Speaker:
Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy, Economics Department, Harvard University

Interviewer:
Michael Milken, Chairman, Milken Institute

Kenneth Rogoff, Harvard economist and co-author of the best-selling "This Time Is Different: Eight Centuries of Financial Folly," joins Milken Institute Chairman Mike Milken for a private lunch dialogue on markets and the global economy. Among other recurrent myths they're sure to explore (and explode) are the ideas that sovereign debt is risk-free and that real estate prices always rise. They'll drill down on specifics of current concerns about instability in the Middle East, the rise of frontier economies as the BRICs lose their luster, the outlook for the euro zone and the prospects for resolution of gridlock in Washington. And they'll consider the positive impact of such trends as the rising middle class in developing nations, new energy supplies, rising productivity and accelerating technology advances.

Moderator:
Jared Carney, Chief Strategy Officer, Milken Institute; Acting Director, Milken Institute Asia Center

Moderator:
Nicholas Sandler, Managing Director, Guggenheim Partners

The Global Capital Markets Advisory Council (GCMAC) is made up of senior leadership of large funds from around the globe with the financial and human capital to shape trends and markets. Together these influential investors represent more than $18 trillion in assets under management. On Sunday afternoon, this group will convene for a special off-the-record meeting with leading CEOs from global companies. These executives will share their views on economic, investment and policy trends and offer their perspective on the future of their industries. This session promises a unique and insightful look at where the global economy is headed.

Moderator:
Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute

The Black Capital Access Forum convenes the nation's leading African-American investment professionals and entrepreneurs to share information and best practices, expand access to traditional and nontraditional capital sources, and increase business ownership. By facilitating valuable relationships, developing opportunities, and building wealth and influence, the group aims to enhance prosperity in communities of color across America through investment, philanthropy and mentorship.

Introduction By:
Michael Milken, Chairman, Milken Institute

Moderator:
Mindy Silverstein, Managing Director, Marketing and Program Development, Milken Institute

We've all seen the statistics showing that small businesses create the largest number of new jobs, but these are the very enterprises that financial institutions tend to ignore. And female business owners experience even greater difficulty accessing the capital and resources required to grow their companies. Women currently own 8.1 million businesses, employ 7.7 million people and contribute $1.3 trillion to the U.S. economy - and with better access to capital, they can play a much greater role in our economic recovery. Sen. Kirsten Gillibrand will join investors, business owners, elected officials and innovators for this invitation-only conversation about the challenges facing female entrepreneurs and strategies for unleashing the growth potential of women-owned businesses.

Moderator:
Maria Bartiromo, Anchor, CNBC

Global Conference 2012 kicks off by exploring the question facing policymakers across the United States and around the developed world: Has the emphasis on debt reduction put a wet blanket on recovery? Now that we can shift the focus away from crisis management, job creation is the central challenge. What investments and policy moves are needed now? If Europe descends into recession, will the effects reverberate around the globe, or has there been sufficient decoupling? Will Asia be the engine of growth, or will structural challenges slow the development of emerging economies? What sectors and geographies will define the future and revive economic growth?

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

U.S. real estate markets seem to be recovering, but there are significant differences in performance across asset classes and geographies. How are participants positioning themselves, and who is providing the financing? Where are the best opportunities: commercial, retail, industrial, multi-family, hospitality or other sub-sectors? Retail sales are showing surprising strength, office vacancy rates are inching downward, apartment rental rates are rising and hotels have more occupants. Is debt or equity financing the way to engage? Is the capital coming from private equity, hedge funds, pension funds, life insurers or REITS? What new opportunities are markets overlooking from repositioning existing assets to financing new projects? How does this performance compare internationally?

Moderator:
Robert Harteveldt, Global Co-Head of Fixed Income and Global Head of Fixed Income Origination, Jefferies & Co. Inc.

On the buy side, cash is accumulating on corporate balance sheets, private equity funds have capital to invest and banks are stronger. On the sell side, many ripened venture-backed startups are largely shut out of the IPO market, while financially sponsored leveraged acquisitions from past cohorts seek exits. Deal premiums for publicly traded companies are rising. Will the movement toward recovery in the M&A market continue throughout 2012? What will happen if liquidity does not continue to expand? How will deal volume be affected by macroeconomic and industrial trends in the U.S., Asia, Latin America and elsewhere in the world?

