<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><ul class="summary-list"><li>With income inequality skyrocketing over the past 30 years, even the people that have benefitted most from the system are calling out its flaws.</li><li>Billionaires like JPMorgan Chase CEO Jamie Dimon and Bridgewater Associates founder Ray Dalio have sounded the alarm on the threat the rising levels of inequality will pose for the country while Salesforce founder Marc Benioff recently pumped millions into studying the causes of homelessness.</li><li>At the prestigious Milken conference, where billionaires and multi-millionaires trade ideas in Beverly Hills, several panelists warned of the dangers of ignoring the threat of the growing wealth divide.</li><li>"<a href="https://www.businessinsider.com/global-elite-at-milken-cant-stop-talking-about-populism-2019-4">If you have no capital, why be a capitalist?</a>"</li><li>Read more stories like this on the <a href="https://www.businessinsider.com/?hprecirc-bullet">Business Insider homepage</a>.</li></ul><p>Billionaire Marc Benioff recently put his vast wealth to work on a cause that is plaguing his hometown of San Francisco, donating $30 million to the University of California-San Francisco to study the causes of homelessness.</p><p>The city has experienced a boom in wealth thanks to the massive tech companies that are headquartered there yet homelessness has skyrocketed as rents continue to climb, leaving an estimated 7,500 people in the city without a home.</p><p>While Benioff <a href="https://www.washingtonpost.com/business/2019/05/02/tech-billionaire-donated-million-try-solve-san-franciscos-homelessness-problem/">said</a> in a statement that he hopes to find "a North Star for truth on homelessness," the underlying question is what if billionaires, and the system that allowed Benioff and his peers to accumulate this wealth, are the true reason for the US's staggering levels of wealth inequality.</p><p>&#xa0;</p><p>With income inequality rising to the same levels as the Gilded Age of the 1920s, which was of course followed by the Great Depression, even billionaires are sounding the alarm on the possible side effects coming from when so few people control so much wealth. According to a <a href="http://fortune.com/2019/02/13/us-income-inequality-bad-great-depression/">recent paper</a> by University of California-Berkeley professor Gabriel Zucman, the top 1% in the country own 40% of the country's wealth.</p><p>"<a href="https://www.businessinsider.com/ray-dalio-says-the-economy-poses-an-existential-threat-for-the-us-2019-4">I think the American dream is lost</a>," said Bridgewater Associates founder and billionaire Ray Dalio on a recent CBS broadcast. Dalio, who was the highest-grossing hedge fund manager in 2018, pulling in $2 billion in total compensation, and JPMorgan Chase CEO Jamie Dimon have said populism and a trend toward more extreme political stances are inevitable results of this inequality.</p><p>At the star-studded Milken Conference in Beverly Hills, there was a growing sense of concern over the rise of populist politicians pushing agendas on the left.</p><div class="KonaFilter image-container float_left"><div class="image on-image"></div><p></p></div><p>"<a href="https://www.businessinsider.com/global-elite-at-milken-cant-stop-talking-about-populism-2019-4">If you have no capital, why be a capitalist</a>?" asked Sir Micheal Hintze, a billionaire and founder of London-based hedge fund CQS, during the conference.&#xa0;</p><p>One attendee, Guggenheim Partners' Alan Schwartz, <a href="https://www.ft.com/content/0f9cf638-6c28-11e9-80c7-60ee53e6681d">said</a> "what's really coming is class warfare."</p><p>The rise of Democratic Socialism is marked by the popularity of freshman congresswoman Alexandra Ocasio-Cortez from New York, who unseated long-time incumbent Joe Crawley in a primary with a message of changing the system entirely. She has made waves pushing for a Green New Deal in Congress, and several candidates running for the Democratic nomination for President have pitched wealth taxes to soak the super-rich.&#xa0;</p><p>"I don't want to be a tone deaf CEO; while the company is doing fine, it is absolutely obvious that a big chunk of [people] have been left behind," Dimon said at an event in March unveiling a new $350 million program by the bank to help people in underserved communities get jobs.&#xa0;</p><p>While President Donald Trump rode the support of people struggling to make ends meet to the White House, his policies have only been exacerbated the divide between the haves and the have-nots, experts say, with his tax reform being the primary point of contention. Major corporations like Dimon's have used the savings they have gotten from the tax bill not to pay workers' higher salaries or create new branches, but to buy back stock, boosting their share prices and helping the minority of the American population that is invested in the stock market.&#xa0;</p><p>No billionaire is calling for a regime change yet. The biggest cheers at Milken reportedly came when a video of former British prime minister Margaret Thatcher played, where she said "to be free, you must be a capitalist."</p><p>In fact, the 44% of millennials that would prefer to live in a socialist country are "people who don't know history," according to Citadel founder and billionaire Ken Griffin, who purchased <a href="https://www.businessinsider.com/ken-griffin-most-expensive-home-ever-sold-us-nyc-penthouse-2019-1">the most expensive apartment sold in American history earlier this year</a>.&#xa0;</p><p>His comment led to some on Twitter to question Griffin's selective knowledge of history, put succinctly by New York Times contributor and best-selling author Diana Henriques.</p><p>"Plutocrats who sputter about class warfare without addressing inequality need to brush up on the 1920s."</p><p>&#xa0;</p><div></div><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/reporter-calls-out-claim-that-fbi-was-happy-comeys-firing-sarah-huckabee-sanders-white-house-press-briefing-2017-5">This video shows the moment Sarah Sanders lied to a room full of reporters about FBI agents telling her they were happy Trump fired Comey</a></h3>        <div>                    </div>    </div>

