experience? Melanoma is a perfect case study lens through which to examine these questions and explore the frontiers of medicine. Very recent clinical advances are providing exciting "proof of principle" for innovative approaches to save lives from this deadly cancer, and these successes provide hope for many other cancers as well.
Moderator
Wendy Selig, President and CEO, Melanoma Research Alliance
Speakers
Amy Harmon, Pulitzer Prize-winning Reporter, The New York Times
Jill Kargman, Author, "Sometimes I Feel Like a Nut"
Gregory Lucier, Chairman and CEO, Life Technologies
John Mendelsohn, President, The University of Texas MD Anderson Cancer Center
Jonathan Simons, President and CEO, Prostate Cancer Foundation
4:00 pm - 5:15 pm
For reasons of security, climate and economics, the world's dependence on a narrow range of fuels is not tenable in the long run. And yet, over the last hundred years, more than $100 trillion has been invested in the status quo - oil fields, pipelines, refineries, transportation hubs, and vast fleets of cars, trucks and airplanes. So rather than scrapping the world's highly resilient, extremely reliable energy infrastructure, can some of it be repurposed to deliver other fuels? Can natural gas, ethanol and electricity augment the system we've put in place without requiring everybody to trade in their cars or requiring industry to replace trillions of dollars worth of investment? This panel will investigate how the current system can be refocused (rather than be replaced) to accommodate the needs of the future.
Moderator
Joel Kurtzman, Senior Fellow; Executive Director, Center for a Sustainable Energy Future, Milken Institute
Speakers
Frances Arnold, Dick and Barbara Dickinson Professor of Chemical Engineering and Biochemistry, California Institute of Technology
Jeff Broin, Chairman and CEO, POET
Karen Alderman Harbert, President and CEO, Institute for 21st Century Energy, U.S. Chamber of Commerce
Steven (Mac) Heller, Executive Chairman, Coda Automotive
Ally LaTourelle, Director of Government Affairs, Bio-Amber Inc.
4:00 pm - 5:15 pm
With fresh thinking and an unlimited supply of creativity, a new generation of social entrepreneurs stands ready to harness the power of the marketplace to solve social challenges. The 2011 International Impact Investing Challenge was a showcase for rising stars in this field. Students from leading business schools were invited to design investment vehicles that create sustainable impact, with the size and scope to interest institutional investors. This session presented the winning concept from Sachpreet Chandhoke and Puneet Gupta, M.B.A. students from Northwestern University's Kellogg Graduate School of Management. Every year India loses 20 million metric tons of grain, an amount equal to the entire annual production of Australia. Chandhoke and Gupta aim to stem these losses through the Grain Depot Fund, a REIT focused on building grain storage facilities and renting them to small farmers in 460 villages in Punjab and Uttar Pradesh, the two largest grain-producing regions in India. Their idea has the potential to reduce hunger across India and provide value to both investors and small farmers.
IntroductionBy
Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute
Speakers
Sachpreet Chandhoke, Graduate Student, Kellogg School of Management, Northwestern University
Dave Chen, CEO, Equilibrium Capital Group
Puneet Gupta, M.B.A. Candidate, Kellogg School of Management, Northwestern University
4:00 pm - 4:30 pm
Speaker
Spencer Abraham, Chairman and CEO, The Abraham Group; former U.S. Secretary of Energy
5:00 pm - 6:45 pm
Donna Karan will join members of the Milken Institute Young Leaders Circle for a conversation about her experience building one of the fashion world's most iconic labels. Beginning her career as assistant designer with Anne Klein, she launched her own company in 1984; it went on to become a publicly traded enterprise in 1996. Karan is also an active philanthropist and the founder of Urban Zen, a foundation focusing in the areas of cultural preservation, health care and education.
Interviewer
Daniel Casse, President, G100; Managing Partner, High Lantern Group
Speaker
Donna Karan, Founder, Urban Zen and Donna Karan Intl.
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:45 pm
5:30 pm - 6:00 pm
Speaker
Richard Florida, Professor of Business and Creativity, Rotman School of Management; Author, "The Great Reset"
5:30 pm - 6:45 pm
6:00 pm - 6:30 pm
Speaker
Radhanath Swami, Author, "The Journey Home: Autobiography of an American Swami"
7:00 pm - 9:00 pm
Congress has been playing a dangerous game of chicken over how deeply to cut the federal budget. Middle-class tax cuts that both parties favored almost failed to pass as the two sides warred over tax breaks for the wealthy. Washington is gridlocked, and we don't mean the traffic. How will this push-pull of politics play out in the next year? Is there any hope of reaching bipartisan agreement on a handful of issues? Is Washington's inability to tackle policy change putting America's global leadership at risk? Does anything motivate the two parties besides campaign contributions? Why do Congress and the media keep ignoring the issues and solutions that are most important to the public? What will be the fallout from the Tea Party's ascendency and the protests in Wisconsin? Our annual dinner debate brings together leaders from both sides of the aisle to take America's political pulse.
Moderator
Frank Luntz, Founder and President, The Word Doctors
Speakers
Norm Coleman, Senior Advisor, Hogan Lovells US LLP; former U.S. Senator
Harold Ford Jr., Former Congressman; Managing Director, Morgan Stanley; Professor, NYU Wagner School of Public Policy
Andy Stern, Senior Fellow, Georgetown Public Policy Institute; former President, SEIU
Vin Weber, Managing Partner, Clark & Weinstock; former Congressman
9:00 pm - 10:30 pm
Join us for an outstanding late-night session as sportscaster Jim Gray interviews legendary NBA Hall of Famer Jerry West. West's journey took him from the tiny town of Chelyan, West Virginia, all the way to the NCAA Finals and the top of the Olympic podium with the gold medal-winning 1960 men's basketball team. "Mr. Clutch" led the Lakers to an NBA championship during his storied 14-year playing career, and finally, enjoyed an equally successful run as general manager for the Lakers and later the Memphis Grizzlies. Don't miss the chance to hear inside stories from a remarkable life both on and off the court.