Moderator:
Andrew K. Morse, Deputy Bureau Chief, Wall Street Journal

India's once white-hot economy is slowing, although its growth rate is still the envy of developed nations. Cognizant of a growing budget deficit, the government is taking steps to address the effects of the slowdown. India recently announced moves to raise taxes and slow growth in overall spending while increasing investment in infrastructure. Will those measures succeed in spurring the economy? What are the prospects for pending proposals to allow greater foreign investment in certain industries? Can India successfully address its energy and infrastructure challenges, and weed out corruption? Is the current trajectory of growth enough to lift millions more out of poverty?

Interviewer:
Angella Nazarian, Author, "Pioneers of the Possible: Celebrating Visionary Women of the World"

Angella Nazarian, author of "Pioneers of the Possible," sits down for an intimate conversation with three groundbreaking women entrepreneurs. Together they will examine the risks and rewards of entrepreneurship, including the challenges women continue to face in the business world.

Moderator:
Tony Perkins, CEO and Editor, AlwaysOn

Silicon Valley is the birthplace of entrepreneurial venture capital and for decades has been the epicenter for innovation and disruptive technologies that have created millions of jobs and changed how the world lives. Increasingly, however, Silicon Valley has become more than simply a geographic location. It's now a state of mind that has gone viral worldwide from Austin to Boston, Chicago to Sao Paulo, and Shanghai to Mumbai and Dubai. Just as access to capital in the United States greatly expanded three decades ago, driving strong economic growth, we're now seeing new technologies and financial instruments being married to new marketplaces.

Speaker:
Angella Nazarian, Author, "Pioneers of the Possible: Celebrating Visionary Women of the World"

Moderator:
James McCaughan, CEO, Principal Global Investors

After the Soviet Union collapsed and China scrapped socialism, the triumph of free-market capitalism seemed assured. But a host of global trends - from greater financial market instability and rising income inequality to uncontained climate change - are challenging the established wisdom that capitalism is self-sustaining. Meanwhile convergence between mature industrial economies and rapidly growing emerging economies may well diffuse global power in ways that make it more difficult to manage systemic risks. This panel will discuss capitalism's prospects and consider policies that would preserve the efficiency-enhancing benefits of free markets while moderating the risk of self-destruction.

Moderator:
Mark Cutis, Chief Investment Officer, Special Situations, Abu Dhabi Investment Council

While emerging economies are growing at more than double the rate of the developed world, markets in these countries declined last year as central banks began to raise interest rates. Now all four BRIC countries have eased monetary policy, along with Indonesia, the Philippines, Thailand, Turkey and Chile. With the ECB dramatically increasing liquidity and optimism on the rise, risk appetites have increased in both emerging and frontier markets. This panel will examine the investment climate, ease of doing business, and macroeconomic and financial stability in an array of countries. It will also analyze emerging market geographies, industrial composition, commodity price impacts and other indicators. Will China face recession? How will it manage the bad debt lurking in its banking system? Will India be able to tame inflation and corruption costs to foreign investors? What will be the impact on Brazil and Russia if commodity prices fall?

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

Global patterns of trade are being fundamentally redrawn: Not only are U.S. energy imports declining, but China just posted its biggest trade deficit in 22 years. New trading partnerships are being formed between powerhouses like China and Brazil; Canada is negotiating a potential free-trade agreement with Europe; and emerging economies from across Asia are becoming major exporters. Although many nations are looking to exports as a driver of growth, world trade flows for most major economies have slowed in recent quarters, and the OECD recently cut its forecast for 2012 trade growth by almost half. How will a European slowdown affect world trade? What are the implications of Russia joining the WTO? As nations compete for market share, what are the new relationships - and rivalries - that will define the future?

Moderator:
Damien Loveday, Global Head of Hedge Fund Research, Towers Watson

Last year was a challenging one for hedge funds - and funds of hedge funds endured more than their fair share of the scrutiny. Assets at funds of hedge funds have fallen precipitously since the financial crisis began in 2008 due primarily to performance and structural issues, redemptions and fee compression. What do these recent trends mean for funds of hedge funds going forward? Will these investment vehicles continue to maintain a relevant place in the asset allocation plans for investors? This panel will examine the industry's future and the reasons behind the recent consolidation. The factors at play include fee pressures, increased customization, direct investing, greater demand for managed accounts, transparency and the ability to better manage liquidity. As a result, new business models are emerging. How are some of the largest funds of hedge funds in the world dealing with the evolving landscape and macro trends?

