Moderator:
Jared Carney, Executive Director, Program Development and Marketing, Milken Institute

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:
Bradley Belt, Senior Managing Director, Milken Institute

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?

Speaker:
Nouriel Roubini, Chairman and Co-Founder, Roubini Global Economics; Professor of Economics and International Business, Stern School of Business, New York University

Interviewer:
Tom Keene, Editor-at-Large, Bloomberg News; Host, "Surveillance Midday," Bloomberg TV

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?

Moderator:
Komal Sri-Kumar, Senior Fellow, Milken Institute; Group Managing Director and Chief Global Strategist, TCW Group Inc.

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:
Alec Ellison, Vice Chairman and Chairman of Technology Investment Banking, Jefferies & Co. Inc.

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:
Clifton Robbins, Founder and CEO, Blue Harbour Group

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:
Kai Ryssdal, Host, "Marketplace," American Public Media

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:
Alan Schwartz, Executive Chairman, Guggenheim

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.

Speaker:
Ronnie C. Chan, Chairman, Hang Lung Properties Ltd.

Interviewer:
Perry Wong, Senior Fellow, Milken Institute; Senior Vice President and Senior Economist, Economic Strategy, City National Bank

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.

Speaker:
Filippo Cipriani, Partner Trader, Brevan Howard Asset Management LLP

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.

Moderator:
Brett Hellerman, CEO, Wood Creek Capital Management LLC

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:
Paul Gigot, Editorial Page Editor and Vice President, The Wall Street Journal

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:
Lewis Feldman, Partner and Los Angeles Chair, Goodwin Procter LLP

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.

Speaker:
Eike Batista, Chairman and CEO, EBX Group

Interviewer:
Michael Milken, Chairman, Milken Institute

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.

Moderator:
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)

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:
Adebayo Ogunlesi, Chairman and Managing Partner, Global Infrastructure Partners

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:
Maria Bartiromo, Anchor, CNBC

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:
Glenn Yago, Executive Director, Financial Research, Milken Institute

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.

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.

Speaker:
David Bonderman, Founding Partner, TPG Capital

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:
William Bennett, Former U.S. Secretary of Education; Senior Advisor, Houghton Mifflin Harcourt

Moderator:
James Moglia, Executive Managing Director, Head of Leveraged Finance and Debt Capital Markets, BMO Capital Markets

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:
Alan Schwartz, Executive Chairman, Guggenheim

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:
Cecilia Zecha, Programming Director, Forbes Asia

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:
Lorraine Spurge, Senior Managing Director, Guggenheim

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:
Antonio Quintella, Regional CEO Americas, Credit Suisse

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:
Bradley Belt, Senior Managing Director, Milken Institute

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:
Michael Milken, Chairman, Milken Institute

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:
Robert von Rekowsky, Portfolio Manager, Emerging Markets, Fidelity Investments

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:
Paul Murphy, Editor-in-Chief, FT Tilt; Associate Editor, Financial Times

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:
Bradley Belt, Senior Managing Director, Milken Institute

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:
Alexander Friedman, Chief Investment Officer, UBS Wealth Management

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:
Steve Drobny, Partner, Drobny Global Advisors

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:
Jeffrey Werbalowsky, Co-CEO, Houlihan Lokey

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:
Chris Brummer, Senior Fellow, Milken Institute; Professor of Law, Georgetown University Law Center

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:
Mark Shenkman, President and Chief Investment Officer, Shenkman Capital Management Inc.

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:
Michael Milken, Chairman, Milken Institute

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:
Glenn Yago, Executive Director, Financial Research, Milken Institute

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:
Brian Sullivan, Reporter, CNBC

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:
Michael Milken, Chairman, Milken Institute

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:
Chris Shepard, Executive Vice President, Co-Head of Investment Banking and Head of Capital Markets, Imperial Capital

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:
Dennis Kneale, Senior Correspondent, Fox Business Network

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:
Joseph Gromacki, Partner, Chair of Corporate Practice and Co-Chair of Securities Practice, Jenner & Block

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:
Michael Intriligator, Senior Fellow, Milken Institute; Professor Emeritus of Economics, Political Science and Public Policy, UCLA

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:
Betsy Zeidman, Senior Fellow, Milken Institute; Director, Compass Program, Robert F. Kennedy Center for Justice & Human Rights

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:
Skip Rimer, Executive Director, Programs and Communications, Milken Institute

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:
James Barth, Senior Finance Fellow, Milken Institute; Lowder Eminent Scholar in Finance, Auburn University

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:
Rick Newman, Chief Business Correspondent, U.S. News & World Report

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:
Timothy Lappen, Founder and Chairman, Family Office Group, Jeffer Mangels Butler & Mitchell LLP

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:
Scott Gallin, Managing Director, PineBridge Investments

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:
Kenneth Lombard, President, Capri Urban Investors LLC; Partner, Capri Capital Partners LLC

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:
Patrick Mitchell, Senior Managing Director and Portfolio Manager, Guggenheim

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:
Jane Madden, Executive Vice President, CSR and Sustainability, Edelman

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?

Speaker:
Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of Chicago

Interviewer:
Michael Milken, Chairman, Milken Institute

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.

Moderator:
Jon Najarian, Co-Founder, optionMonster.com

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:
Yaw Nyarko, Co-Director, Development Research Institute, NYU

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:
Glenn Yago, Executive Director, Financial Research, Milken Institute

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:
Dan Senor, Adjunct Senior Fellow, Council on Foreign Relations; Co-Author, "Start-up Nation: The Story of Israel's Economic Miracle"

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?