IntroductionBy
Michael Milken, Chairman, Milken Institute
Interviewer
Jim Gray, Sportscaster, Showtime, Golf Channel, Sacramento Kings and Westwood One Radio
Speaker
Jerry West, NBA champion, NBA All-Star and two-time Basketball Hall of Fame member; former General Manager, Los Angeles Lakers and Memphis Grizzlies
Wednesday, May 4, 2011
6:00 am - 4:00 pm
6:00 am - 8:30 am
6:30 am - 7:45 am
6:30 am - 7:45 am
8:00 am - 9:15 am
Equity markets have been on a tear for two years. Is there further room for the bulls to run, or is it time to take money off the table? Will geopolitical events, higher energy costs and inflation fears send a chill through the markets? Or will idle cash on the sidelines finally be deployed, sparking more robust growth and recovery? Which emerging markets will pull ahead of the pack? Do investors need to be wary of new asset bubbles? Which sectors look most promising? What's the Fed's next move? This panel of opinion makers will forecast where the markets are headed in the year ahead.
Moderator
Brian Sullivan, Reporter, CNBC
Speakers
Todd Boehly, President, Guggenheim
Nick Calamos, President of Investments and Co-Chief Investment Officer, Calamos Investments
Peter Gunning, Global Chief Investment Officer, Russell Investments
David Solomon, Managing Director and Co-Head of the Investment Banking Division, Goldman Sachs
Meredith Whitney, CEO, Meredith Whitney Advisory Group LLC
8:00 am - 9:15 am
Successful entrepreneurs revolutionize the economy by building companies, launching innovations and creating jobs. When they turn to philanthropy, they often utilize the same kind of inventive approach - and they expect to accelerate solutions. Many philanthropists see their role as filling in the gaps left by government and by the workings of the economic system. And today, with jobs in short supply and government budgets feeling the squeeze, their role is more crucial than ever. Join a panel of philanthropists as they discuss meaningful and tangible ways to advance human welfare by promoting economic growth and bringing more people into economic participation.
Moderator
Michael Milken, Chairman, Milken Institute
Speakers
Arthur Ciocca, Chairman, The Wine Group Inc.
Claudia Sangster, Director, Philanthropy, Estate and Trust Services, Harris myCFO Inc.
Carl Schramm, President and CEO, Ewing Marion Kauffman Foundation
Bobby Turner, Managing Partner, Canyon Partners LLC
8:00 am - 9:15 am
India's economy has been dubbed a tiger for good reason: It grew roughly 8.5 percent in the past year, up from 6.7 percent in 2009 and approaching the 9 percent growth India experienced each of the four years before that. But high inflation and fiscal and current account deficits could still put the brakes on progress. Food inflation, in particular, has dogged India for several months, exceeding 17 percent in January. Can the government's policy moves keep the country on its current path to prosperity? What can India do about other major hurdles to growth, such as a shortage of reliable power, congested road and rail networks, and persistent corruption? Can the nation's bureaucracy encourage more innovation and entrepreneurship? Will current growth patterns be enough to lift millions more out of poverty? Is India a short- or long-term investment?
Moderator
Komal Sri-Kumar, Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.
Speakers
N. D. Desai, Chairman, Apar Group of Industries
Sanjay Patel, Managing Partner, Head of International Private Equity, Apollo Management International LLP
K.P. Singh, Chairman, DLF Ltd.
Man Jit Singh, CEO, Multi Screen Media
8:00 am - 9:15 am
Increased penetration of broadband has triggered explosive demand for smartphones and the rapid integration of television and the Internet - trends that are radically changing the markets for communications, information and entertainment. Consumers will surely benefit from access to diverse content - everything from video conferencing to high-definition entertainment. But broadband poses enormous challenges to the telecom, cable, consumer electronics and entertainment industries as they scramble for pieces of the rapidly growing pie. And the disruption will put pressure on Washington to regulate both access to the new markets and the way the revenues are divided. This panel will analyze both the likely impact on the key industries drawn into the battle and the need for government intervention to speed innovation and maximize benefits for consumers.
Moderator
Robert Hahn, Professor of Economics, Sustainable Consumption Institute, University of Manchester
Speakers
Sam Feder, Partner, Jenner & Block LLP
John Rogovin, Executive Vice President and General Counsel, Warner Bros. Entertainment Inc.
Gigi Sohn, President and Co-Founder, Public Knowledge
Jonathan Spalter, Chairman, Mobile Future
8:00 am - 9:15 am
Since the beginning of the financial crisis, small-cap companies have faced a dearth of financing options. They have been abandoned by the larger financing companies and investment banks. The few traditional banks have been willing to provide credit have included overly restrictive covenants. But more recently, the market for small high-yield issues has opened. These issues are generally under $175 million and have traditionally been considered illiquid by most Wall Street participants. These institutionally purchased issues provide true permanent capital for companies looking to avoid the frequent covenant-related constraints on corporate actions as well as a flexible structure for future financings and growth. This panel will examine the current state of this market and trends for the future.