Moderator:
Melissa Stevens, Deputy Executive Director, FasterCures / The Center for Accelerating Medical Solutions

Translational research - the point at which general scientific knowledge starts to be applied to addressing a specific disease or condition - is the first step on the path to developing a new drug. But traditional investors in translational research (large- and medium-cap biopharmaceutical companies and life science-focused venture capital funds) are becoming increasingly risk averse in the face of escalating challenges in the drug development process. FasterCures recently hosted a Financial Innovations Lab to examine business models and financial instruments that can improve the risk/return ratio for early-stage investors. In this session you'll hear from experts who have designed and implemented new models like leveraged funds, research-based obligations and collaborative funding. If we can find a way to close the funding gap for translational research, we can get one step closer to urgently needed treatments.

Moderator:
Michael Klowden, President and CEO, Milken Institute

It's famously been said that there are known knowns, known unknowns and unknown unknowns. That pretty much sums up the prevailing convoluted views regarding current conditions, but our annual big-picture look at the global economy will provide some much-needed clarity. This panel will examine the latest macroeconomic trends around the world, including U.S. recovery and Europe's slowdown, and attempt to make sense of the world's new balance of economic power. Which emerging markets will be able to sustain growth over the long term - and which might be headed for turbulence? We'll also examine geopolitical risk in the Middle East and beyond, plus the effects of spiking oil prices. Crucial elections are coming up in many of the world's largest nations; what potential changes in leadership could have the greatest impact? What are the opportunities and trends that most observers have yet to spot?

Moderator:
Michael Milken, Chairman, Milken Institute

Just 10 percent of the world's population lives in the U.S. and Western Europe, but these areas account for 60 percent of private consumption spending. South Asia and sub-Saharan Africa, with one-third of the people on the planet, drive only 3.2 percent of consumption spending. As many as 2.8 billion people struggle to survive on less than $2 a day. Much of the developing world lacks access to banking services and credit, effectively cutting them off from the flow of global commerce. Changing this equation is not just a matter of altruism: It's an unprecedented opportunity, since developing countries also have the greatest potential to expand the ranks of consumers. This panel will examine the impact we could achieve by promoting greater global access to capital to open up new markets, add new customers, create jobs and improve standards of living.

Moderator:
Bradley Belt, Senior Managing Director, Milken Institute

Pension deficits are at record levels. Public-sector pension issues, in particular, are highly politicized and threaten governments with insolvency. Meanwhile, most households have insufficient savings to be able to retire. Are these problems insurmountable? As it turns out, there are examples of plan sponsors coming to grips with their funding challenges. And the private sector is developing new products and services designed to take some of the risk and uncertainty out of saving and retirement spending. This panel will highlight lessons from the front lines in both the public and private sectors.

Moderator:
Jeffrey Gedmin, President and CEO, Legatum Institute

Reaping the benefits of high oil prices, Russia's economy has been enjoying steady growth. But its political scene has grown decidedly more volatile, with protestors taking to the streets after the last round of elections. With Vladimir Putin continuing his hold on power, is there any hope that the country's persistent corruption problem can be weeded out? Now that Russia has joined the WTO, can the economy diversify away from its dependence on natural resources? Is Russia headed for a confrontation with the West over Iran and Syria? What do investors need to know about the risks and rewards of investing in Russia?

Moderator:
Steve LeBlanc, Senior Managing Director of External Private Markets, Teacher Retirement System of Texas

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 for the markets and the broader economy going forward. Are they feeling upbeat or cautious? Which sectors and regions 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 regulatory issues affecting their investment decisions?

Moderator:
Adam Sokoloff, Global Head of Financial Sponsors Group, Jefferies & Co. Inc.

Blockbuster deals from the biggest PE firms may grab all the press, but most of the industry's activity is actually concentrated in the mid-market space. What are the major challenges facing private equity firms in the near future? Will they have to deal with increased competition for quality assets or difficult fundraising? Now that Dodd-Frank has forced many firms to register with the SEC, how will regulatory oversight change the industry going forward? What kind of activity will we see in the consumer sector, health care and high tech? Are the best opportunities found in emerging markets?

Moderator:
Linda Rottenberg, CEO and Co-Founder, Endeavor

Entrepreneurs fuel innovation and job creation - and their impact is magnified in emerging nations, where new businesses can launch transformational change, creating opportunity where none may have existed before. Nimble startups are able to deliver products and services to previously underserved populations, connecting them with the global economy. But emerging market entrepreneurs face considerable barriers to entry: limited access to capital, few role models and a lack of management expertise. How can investors in the developed world help to broaden prosperity and tap into the intriguing growth opportunities these firms represent? What kind of mechanisms do we need to connect these startups with financing? This panel will highlight the experiences of dynamic entrepreneurs from around the world and find solutions that will pave the way for similar success stories.

