Fear, loathing (and hope) as finance’s elite gather in LA
We followed the world’s largest investors to Los Angeles to find out just how much they still believe in America’s future.
At the Milken Institute Global Conference this week, former junk bond king Michael Milken, Treasury secretary Scott Bessent, hedge fund titan Bill Ackman and Blackstone’s Jonathan Gray.
Outside the Holiday Inn in west Los Angeles, it’s a typical LA scene. Food delivery robots, like shopping trolleys with eyes, trundle along the sidewalk, bumping into homeless people, rolling past abandoned cinemas and sprawling freeways.
Fifteen minutes away, at the Beverley Hills Hilton, the juxtaposition of wealth, innovation and despair continues. Over 72 hours this week, America’s financial titans and a who’s who of global decision makers were dropped off and collected via a perpetual convoy of SUVs.
Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