Moderator
Chris Shepard, Executive Vice President, Co-Head of Investment Banking and Head of Capital Markets, Imperial Capital
Speakers
Christopher Jacobs, Senior Analyst, Western Asset Management Co.
Mitchell Julis, Co-Chairman and Co-CEO, Canyon Partners LLC
Frank Lopez, Co-Head, Global Capital Markets, Proskauer
David Palmer, President and CFO, Diamond Resorts International
8:00 am - 9:15 am
The Milken Institute California Center's Advisory Council and select guests will gather for an off-the-record roundtable to discuss one of the most important issues facing California: overcoming our reputation as a state that's unfriendly to business. With few resources available to throw at the problem due to the state's deficit, what actions should be taken? Which regulations are most problematic? Given the political sensitivities and alignments, what solutions can be implemented quickly and cheaply? Business and political leaders will gather to search for realistic strategies that can make California more competitive and encourage companies to expand their presence in the state.
Moderator
Mindy Silverstein, Director of Strategic Partnerships, Milken Institute
8:00 am - 9:15 am
In the wake of the Great Recession, new programs were put in place to make investing in green energy more attractive. Investment tax credits, outright grants, renewable fuel requirements, and solar mandates in states like New Jersey and Massachusetts have been designed to lure investment dollars into long-term projects. Are investors responding? If so, what are they doing? This roundtable will discuss where the money is going and where the best returns are likely to be found.
Moderator
Joel Kurtzman, Senior Fellow; Executive Director, Center for a Sustainable Energy Future, Milken Institute
Speakers
G. Chris Andersen, Founding Partner, G.C. Andersen Partners, LLC
Roger Conway, Senior Partner, Rosslyn Advisors LLC
Eugene Kandel, Head of the National Economic Council, Israeli Prime Minister's Office
Bjorn Lomborg, Adjunct Professor, Copenhagen Business School; Author, "Cool It: The Skeptical Environmentalist's Guide to Global Warming"
Rafi Musher, CEO, Stax Inc.
9:30 am - 10:45 am
Social media and mobile technologies have completely reinvented the way we communicate - including the way we communicate about investing. Investors are increasingly looking beyond the traditional sources of financial news and turning to blogs, Twitter, Facebook and each other for ideas, stock tips and real-time information on stocks, bonds, ETFs and other investment vehicles. The exchange of financial information at this level and speed is unprecedented, and it is generating increased concern among advisors and regulatory bodies such as FINRA. This panel will examine the impact social media is having on individual investors. Is the democratization of financial information a positive development for Main Street, or is it dangerous? Is the community intelligence that comes out of social networking valuable, or does it lead to groupthink and, ultimately, bad investment decisions?
Moderator
Dennis Kneale, Senior Correspondent, Fox Business Network
Speakers
Chris Albinson, Managing Director, Panorama Capital
Scott Burns, Director of ETF, Closed-End Fund and Alternatives Research, Morningstar
Tom Lydon, Publisher, ETF Trends
Evan McDaniel, Chief Information Officer, MerlinOne Trading Partners
Jon Najarian, Co-Founder, optionMonster.com
9:30 am - 10:45 am
As we climb out of the recession, the great liquidity freeze has thawed out. The early months of 2011 were marked by blockbuster PE-backed IPOs, including HCA, Kinder Morgan and Nielsen. There has also been robust M&A activity, including Sanofi's acquisition of Genzyme and AT&T's just-announced purchase of T-Mobile. Are additional megadeals in the cards? Beyond the big names, are mid-market firms finding it easier to raise capital? With 2008 receding into the rear-view mirror, have firms adopted a new approach to managing capital structure and debt loads? What kind of lasting imprint will the financial crisis leave on the world of corporate finance? How has the investment banking industry changed?
Moderator
Joseph Gromacki, Partner, Chair of Corporate Practice and Co-Chair of Securities Practice, Jenner & Block
Speakers
Robert Harteveldt, Global Head of Leveraged Finance, Jefferies & Co. Inc.
Brian Reynolds, Founder and Managing Partner, Chatham Capital
Kenneth Ryan, Co-Head of Investment Banking, Gleacher & Co.
Ted Virtue, CEO, MidOcean Partners
Richard Zogheb, Co-Head, Capital Markets Origination, Americas, Citigroup
9:30 am - 10:45 am
Though last year's bailout plans bought temporary reprieves, the sovereign debt crisis in the euro zone keeps flaring up. Investors have been driving up borrowing rates for countries on the periphery, and a recent wave of rating downgrades for Spain, Portugal, Greece and Ireland have sent further jitters through the markets. Greece and Ireland have fallen behind their deficit reduction targets as austerity plans stifle their economies. Is it time for a fundamental restructuring of their debt? What are the risks to European banks, which hold billions in government bonds? Can the euro - and the unity of the 17-nation currency bloc - be salvaged? Will Germany serve as a backstop? If so, what kind of concessions will it demand in return? Can a permanent financial rescue framework be put into place? What other kinds of fiscal, structural and institutional changes could ensure the euro zone's long-term cohesion? Is the market's patience about to wear out?
Moderator
Michael Intriligator, Senior Fellow, Milken Institute; Professor Emeritus of Economics, Political Science and Public Policy, UCLA
Speakers
Adam Applegarth, Former CEO, Northern Rock
Bernard Connolly, CEO, Connolly Insight LP
Valerio De Molli, Managing Partner, The European House - Ambrosetti
Bettina von Oesterreich, Former Chief Risk Officer, Hypo Real Estate
9:30 am - 10:45 am
Impact investors believe it's possible to solve social or environmental challenges while generating sustainable returns. Long-term investors, in particular, consider such factors as climate change, workforce policies and economic conditions to be an essential part of effective risk management. These impact investors vary in size (from small funds to large institutions), in sector (from private capital to public agencies) and in approach (from exercising ownership to restructuring government funding). But they all recognize that investments can produce benefits or costs beyond the targeted financial returns, and that investors and society alike are better off when investment decisions include these multiple factors.