Moderator:
Mitch Jacobs, Co-Chairman, 1 in 3 Leadership Council, Association for Enterprise Opportunity

Technology advances are transforming most sectors of the economy, but providers of credit have not yet fully harnessed the full power of what technology can do to aid with risk management, especially when it comes to higher-risk consumer and small business credit markets. That might be about to change, as a handful of venture-backed companies have developed powerful new tools that can provide major advancements in how credit-worthiness and risk are assessed. Responsible innovation in credit is vital to a healthy U.S. financial system, but these firms face major challenges in moving from the startup to the growth phase and achieving wider adoption of these tools. This panel will evaluate the opportunities presented by advancements in technology as well as the political, financial and systemic obstacles to innovation.

Moderator:
Jared Carney, Chief Strategy Officer, Milken Institute; Acting Director, Milken Institute Asia Center

The Chinese economy is outgrowing its current financial system, which is dominated by state-owned banks. The country's equity market is volatile and still immature, while the corporate bond market remains underdeveloped. Private small businesses need access to capital, and the difficulty of obtaining credit, together with restrictions on bank interest rates, has led to a booming informal market with higher returns. The development of a Chinese high-yield bond market is urgently needed to fuel sustainable economic growth in the private sector, which is the engine behind China's economic miracle. How will this market contribute to enhancing access to capital for Chinese firms? What policy changes need to be made to facilitate the issuance of high-yield bonds? This session brings together business leaders and aims at providing solutions and strategies for the development of the Chinese high-yield market.

Speaker:
Eric Cantor, U.S. Congressman and House Majority Leader

Moderator:
Bradley Belt, Senior Managing Director, Milken Institute

Moderator:
Steven Zecher, Project Director, Regional Development and Project Finance, Milken Institute Israel Center

The world's economic center of gravity is shifting from the developed to the developing world. Demographic trends and increased productivity add up to great potential for growth in emerging and frontier markets in Asia, Latin America, Africa and the former Soviet bloc. Significant capital is needed to support entrepreneurs, job formation, technology deployment, and new systems for delivery and expansion. This type of international development is facilitated in part by a network of multilateral development finance agencies. They can deploy a broad range of tools and programs, including wholesale and retail loans, equity support, insurance and guarantees. What are the most effective mechanisms to engage the public and private sectors in driving this growth story forward? This breakfast will bring together experts in development finance to discuss the most effective models for collaboration between governments, corporations and emerging market stakeholders to scale up economic growth.

Moderator:
Ross DeVol, Chief Research Officer, Milken Institute

Recent news on the U.S. economy has been more upbeat despite weakness in the euro zone and a slowdown in the BRICs and other emerging economies. Growth in U.S. real GDP finally hit 3 percent in the fourth quarter of 2011, and job creation has exceeded the critical 200,000 per month mark. Consumers are purchasing cars again, and businesses are funneling profits back into investment for efficiency gains and expansion. But does the recovery really have legs? Many downside risks remain, including gas prices, a housing market that continues to sputter, and ongoing declines in state and local employment. Will policy uncertainty from Washington restrict investment and risk-taking by businesses? Can Washington reach a compromise on taxes and spending that will reduce the medium-term deficit but not bite too hard in the near term? Will faltering economic growth outside the U.S. harm export growth? Will the Fed implement a QE3 strategy? This panel will offer a big-picture look at where the U.S. is headed.

Moderator:
Timothy O'Hara, Managing Director and Co-Head of Global Securities, Credit Suisse

What are the forces driving change across the financial landscape? This panel of prominent industry leaders will explore several critical issues at work globally. They'll look at clearing, settlement and central counterparties; how to address new "too big to fail" questions; and the financial business model in a perpetual zero interest rate environment. The panel will also discuss the financial industry's own evolution, including how competition is changing as the traditional roles of bank, broker-dealer, investor and exchange blur and merge.

Moderator:
Jonathan Slone, Chairman and CEO, CLSA Ltd.

China and India have grabbed so many of the headlines in recent years that it's been easy to overlook the huge potential for growth in the ASEAN countries and the continued significance of Japan and Korea - but no more. Foreign direct investment is up sharply, especially in the six key economies of Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. South Korea and Japan each made news over the past year, but for entirely different reasons. South Korea's recent signing of a free trade agreement with the U.S. could be a model for other countries in the region, while Japan's export-driven economy slipped to a trade deficit for the first time in decades. As Southeast Asia continues to integrate its markets and remove trade barriers, can ASEAN avoid the pitfalls that eventually caused a crisis in the euro zone and the structural issues facing Japan? Will any of these countries evolve to become one of Asia's true economic pillars? Can they withstand a slowdown in China, as well as reduced demand from Europe and the U.S.?