Even billionaires are acknowledging that the system that created their crazy amount of wealth is unsustainable

<p><span class="KonaFilter image-container display-table float_right"><span><span data-post-image="" class="image on-image"></span><p></p></span></span><span style="line-height: 1.5em;">After a rough end to 2014, hedge funds are entering the new year with a little more caution.</span></p>
<p><a href="http://www.wsj.com/articles/hedge-funds-take-cautious-line-on-stocks-1421014252">The Wall Street Journal reported</a> Monday that hedge fund leverage has fallen to a two-year low, according to a confidential client memo from Morgan Stanley. Many hedge fund managers are taking a more bearish stance on stocks, decreasing exposure and betting against the market.</p>
<p>Surveys cited by the WSJ showed that 26 percent of hedge fund managers predict the stock market to stay flat or go down by the end of 2015, while banks predicted an average 8.2 percent rise.</p>
<p><span style="line-height: 1.5em;"><span><span>Hedge funds have been falling short of S&amp;P 500 performance for several years, returning only 2 percent in 2014. Poor performance has led to investors pulling their money and the closing of hundreds of funds last year.&#xa0;</span>Among those cutting exposure, the WSJ listed Michael Hintze's CQS LLP, Kyle Bass' Hayman Capital and Passport Capital LLC.</span></span></p>
<p><a href="http://www.wsj.com/articles/hedge-funds-take-cautious-line-on-stocks-1421014252"><span style="line-height: 1.5em;"><span>Read the full story over at the Wall Street Journal &gt;&gt;</span></span></a></p>

Last Year's Stock Market Has Hedge Funds Running

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.co.uk/license/73870312">Chris McGrath/Getty Images for IFL</a></span></p><p class="caption">Fight night in Europe.</p></div><p></p></div></div>Goldman Sachs and JPMorgan are pouring cash into the campaign group fighting to keep Britain in Europe, ahead of a referendum on the issue that could come as soon as this summer.</p><p><a href="http://news.sky.com/story/1626560/goldman-to-help-bankroll-eu-in-campaign">Sky News reported on Wednesday</a> that Goldman Sachs is donating "hundreds of thousands of pounds" to campaign group Britain Stronger in Europe, led by Stuart Rose, the former CEO of Marks &amp; Spencer.</p><p>Sky followed that up with another story on Thursday <a href="http://news.sky.com/story/1626855/jp-morgan-hands-cash-to-pro-eu-campaign">saying JPMorgan is also "preparing to make a substantial donation" to the same campaign.</a></p><p>In backing the group, the two US investment banking heavyweights have positioned themselves squarely in contention with top City hedge funds.</p><p>Sir Michael Hintze, who founded hedge fund CQS back in 1999, is <a href="http://uk.businessinsider.com/hedge-fund-boss-sir-michael-hintze-close-to-anti-eu-donation-2015-11">believed to have backed the anti-EU Vote Leave group</a> and Crispin Odey, the founder of hedge fund Odey Asset Management, <a href="http://uk.businessinsider.com/vote-leave-pro-brexit-group-launches-2015-10">is also backing the campaign</a>.</p><p>The division in finance is not so cut and dry, however. David Harding, the founder of hedge fund Winton Capital Management, is on the board of pro-EU campaign group Stronger in Europe and <a href="http://uk.businessinsider.com/winton-capital-management-founder-david-harding-backs-stronger-in-europe-2015-11">has reportedly donated several million</a>. Egerton Capital's John Armitage is also donating to the Stronger in Europe campaign.</p><p>The business world is getting increasingly edgy about Britain's looming referendum on whether to remain in the European Union. Many international businesses with a presence here, such as Goldman and JPMorgan, worry it could place a burden on their <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> operations.</p><p>Prime Minister David Cameron proposed the referendum on Britain's membership of the EU in the run-up to last year's general election to head off growing support for anti-Europe party UKIP. Cameron himself supports EU membership and is <a href="http://uk.businessinsider.com/eu-referendum-debate-and-brexit-update-david-cameron-speech-on-eu-demands-2015-12">currently trying to negotiate reforms to Britain's membership terms as an alternative to a full exit</a>.</p><p>The referendum will be held in 2017 at the latest but could come as soon as this summer.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ceo-more-likely-psychopaths-jon-ronson-2016-1">How to know if you're a psychopath</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xxMzl3dDow-R28pScWGuiAPHIeSaFV_2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