Moderator
Betsy Zeidman, Senior Fellow, Milken Institute; Director, Compass Program, Robert F. Kennedy Center for Justice & Human Rights
Speakers
Dave Chen, CEO, Equilibrium Capital Group
Sir Ronald Cohen, Chairman, Bridges Ventures and The Portland Trust; Director, Social Finance
Doris Herrera-Pol, Director and Global Head of Capital Markets, World Bank
Erika Karp, Managing Director, Head of Global Sector Research, UBS Investment Bank
Richard Woo, CEO, The Russell Family Foundation
9:30 am - 10:45 am
For news junkies who want to follow every development in the global economy in real time, there's never been more information and opinion out there. But is there enough old-fashioned, hard-nosed reporting? The profession was forced to do some soul-searching about how many reporters took their eye off the ball in the prelude to the financial crisis. Has its coverage improved during the aftermath? Can journalists keep up with the ever-increasing complexity of the financial industry? Does today's 24-hour news culture leave any room for longer-term thinking and in-depth follow-up reporting? Are traditional news outlets still our best hope, or is the new, freewheeling world of Twitter and Facebook a welcome addition to how we get our financial news? How will the more traditional financial news outlets evolve? And do they have the necessary resources to compete as well as they used to? We've invited a lineup of acclaimed journalists to size up the state of their own profession in a candid session.
Moderator
Skip Rimer, Executive Director, Programs and Communications, Milken Institute
Speakers
John Carney, Senior Editor, CNBC.com's "NetNet with John Carney"
Liam Kennedy, Editor, Investment & Pensions Europe
Megan McArdle, Business and Economics Editor, The Atlantic
Frank Sesno, Director, School of Media and Public Affairs, The George Washington University; Creator and Host, "Planet Forward"
9:30 am - 10:45 am
For decades, Disney ruled the magic kingdom of animated films unchallenged. Now it's got company. Not only is Pixar on a roll, but it seems that every major Hollywood studio is in the game, along with some big players in Asia and Europe. And not all of these films are aimed solely at children (causing parents everywhere to breathe a sigh of relief). European animators are exploring adult and art house genres, while U.S. blockbusters like "Tangled," "Toy Story 3," "How to Train Your Dragon" and "Despicable Me" counted plenty of grownups among audiences. What makes animated films such big business? Why do American films still dominate, and will this trend continue? Foreign animators are producing high-quality films with modest budgets as low as $3 million with an eye toward wider distribution. Is this a threat to the U.S. franchise? What opportunities exist for producers to create international financing, animation and distribution deals?
Moderator
Kevin Klowden, Managing Economist and Director, California Center, Milken Institute
Speakers
John Batter, President of Production for Feature Animation, DreamWorks Animation SKG
Glen Keane, Directing Animator, Walt Disney Productions
Chris Meledandri, Founder and CEO, Illumination Entertainment
Chris Sanders, Director, "How to Train Your Dragon"
9:30 am - 10:45 am
Industrial loan companies (ILCs) have been in existence for a century. But the subset of ILCs owned by diversified commercial firms has been a source of controversy, subject to various regulations passed to restrict their operation and expansion. In 2010, the Dodd-Frank Act placed a three-year moratorium on new charters. Should commercial firms be prohibited from owning banking institutions? Should the United States remain the only G20 country opposed to the "mixing of banking and commerce"? Should ILCs be allowed to expand if they prove to be safe, sound and well-capitalized? Should we allow the banking sector to tap into the $13 trillion capital pool owned by nonfinancial firms? Regulators, ILC executives and banking experts will debate the future of the ILC industry.
Moderator
James Barth, Senior Finance Fellow, Milken Institute; Lowder Eminent Scholar in Finance, Auburn University
Speakers
Louise Kelly, President and CEO, EnerBank USA
G. Edward Leary, Commissioner, Utah Department of Financial Institutions
Neil Milner, President and CEO, Conference of State Bank Supervisors
Maurine Padden, Executive Vice President and Chief Administrative Officer, California Bankers Association
Raymond Specht, Vice Chairman, Toyota Financial Savings Bank
9:30 am - 10:45 am
Faced with sluggish growth and low interest rates across the developed world, investors have flocked to emerging markets, bringing much-needed capital - but also a risk of inflation. This is especially true in Brazil, which posted a sizzling annualized growth rate of 9 percent during the first quarter of this year. With rising oil and food prices compounding the inflation problem, Brazil and some other emerging markets have increased taxes on foreign investors or raised banks' reserve requirements to try to slow inflows of hot money and ward off inflationary pressures. Brazil's central bank has raised interest rates, but did it act too soon? The fundamentals in Brazil are exciting, given the country's energy resources and the growth in consumer demand from a growing middle class. Will Latin America's most compelling success story continue?