Speaker:
Mitch Jacobs, Co-Chairman, 1 in 3 Leadership Council, Association for Enterprise Opportunity

Interviewer:
Jared Carney, Chief Strategy Officer, Milken Institute; Acting Director, Milken Institute Asia Center

Moderator:
Maria Bartiromo, Anchor, CNBC

This panel brings together some of the biggest names in private equity to discuss changes within the industry and the outlook for the year ahead. Which sectors and geographies look most promising? Will future emphasis be on emerging markets? What is the current outlook for fundraising? Will institutional investors increase their allocations? How will the industry respond to the heightened scrutiny and criticism raised by the presidential campaign? What will be the impact of increased regulatory oversight under Dodd-Frank?

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

The housing market continues to sputter along. What policies and investments could finally bring it back to health? The government's involvement in the housing sector has never been greater, though its various programs to help struggling homeowners have had limited effect. Almost all securitization activity in the housing sector is now being undertaken by Fannie Mae, Freddie Mac and Ginnie Mae. Can we not only reform the GSEs but also bring private capital back into the market? How has the housing bust affected multifamily development and the rental market? What is the best way to address foreclosures and help homeowners who are underwater?

Moderator:
Steve Liesman, Senior Economics Reporter, CNBC

The Federal Reserve is pulling all the policy levers it can to kick-start the economy and catalyze job creation. It's launched QEI, QEII and Operation Twist. It's been telling the markets where rates will be for the next two years and submitting white papers to Congress regarding the housing market. Just how effective are these measures? With foreign governments sitting on trillions of U.S. dollar reserves, are there limits to the effectiveness of Fed policy actions? Is the Fed's dual mandate a mandate too many? Does the intended positive effect of near-zero rates compensate for the adverse impact on pensions, households on fixed incomes and global currency stability?

Moderator:
Lisa Davis, Program Officer, Metropolitan Opportunity, Ford Foundation

Local economies from Michigan to Texas to California are distressed and looking for answers ... answers that will produce growth, access to capital, and jobs, jobs, jobs. Mainstream investors have historically ignored moderate and low-income communities because of the perceived risk. But these markets may offer just the type of opportunity investors are looking for: unmatched potential for growth, new industry development, and modest yet sustainable returns. But what are the best ways to engage the private sector? How can government policies be structured to incentivize capital flows at a scale that will bring real growth? What are the best financial models for community development that will foster entrepreneurship and job creation? Panelists will discuss innovations in public-private partnerships and current trends in community investment, which have the potential to support economic growth while also providing the returns investors seek.

Moderator:
Mark Chiaviello, Director, Corporate and Investment Banking, Standard Bank

For the last decade, Africa's economy has been growing 5 percent every year, easily beating the U.S., Europe, Latin America and the global average. Growth has been driven primarily by precious metals and oil and gas, but other sectors have now emerged, presenting unique opportunities. This session will focus on investment trends in Africa, with an emphasis on three of the fastest-growing sectors: consumer-facing industries, agriculture and infrastructure. Consumer sectors are growing two to three times as fast as those in wealthy countries, and with 60 percent of the world's uncultivated arable land and low crop yields, Africa's agricultural output is expected to double in less than 10 years. To handle its growing population and economy, Africa's infrastructure needs $1 trillion worth of investment in the next 10 years. Experts on each of these areas, and investment in Africa overall, will provide a unique perspective on these potentially high-yielding opportunities.

Moderator:
Raymond Wood, Head, Global Alternative Energy, Credit Suisse

It's becoming much more cost-effective to integrate renewable technologies like solar and wind into utility-scale power generation, but this effort faces very real headwinds. Meanwhile, distributed energy solutions (customer opportunities behind the meter) are gaining significant momentum and are supported by several state utility commissions. This approach relies on smaller mechanisms for power generation near the point of use, reducing reliance on huge networks of transmission lines and the power losses incurred along the way. Smart grid roll-outs, net metering initiatives and the rapidly declining cost of rooftop solar panels have huge potential for commercial and residential uses. But the market is fragmented, with small local businesses vying for a piece of the pie against newly emerging national players. All of these distributed energy solutions compete with bundled utility peak residential tariffs rather than wholesale power prices, so they're becoming increasingly price competitive. Is this emerging distributed energy market here to stay? How will utilities respond? What should the federal government and individual states do to support distributed energy solutions?

