At this year's Milken Global Conference, a mix of caution and extravaganza prevailed, highlighting the dichotomy between the somber tone of panels and the celebratory spirit of after-parties. The conference, held in Beverly Hills, drew nearly 5,000 attendees, making it the largest since 2019, despite the steep ticket prices starting at $25,000. The panels were filled with pessimistic warnings and discussions of uncertainty, largely due to President Donald Trump's tariff policies and their impact on global equity and bond markets. Key Developments and Insights Economic Uncertainty One of the most prominent themes was economic uncertainty. Treasury Secretary Scott Bessant's speech was the most sought-after, with attendees queuing an hour early. O'Hanley, State Street CEO, echoed widespread concerns, stating, "The brand is definitely tarnished now," in reference to the U.S. economy. Both O'Hanley and Katie Koch, CEO of TCW, noted a shift in sentiment from the optimistic atmosphere at Davos to a decidedly gloomy one at Milken. Professional investors are now considering European markets, which have long been overlooked by American firms due to slower growth rates. Mixed Signals Despite the pessimism on stage, the mood at the hotel’s social events was markedly different. The Beverly Hilton buzzed with activity, from the wellness garden offering puppy playtime and nervous system reset chairs to extravagant after-parties. Attendees seemed undeterred by economic warnings, enjoying luxurious food and drinks, indicating that their personal confidence in the economy hasn’t wavered yet. International Interest Interest in international markets was evident, particularly in meetings with representatives from Middle East sovereign wealth funds. Saudi Arabia's Minister of Investment, Khalid Al-Falih, was a major draw, reflecting the growing importance of these funds in the global investment landscape. However, despite the enthusiasm for foreign markets, the sheer size and innovative culture of the U.S. markets continued to attract significant attention. Tech and AI Optimism Tech remained a bright spot, with attendees showing enthusiasm for artificial intelligence (AI) and self-driving technologies. Waymo cars were used to shuttle guests, and a high-tech fridge-sized box in the lobby allowed passersby to interact with a hologram of Michael Milken. Milken also conducted interviews with notable figures like Elon Musk and Nvidia CEO Jensen Huang, drawing large crowds. These interactions underscored the ongoing optimism in tech and the transformative potential of AI. Evaluation by Industry Insiders Industry insiders and company leaders provided nuanced perspectives on the current climate. Ken Griffin, founder of Citadel, and Marc Rowan, CEO of Apollo, shared concerns about the U.S. economy's future. However, the presence of international investors and the persistent interest in U.S. markets suggest that while uncertainties are acknowledged, the fundamental strengths of the U.S. economy remain compelling. Johnson & Johnson CEO Joaquin Duato’s paraphrasing of Winston Churchill—“Americans always do the right thing, after trying everything else”—summarizes the cautious optimism many business leaders hold. Company Profiles State Street: Manages $4.7 trillion in assets, led by CEO Ron O'Hanley. TCW: A $195 billion credit investment management firm, headed by CEO Katie Koch. Citadel: A global investment firm founded by Ken Griffin. Apollo: A leading private equity firm, helmed by CEO Marc Rowan. Noema Magazine: A tech philosophy publication celebrating its fifth anniversary, owned by billionaire Nicolas Berggruen. The Milken Global Conference thus served as a microcosm of the broader financial and business world, where caution is tempered by enduring confidence and innovation continues to drive interest.