Moderator
Stacy-Marie Ishmael, Editor, FT Tilt
Speakers
Tomas Malaga, Chief Economist, Itau Private Bank International
Marcela Meirelles, Senior Vice President, TCW Group
Mario Mesquita, President, Brevan Howard Assessoria De Negocios Ltda; former Deputy Governor, Economic Policy, Central Bank of Brazil
9:30 am - 10:00 am
Speaker
Bjorn Lomborg, Adjunct Professor, Copenhagen Business School; Author, "Cool It: The Skeptical Environmentalist's Guide to Global Warming"
11:00 am - 12:15 pm
China has made huge investments in African infrastructure, Australian mining operations and natural resources across the globe. It's building a real consumer class, diversifying away from the dollar and expanding its military might. With a hold on resources, its neighbors and potentially the world marketplace, is China destined to be the next global empire? The fear, of course, is that China's rise will lead to the fall of the U.S. as a world power. Are epic trade disputes and geopolitical conflicts on the horizon? Is it really a zero sum game in which the U.S. loses if China gains? Or will the potential for trouble be offset by economic interdependence and China's growing participation in various international institutions? Given its remarkable progress and its vast potential, can anything derail China's future?
Moderator
Zachary Karabell, Senior Fellow, Milken Institute; President, River Twice Research
Speakers
James Chanos, President and Founder, Kynikos Associates
Charles Y.S. Liu, Chairman and Founder, Hao Capital
John Micklethwait, Editor-in-Chief, The Economist
11:00 am - 12:15 pm
Our annual big-picture take on the housing market will include a look at current conditions and forecasts for housing prices, foreclosures and sales trends. But we'll also step back and take the long view. How do we really fix the housing market so it's sustainable? We'll examine other countries whose markets are more stable (such as Canada and Australia), and consider what they're doing right. What makes one housing finance model less susceptible to volatile cycles than another? Should the U.S. move toward a securitization model that favors covered bonds? What do other countries do (if anything) to promote homeownership as opposed to renting? Should the U.S. eliminate non-recourse loans or the mortgage tax deduction? What should be the role of GSEs such as Fannie and Freddie?
Moderator
Rick Newman, Chief Business Correspondent, U.S. News & World Report
Speakers
Jared Bernstein, Chief Economist to Vice President Joe Biden
Larry Mizel, Chairman and CEO, MDC Holdings Inc.
Lewis Ranieri, Chairman, Ranieri Partners LLC; Founder, Hyperion Private Equity Funds
Tad Rivelle, Chief Investment Officer, Fixed Income, Trust Company of the West
David Zervos, Managing Director and Chief Market Strategist, Jefferies & Co. Inc.
11:00 am - 12:15 pm
It's a tale of two recoveries: Many leading philanthropists have not only weathered the storm, but some are even in a position to increase their allocations. But the need is greater than ever as the aftermath of the recession drags on. With federal, state and local budgets being slashed, philanthropists are stepping into the gap. Their funding can make all the difference in maintaining critical services that address a range of issues, from education and housing to hunger and health. But are charities and foundations now facing unrealistic expectations that they can replace the safety net? When so many needs - both international and domestic - are crying out to be met, how do you narrow down your focus and find the cause that really speaks to you? Is there a way to leverage your professional expertise to make your philanthropy more effective? What approaches really assure donors of accountability and outcomes? How much personal involvement is practical, and how much depends on building the right team of experts to execute your vision? What are the legal, personal and practical challenges of formalizing philanthropic giving? How will pending changes in tax law impact future contributions?
Moderator
Timothy Lappen, Founder and Chairman, Family Office Group, Jeffer Mangels Butler & Mitchell LLP
Speakers
Donna Karan, Founder, Urban Zen and Donna Karan Intl.
Lynda Resnick, Vice Chairman, Roll Global
Kim Wright-Violich, President, Schwab Charitable
11:00 am - 12:15 pm
In the wake of the financial crash, investors need to re-examine the way they evaluate private equity strategies and PE fund managers. As investors increasingly adopt more sophisticated data-driven approaches to measure the risks and return of specific approaches and identify the top PE strategies and managers, they need a new set of tools to differentiate between the true top performers and the managers who cannot duplicate superior results. How does this affect investment behavior and the prospects of different PE strategies? Can PE fund managers hide behind claims of "superior absolute returns" over the life of one or two funds when the data shows that cyclical or market factors could have had a misleading positive impact? How can investors parse out truly superior strategies and great execution from historical data?
Moderator
Scott Gallin, Managing Director, PineBridge Investments
Speakers
James Dunn, Vice President and Chief Investment Officer, Wake Forest University
Tom Keck, Partner, StepStone
Samuel Tang, Co-Founder and Principal, Montauk TriGuard
John Watkins, Managing General Partner, M/C Venture Partners
11:00 am - 12:15 pm
The United States has gotten comfortable in its role as the undisputed global leader in biomedical research and manufacturing. Over the past 30 years, many European multinational firms shifted R&D to the U.S. to take advantage of its matchless ecosystem for innovation. But today, other countries realize the value of attracting R&D in the life sciences, and the private-sector production activities associated with it, for creating high-value-added jobs. Many Asian and European nations are pursuing strategies to wrestle biomedical innovation infrastructure away from the United States. What policy moves should the U.S. implement to keep its leadership in this field intact?
Moderator
Lesa Mitchell, Vice President, Advancing Innovation, Kauffman Foundation
Speakers
Ross DeVol, Executive Director, Economic Research, Milken Institute
Bijan Dorri, Chief Technology Officer, CT & AW Engineering, General Electric
Edward Holmes, Deputy Chairman, Biomedical Research Council, Agency for Science, Technology, and Research (A*STAR)
Michael Leavitt, Former Governor, State of Utah; former Secretary of Health and Human Services
11:00 am - 12:15 pm
The growth of small and mid-size firms is crucial at this stage of the recovery. Larger firms have been successfully deleveraging and refinancing, but small-scale enterprises and startups are still having difficulties in accessing capital. Bridging these gaps to support entrepreneurship will dramatically increase job growth and community development. How can we insure that smaller firms are not disadvantaged by higher transaction costs? What new capital structures and strategies can be deployed to serve entrepreneurs and investors? What are the links between community development finance and enterprise finance?