Moderator:
Liam Kennedy, Editor, Investments & Pensions Europe

It's nothing but bad press for Europe these days, and many investors have headed for the exits. But does that mean it's actually a moment for contrarians to jump in? Several sectors are continuing to perform well, especially in exports to outside the region. And many companies (and even countries) have seen price distortions in their stocks and debt offerings that could create valuable opportunities. Where are the right places to invest in Europe, and what are the remaining hidden dangers? Which countries are best positioned to buck the trend and maintain positive economic growth? Which sectors are best insulated from the uncertainty?

Moderator:
Alec Ellison, Vice Chairman, Jefferies; Chairman, Technology Investment Banking

This panel will explore the dynamic market segments venture capitalists are currently targeting as well as the health of the VC industry itself. Panelists will address investment trends as well as "competitors" to traditional VCs, such as angel investors. Are VCs earning better risk-adjusted returns than other asset classes? What are some of the new technology plays? Are VCs overinvesting in social media, or are sustainable business models emerging? Will the biomedical field begin to attract more investments? Do clean tech and alternative energy still hold appeal? Are more corporate VCs re-entering the space? Are there more cross-border deals taking place? Where are younger VCs placing their money and time?

Moderator:
Betsy Zeidman, Senior Fellow, Milken Institute; Executive Fellow, USC Center for Communication Technology Management

For long-term investors, factors like climate change, supply chain management and the implications of economic inequality increasingly figure in investment decisions. These investors vary in size (from large institutions to small funds to high-net-worth individuals), asset class (from debt to equity to real estate) and approach (from exercising ownership to forging partnerships with government). 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:
Harold Ford Jr., Former Congressman; Managing Director, Morgan Stanley; Professor, NYU Wagner School of Public Policy

It's hard to find an era in which hard work and thrift truly assured economic mobility in America. But for much of the nation's history, the myth of mobility served as a substitute for the sort of social protection that underpins European societies. And rapid economic growth (in part a consequence of America's inclination toward laissez-faire government) meant that most hard-working people did prosper. But growth has slowed and wages have stagnated in the last few decades. Meantime, the costs of acquiring marketable skills and the risks of falling out of the middle class due to unemployment, ill health or old age have increased. This panel will discuss whether America has a way - and can muster the will - to rebuild the dream, increasing mobility while offering a more realistic safety net for those who don't make it.

Moderator:
Zachary Karabell, Senior Fellow, Milken Institute; President, River Twice Research

The United States has been the most influential state on the planet for decades, but China's meteoric rise is altering the global balance of power. Lopsided trade and financial flows have complicated the entanglements between the two nations. Can the awkward partnership between the U.S. and China evolve into a better working relationship that can address geopolitical and financial crises? Will the competition for natural resources flare up in the coming decades? How will the long-simmering currency dispute play out? Can other nations enjoy the benefits of Chinese growth without sacrificing long-standing American security assurances? What new international alliances might be built in response? This panel will examine the economic, military and political implications of having two major superpowers on the world stage.

Moderator:
James Cuno, President and CEO, J. Paul Getty Trust

Los Angeles has become the nerve center of the art world, transforming the community and attracting artists, collectors and patrons from around the world. For serious and purposeful collectors in this and every global art market, the pursuit of important artworks is about personal growth, fascinating relationships and windows on previously unseen worlds. Our speakers are globally recognized representatives of the Los Angeles art world - each with a unique perspective, each with particular objectives and all dedicated to maximizing the societal benefits and expanding access to this wonderful world. For experienced collectors, those just beginning and those just considering, this session is a can't-miss opportunity to learn what's happening in one of the art world's most vital centers - and to join us on a remarkable visual journey.

Moderator:
Doug Mangini, Head of Intermediary Distribution, Guggenheim Partners

Investors today, compared to even just 10 years ago, have a multitude of investing choices. Similarly, options for managing risk in their portfolios have evolved dramatically. Traditional measures of portfolio volatility are now being expanded to include considerations for "draw-downs" and "liquidity." It's not just about beating a market index anymore. Seen through the prism of a variety of professional investing perspectives, this panel will examine how these views have changed, why asset allocation plays its role, and how definitions and approaches to risk management have transformed based on risk tolerance and the availability of different investing vehicles.