Moderator
Kenneth Lombard, President, Capri Urban Investors LLC; Partner, Capri Capital Partners LLC
Speakers
Frank Caprio, Managing Director, Chatham Capital
Cathy Dolan, Chief Operating Officer, Opportunity Finance Network
Chris Larsen, CEO and Co-Founder, Prosper
Barry Silbert, Founder and CEO, SecondMarket
11:00 am - 12:15 pm
By looking at their most profitable international education business opportunity in recent years, panelists will enrich our understanding of the business landscape and the strategies they used to succeed. Each panelist will be asked to outline their most compelling market opportunity or problem, their business strategy, the challenges they faced and met, and the result of their initiative. At the close of these vignettes, the audience will be invited to ask questions. The panel will close with final reflections from each panelist summarizing the key lessons from these real-world examples.
Moderator
Kelly Flynn, Managing Director and Senior Education Analyst, Credit Suisse
Speakers
Andrew Fitzmaurice, CEO, Nord Anglia Education
Peter Maslen, CEO, Knowledge Universe
Terry Nealon, Executive Vice President, International Markets, Houghton Mifflin Harcourt
Fernando Reimers, Ford Foundation Professor of International Education, Harvard University
John Woodward, Group CEO, Busy Bees
11:00 am - 12:15 pm
Although the first sovereign wealth fund was established in the 1950s, it was only during the past decade that this investor class dramatically expanded in number of funds, capital, and - most notably - influence and power. In aggregate, the world's sovereign wealth funds control approximately $3.5 trillion in assets. Though all have the same basic objective of maximizing long-term return while taking an acceptable amount of risk, SWFs differ widely in their structures and investment parameters. This panel will focus on the lessons that emerging SWFs are learning from their predecessors. Topics will include whether structural or asset allocation changes should be considered, how SWFs differ from public and corporate pension funds, the extent to which managers should focus on investing in-country versus globally, and what investment criteria today's SWFs are applying.
Moderator
Patrick Mitchell, Senior Managing Director and Portfolio Manager, Guggenheim
Speakers
Jerry Burnett, Deputy Commissioner for Treasury, Alaska Department of Revenue
Mark Cutis, Chief Investment Officer, Special Situations, Abu Dhabi Investment Council
Drosten Fisher, Principal, Monitor Group
Garry Hawker, Regional Director, National Funds, Mercer
Karin Lissakers, Director, Revenue Watch Institute
11:00 am - 12:15 pm
11:00 am - 12:15 pm
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
11:00 am - 12:15 pm
Traditional metrics were inadequate to alert investors to the risks corporations and banks were facing on the eve of the financial crisis. Since then, calls have grown louder for greater transparency and a better standard of financial reporting - one that takes into account the full gamut of risk, including environmental, social and governance (ESG) factors. It's clear that nonfinancial issues such as carbon output, ethical supply chains and a wide variety of other sustainability concerns can have real financial consequences. International organizations such as the Global Reporting Initiative and the International Integrated Reporting Committee argue that we need a global reporting framework that integrates ESG factors with financial capital in a standardized way on the balance sheet. Novo Nordisk, American Electric Power and Bovespa, the Brazilian Stock Exchange, already see the value of integrated reporting. What are the next steps for implementing ESG reporting more widely? Can a greater understanding of these risk factors prevent future financial crises?
Moderator
Jane Madden, Executive Vice President, CSR and Sustainability, Edelman
Speakers
Susan Blesener, Director, Corporate Accountability, Novo Nordisk
Jared Carney, Executive Director, Program Development and Marketing, Milken Institute
Kathy Nieland, U.S. Sustainability and Climate Change Leader, PwC
Kirsten Thorne, Senior Policy Advisor, Chevron Corp.
Mike Wallace, Director, Focal Point USA, Global Reporting Initiative
11:00 am - 11:30 am
Speaker
Rick Horrow, CEO, Horrow Sports Ventures
12:15 pm - 2:15 pm
Nobel laureate Gary Becker is recognized as one of the world's most influential scholars. With a unique combination of rigor and intellectual fearlessness, he has tackled topics like racial discrimination, the economic motivations behind crime, human capital, time allocation, fertility and the legalization of drugs. As economist Steven Levitt recently commented, "He has come up with the big ideas that have changed how we look at the world." A perennial favorite with Global Conference audiences through the years, Becker will join Institute chairman Mike Milken to explore the themes running through a lifetime of groundbreaking work.
Interviewer
Michael Milken, Chairman, Milken Institute
Speaker
Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of Chicago
2:30 pm - 3:45 pm
In 1986, the leaders of both political parties joined forces to push through sweeping tax reforms that had been bitterly opposed by powerful interests. These reforms broadened the tax base by reducing a host of preferences, which allowed policymakers to lower marginal tax rates sharply with only modest losses in revenue. But in the decades since, lobbyists have fought back - and with considerable success. The personal and corporate tax codes are again riddled with preferences that erode revenue, distort economic incentives and offend the public's sense of equity. Moreover, the bipartisanship that made reform possible a quarter-century ago is now only a fading memory. This panel will assay the prospects for tax reform in the face of growing demands on the federal budget and deep political divisions over the proper course of government.