Moderator:
Jeffrey Gedmin, President and CEO, Legatum Institute

The aid-versus-investment debate has been retired: It's clear they're complementary strategies for lifting up the poorest regions of the world. When aid improves basic health and infrastructure, school enrollment and worker productivity soar, setting the stage for developing nations to attract foreign investment and launch a virtuous cycle of growth. But with Western governments gripped by deficit fears, can NGOs make the case for protecting foreign aid from budget cuts? Can public-private partnerships bridge the gap and help sustainable economic growth take root? This panel will explore what's working in global development, including new models for governments, NGOs, investors and multinational companies to collaborate more effectively.

Moderator:
Francesco Guerrera, Editor, Money & Investing, Wall Street Journal

The equity markets have risen considerably since their recent lows. It appears that investor confidence may be returning. But what's changed? Are investors thinking differently about markets? What are the new asset classes? Where is the alpha going to be found? How has the scarcity of liquidity impacted performance — and how can that be overcome? Can long-term investing still generate performance? A group of leading investors will discuss the new face of equities trading — and whether or not the rise in equity markets is too good to be true.

Moderator:
Michael Milken, Chairman, Milken Institute

Borrowing costs for corporations worldwide are approaching record lows. How long can this continue? Quantitative easing and long-term refinancing operations have averted the fear of business failures. Nevertheless, does the slow recovery in the developed world and the potential for related decreases in developing market growth rates mean we'll face an even higher wall of debt maturities in the future? Beyond the current wave of refinancing, will companies have trouble getting new loans, spurring further defaults and bankruptcies? What is the relation between sovereign debt and corporate debt challenges? Will the growing need for government refinancing ultimately overload debt markets?

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

Monetary easing is the big focus on both sides of the Atlantic. Two recent repurchase programs by the ECB have eased liquidity concerns in the European banking system, but have they improved the situation with respect to overall financial solvency? Will such massive quantitative easing by the Fed and ECB make it more difficult to eventually reverse policy? What will be the implications two or three years down the road? Money creation in developed countries has boosted inflationary pressures in emerging economies. Brazil's finance minister has alleged that the Fed's easing is just a means to debase the dollar, while the country's president slammed the ECB's moves as "artificial forms of protectionism." How can developing nations protect themselves? Will currency spats flare up into full-fledged trade wars?

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

In the aftermath of the financial crisis, countries around the world have taken varied approaches to the task of reforming their regulatory systems. In the U.S., Dodd-Frank is still not fully implemented; its ultimate impact on banks and the availability of credit remains to be seen. Meantime, on a global level, the higher capital requirements of Basel III are being phased in, but there is still a lack of full coordination regarding the regulation and, if needed, resolution of big banks that operate in multiple countries. This panel will explore the most urgent regulatory issues of the day, including lessons to be learned from countries (such as Canada) that didn't experience disruptions in their financial systems and whether the too-big-to-fail-problem has been adequately addressed. Moreover, do we need a pan-global regulatory authority? Is there a better way to regulate so that small businesses worldwide have better access to credit? Most fundamentally, why have financial crises increased in number and severity over time worldwide? Are Dodd-Frank and Basel III enough to reverse this trend?

Moderator:
Alma Gadot-Perez, Director General, Milken Institute Israel Center

Eco-innovation is an approach to promoting sustainable growth while overcoming scarcity in fuel, food and water. Touching on policies, processes and products alike, we will present a series of potentially disruptive eco-innovations in energy, industry, agriculture and transportation. In Israel, the Milken Institute has been involved in a series of Financial Innovations Labs and policy developments including an oil-free initiative, natural gas development, a greenhouse gas reduction program, solar energy tariffs, and water and agrotech initiatives - all of which can have international applications. This panel will host a number of technology and policy thought leaders at the forefront of eco-innovation breakthroughs.

Moderator:
Alexander Friedman, Chief Investment Officer, UBS AG

U.S. equity markets are riding high. Will the bulls continue to run, or are we overdue for a market correction? Are small retail investors ever going to summon up the confidence to dive back into the market? Will Europe's struggles cast a shadow over global markets? Which multinationals are heavily dependent on Europe, and which are insulated? Which emerging economies will prove to have real momentum, and which will encounter slowdowns? Which sectors look most promising? How will the bond market fare with interest rates remaining at rock-bottom levels? This panel of opinion makers will offer their fearless forecasts of where the markets are headed in the year ahead.

Moderator:
Steven Drobny, Partner, Drobny Global Asset Management

In an era characterized by increased market correlations and economic uncertainty, institutional investors are looking beyond the retail investor staples of stocks, bonds and cash. Enter the world of alternative investments: REITs, hedge funds, managed futures, private equity, venture capital and limited partnerships. It's a world with growing appeal in this era of slow growth and low yield. This panel of experienced investors will share their macro views along with their fundamental outlook to identify the next great opportunities across the public equity, credit, real assets and alternatives landscape.

Moderator:
Joel Kurtzman, Senior Fellow and Executive Director of the Center for Accelerating Energy Solutions, Milken Institute

At least we live in interesting times. Europe's future - and the fate of the euro - remains under a cloud, with unknown ramifications for the rest of the world economy. China, which has enjoyed white-hot growth rates, now appears to be slowing down. The war in Iraq has wound down, but that country's future is far from certain. Meanwhile, trouble continues to boil over in Afghanistan, while Pakistan and Iran are dangerous wild cards. This panel will scan the horizon to analyze global trouble spots and predict how events will play out.

Moderator:
Tom Corcoran, President, Imperial Capital

In light of new capital requirements under Basel 3 that will be phased in over the next few years, banks around the world are under pressure to raise capital, shrink in size and scope, and strengthen their balance sheets. European banks, in particular, are scrambling to improve capital ratios as regulators seek to contain the fallout from the sovereign debt crisis and the recession. What are the most compelling values for investors in this period of global banking realignment? Where are the best bank assets to be found? Are banks ready to deal? Who are the players? What are the risks? How are the the deals being structured and financed? Our panel of experts will address these and other questions about investment opportunities being realized in the current banking environment.

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

Interviewer:
Michael Milken, Chairman, Milken Institute

One of the world's most influential economists, Nouriel Roubini will sit down for a wide-ranging conversation about his outlook for the year ahead - and, of course, the downside risks to watch. It seems the U.S. economy has turned the corner, but he believes austerity is deepening Europe's woes and China could be in for a hard landing. With plenty of fast and furious commentary, Roubini will offer his take on where the global economy is headed.

Moderator:
Scott Minerd, Chief Investment Officer, Guggenheim Partners

Is the Arctic the last emerging market? The retreat of the polar ice cap will make the region's vast natural resources far more accessible and make the Northwest Passage a viable shipping lane. The prospects for the oil and gas, fishing, mining and shipping industries appear vast, but the question of who owns what in the Arctic is far from clear. What economic opportunities will be revealed by this northern exposure? What geopolitical, security and environmental challenges are posed to the countries bordering the Arctic? What can those governments — from the U.S. and Canada to Russia and Norway — do to encourage economic development and develop the skilled workforce necessary to take advantage of the boom?

Moderator:
Christopher Ailman, Chief Investment Officer, California State Teachers Retirement System (CalSTRS)

We've heard a dozen times that we've turned the corner on the European debt crisis. Can we believe it this time? Has the European Central Bank made all the right moves to avoid a major credit crunch? Will Portugal or Ireland need to undergo a Greek-style debt restructuring? In the meantime, the impact of austerity is becoming clear as several European economies slip into recession. Which European nations and sectors are best positioned to ride things out? Will high unemployment lead to more social and political unrest across the continent? Just how deep will the downturn be, and how will it affect the recovery under way in the rest of the world? This panel of experts will examine the latest developments, how recent events have weakened the ties that bind the euro zone, and how European policymakers can address the fundamentals to restore growth.

Moderator:
Glenn Yago, Senior Director, Israel Center; Senior Research Fellow; and Founder, Financial Innovations Labs, Milken Institute

"Financial innovation" has taken on a derogatory meaning in recent years. But even as we look at how to use inventive tools and instruments more safely and responsibly, it's important not to throw out the baby with the bathwater. This panel brings together a group of pioneers in finance: leading experts who designed instruments and markets that have brought impressive benefits to society. They'll gather for a candid discussion about the future of the field, including a look at specific industries and social issues that need financial solutions to drive progress.

Moderator:
John Gapper, Associate Editor and Chief Business Commentator, Financial Times

Smart logistics systems are more vital to the bottom line than ever before, whether you're an international manufacturer or a small online retailer. Today the entire global economy depends on the ease of international trade. Companies looking to establish technology centers, warehousing and distribution bases, and points of collaboration are increasingly willing to compare the advantages of operating out of Hong Kong vs. Singapore, Vancouver vs. Los Angeles, Amsterdam vs. Hamburg. For regions to realize their growth potential, it is crucial to provide the infrastructure - from rail lines to container ports - that streamlines commerce. The most modern and efficient airport hubs, in particular, 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:
Paul Irving, Senior Managing Director and Chief Operating Officer, Milken Institute

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 societal challenges. The 2012 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 will present the winning concept - and leave you feeling inspired about what the best and brightest young minds in finance can accomplish.