Moderator
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review
Speakers
Jared Bernstein, Chief Economist to Vice President Joe Biden
Gina Despres, Senior Vice President, Capital Research and Management Co.
Douglas Holtz-Eakin, President, American Action Forum; former Director, Congressional Budget Office
Mark Weinberger , Global Vice Chairman-Tax, Ernst & Young
2:30 pm - 3:45 pm
For many business leaders, owning a piece of their favorite team can be a dream come true. But once you're actually in the owner's box, is the reality all it's cracked up to be? This panel will bring together some of the world's most respected owners for a firsthand look at the business of sports. Professional teams have become extremely complex, multinational organizations with valuations that can run in the billions. Do the perks of ownership outweigh the costs of public scrutiny and second-guessing by the media? Do investment opportunities exist at the major and minor league levels? Our panel will provide an insider's perspective - and a few fun stories - that might give you a new outlook on that cherished dream of investing in your favorite franchise.
Moderator
Rick Horrow, CEO, Horrow Sports Ventures
Speakers
Mark Attanasio, Managing Partner, Crescent Capital Group; Chairman and Principal Owner, Milwaukee Brewers Baseball Club
Peter Guber, Chairman and CEO, Mandalay Sports Entertainment; Owner and Co-Executive Chairman, Golden State Warriors
Steve Tisch, Chairman and Executive Vice President, NY Football Giants
2:30 pm - 3:45 pm
The market volatility of the past few years has given the financial services community an urgent new focus on risk management. From the home office to the end product, risk management is having a profound influence on the industry's structure as well as the solutions provided to clients. The institutionalization of risk management is resulting in the application of strategy mitigation tactics across the financial services spectrum. Major firms now look beyond diversification in favor of alternative investments and customized and structured solutions as the preferred tools for managing risk. In this panel, we will discuss how the major providers of wealth advice are not only implementing structural risk management practices at the firm level but also in their clients' portfolios.
Moderator
Jon Najarian, Co-Founder, optionMonster.com
Speakers
Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors
John Moninger, Executive Vice President, Advisory and Brokerage Consulting Services, LPL Financial
David Morton, Chief Research Officer and Co-Chief Investment Officer, Foxhall Capital Management
Colbert Narcisse, Chief Operating Officer, Global Investment Strategies and Solutions Group, Morgan Stanley Smith Barney
2:30 pm - 3:45 pm
As consumers snap up smartphones and tap into tablets, wireless networks are struggling to keep up with the massive increase in Web browsing, gaming, image-sharing, video streaming and downloading. Mobile devices are now one of the chief means for consuming not only Web content but also TV shows, movies and other media. While providers have seen data services as their future, their success is coming home to roost. As current networks grow overloaded, flat-rate pricing is giving way to tiered or usage-based data plans to help wireless providers pay for such improvements as LTE and 4G networks. Does the next generation of mobile technology look viable as an economical content delivery system for either service providers or content companies? Do the new tablets demonstrate that mobile consumption is not just the future but the here and now? Should content providers and distributors help pay for upgrades? Are there examples we can draw on in foreign markets?
Moderator
Lucy Hood, Executive Director, Institute of Communication Technology Management, USC
Speakers
Alex Barkaloff, Executive Producer, Digital Media, Lionsgate
James Citron, President and CEO, Mogreet
Alain Mutricy, Senior Vice President, Portfolio and Device Product Management, Mobile Devices, Motorola Mobility
Jon Vlassopulos, CEO, skyrockit
Joe Weinman, Worldwide Lead; Communications, Media and Entertainment Industry Solutions, Hewlett-Packard
Dan York, President, Content, AT&T
2:30 pm - 3:45 pm
Soaring gasoline prices are sparking renewed investor interest in alternative fuels. But energy efficiency is clearly the hottest trend for 2011, with others being energy products tied to cloud computing and building controls. Scheduling technologies, power electronics and smart grid-oriented products are also on the radar. With investment approaching pre-recession levels, which technologies will win or lose? How will new policies and financing options impact development? Some experts predict a return to early-stage venture investing, as well as greater competition for solar and wind from natural gas. Will this be the year of the IPO? Will the Chinese market be a game-changer for the industry? What will be the near-term effects of the real or perceived scarcity of oil, rare earth elements and other commodities?
Moderator
Betsy Zeidman, Senior Fellow, Milken Institute; Director, Compass Program, Robert F. Kennedy Center for Justice & Human Rights
Speakers
Toby Coppel, Partner, Virgin Green Fund
Desmond King, President, Chevron Technology Ventures
Jeffrey McDermott, Managing Partner, Greentech Capital Advisors
Marianne Wu, Partner, Mohr Davidow Ventures
2:30 pm - 3:45 pm
Is the developed world's system for providing aid to Africa working? In the 50 years since the end of colonialism, wealthy countries have contributed more than $2 trillion in official development assistance, yet so many African nations have failed to thrive. Much of the funding has been wasted, stolen or misused, often to keep corrupt autocrats in power. Systemic reform is overdue, but what's the best approach? One emerging concept is to facilitate a much greater degree of coordination between investors seeking opportunities, host governments trying to attract private capital and international aid agencies seeking to ensure development aid is spent on projects that will achieve measurable results. Does this approach increase the potential for success? Could it increase Africa's attractiveness to investors? Can the public interest be served while also improving potential returns for investors? This session will explore concepts for improving the aid system.
Moderator
Yaw Nyarko, Co-Director, Development Research Institute, NYU
Speakers
Amina Salum Ali, African Union Ambassador to the United States
Mauro De Lorenzo, Vice President, Freedom and Free Enterprise, John Templeton Foundation
Oscar Kashala, President, Union for the Rebuilding of Congo
Kola Masha, Managing Director, Doreo Partners
Joe Sive, Chairman and CEO, African Investment Fund
2:30 pm - 3:45 pm
Technology has made great strides in building cutting-edge learning tools, and new government-funded education initiatives have taken effect. But in classrooms across America, what is being done to create a true personalized learning environment? Are students becoming more engaged in their day-to-day classroom experience? How will proposed changes and new innovations transform the learning process? In an era of data-driven decision making, what are the critical elements every school must be able to address in order to enhance the student experience? This panel discussion will explore how technology and public policy improvements can help establish an ideal learning environment for K-12 education.
Moderator
Ronald Packard, Chairman and Founder, K12 Inc.
Speakers
Judy Elliott, Chief Academic Officer, Los Angeles Unified School District
Robert Neu, Superintendent, Federal Way Public Schools
Kal Raman, CEO, GlobalScholar
David Wu, Assistant Superintendent and Chief Information Officer, Hawaii Department of Education
2:30 pm - 3:45 pm
Everybody knows that film production is mobile: If Shreveport, La., can stand in for Santa Monica in "Battle: Los Angeles," it's clear that location isn't everything. Multiple factors influence where a motion picture is filmed - and one of the most important determinants is the ability to arrange financing. This private, off-the-record session will discuss mechanisms for producers, agents and executives to develop and channel film funding and potentially keep it closer to home. Key figures in film production, finance and deal-making will analyze the pressures they face in seeking financing from overseas and in various states; ways to solidify and market the advantages of filming in different locales; and strategies to effectively tap innovative funding sources.
Moderator
Kevin Klowden, Managing Economist and Director, California Center, Milken Institute
2:30 pm - 3:45 pm
Israel is dealing with many of the challenges that other nations confront, but they are highly concentrated and powerfully refracted in a small, diverse and complex country. As a result, Israel has become something of a beta site for global solutions. Its leaders are attempting creative solutions to issues such as scarcity of water and other resources, uneven regional development, agricultural technology and health services. Along the way, they've encountered great opportunities for building human capital, preserving cultural heritage and deploying new technologies. Using case studies from the Milken Institute's own work, this panel will discuss the need for innovative interfaces of government, private initiative and investment, and strategic philanthropy. Many of the lessons learned in this dynamic laboratory for economic, social and environmental change will have resonance around the globe.
Moderator
Glenn Yago, Executive Director, Financial Research, Milken Institute
Speakers
Karnit Flug, Director, Research Department, Bank of Israel
Eran Heimer, Senior Deputy Accountant General, Ministry of Finance, State of Israel
Carl Kaplan, Managing Director, Koret Israel Economic Development Funds
Brent Lane, Director, Center for Competitive Economies, Kenan-Flagler Business School, University of North Carolina
Steven Zecher, Project Finance Research Advisor, Koret-Milken Institute Fellows Program/Milken Institute Israel Center
4:00 pm - 5:15 pm
U.S. films and TV series are judged not only on their domestic market, but also on the ability to sell overseas. It's often been said that culture is America's greatest export - but today it's a pretty significant import, too. Ideas are flowing both ways: Foreign films can rack up major U.S. box office receipts, while multiple reality and talent shows, as well as concepts like "The Office," arrived in the U.S. courtesy of international producers. It's no longer just a matter of adding subtitles or dubbing into other languages - today, shows and cable movies might be fully remade and reshot in multiple markets to fit the local context. How does the globalization of entertainment affect business decisions - and creative direction? Are business models keeping up with technology innovations like mobile video streaming platforms? How do international standards of intellectual property protection affect the equation?
Moderator
Dennis Kneale, Senior Correspondent, Fox Business Network
Speakers
Barry Diller, Chairman and Senior Executive, IAC; Chairman, Expedia Inc.
Ariel Emanuel, Co-CEO, WME Entertainment
Janice Min, Editorial Director, The Hollywood Reporter
Terry Semel, Chairman and CEO, Windsor Media
Thomas Tull, Chairman and CEO, Legendary Pictures
4:00 pm - 5:15 pm
In the past several years, the government of Israel has launched innovative mechanisms to strengthen its life sciences industry, overcome oil dependency and sustain its high-tech leadership. Israel's actions in these diverse fields are united by a single theme: a spirit of innovation. To sustain this momentum, Israel needs to innovate from within as well: increase work force participation, decrease social and economic gaps, leverage local assets, build human capital and develop mechanisms for 21st-century governance. Our panelists will discuss recent initiatives to foster strategic planning in Israel, as well as new financing mechanisms and strategies being adopted and developed by Israel to spark greater innovation in health, energy alternatives, agriculture and water. What lessons for other knowledge-based economies can be gleaned from the creative initiatives under way in Israel?
Moderator
Dan Senor, Adjunct Senior Fellow, Council on Foreign Relations; Co-Author, "Start-up Nation: The Story of Israel's Economic Miracle"
Speakers
Sir Ronald Cohen, Chairman, Bridges Ventures and The Portland Trust; Director, Social Finance
Eugene Kandel, Head of the National Economic Council, Israeli Prime Minister's Office
Anath Levin, Deputy CEO and Global Treasurer, Bank Hapoalim
Anat Naschitz, Managing Director, Orbimed Advisors
Haim Shani, Director General, Ministry of Finance, State of Israel
5:30 pm - 6:30 pm
5:30 pm - 6:30 pm