US investment banks are squaring up against hedge funds in the fight over a Brexit

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Bob Strong</span></p><p class="caption">It's hedge fund v. hedge fund.</p></div><p></p></div></div>Battle lines are being draw in London's small hedge fund community over the issue of whether Britain should stay within the European Union or not.</p><p>And the deep pockets of those on either side means they could decide the argument.</p><p>David Harding, the founder of hedge fund Winton Capital Management, is joining the board of pro-EU campaign group Stronger in Europe and reportedly donating several million to the campaign, reported <a href="http://www.theguardian.com/business/2015/nov/12/leading-hedge-fund-manager-david-harding-campaign-stay-eu">the Guardian</a> and <a href="https://next.ft.com/content/d682c838-8953-11e5-90de-f44762bf9896">the Financial Times</a> on Friday.</p><p>Both papers say that another hedge fund boss, Egerton Capital's John Armitage, is also donating to the Stronger in Europe campaign, which is backing a vote to stay in the European Union in the 2017 referendum on Britain's membership.</p><p>Harding and Armitage are the first prominent hedge fund managers to take a pro-EU stance. Crispin Odey, founder of Odey Asset Management, <a href="http://uk.businessinsider.com/vote-leave-pro-brexit-group-launches-2015-10">was one of the founding members of Stronger in Europe's opposing campaign group Vote Leave</a> and Sir Michael Hintz, who founded hedge fund CQS back in 1999, has <a href="http://uk.businessinsider.com/hedge-fund-boss-sir-michael-hintze-close-to-anti-eu-donation-2015-11">reportedly made a big donation to the campaign</a>.</p><p>These hedge fund titans are likely to play a huge role in deciding the outcome of the referendum, as they're likely to be one of the single biggest sources of funding for either side.</p><p><a href="https://next.ft.com/content/d682c838-8953-11e5-90de-f44762bf9896">The Financial Times writes</a>:</p><p style="padding-left: 30px;">Big companies, which bankrolled the Yes campaign in the 1975 referendum on British <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> membership, are reluctant to enter the fray this time. They would require shareholder approval to make donations and some fear a backlash from eurosceptic customers.</p><p style="padding-left: 30px;">That has made hedge fund managers a prime target for fundraisers on both sides of the argument, not least because many are frustrated with a post-financial crisis Brussels directive that brought hedge funds and private groups under direct regulation for the first time.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/everyday-phrases-smart-people-say-incorrectly-statute-2015-10">Everyday phrases that even smart people say incorrectly</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="44Z3ZoeDrznjy0zyuh6chLpAhZsFsPBY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Britain's EU referendum is turning into a battle between hedge funds

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Mike Blake/Reuters</span></p><p class="caption">Lara Warner, Group Chief Risk Officer of Credit Suisse, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019.</p></div><p></p></div></div>Hello!</p><p>The Wall Street elite spent the first half of this week in Los Angeles for the annual Milken Institute Global Conference. And the mood, according to Business Insider's Dakin Campbell, was cautious. In his story, <a href="https://www.businessinsider.com/milken-2019-masters-of-the-universe-fret-over-the-economy-even-as-their-wealth-grows-2019-5">Inside Milken 2019, where Masters of the Universe fret over the economy even as their wealth grows</a>, he wrote: </p><p style="padding-left: 40px;"><em>One West Coast banker is telling business owners to sell their company in the next 12 months or prepare to navigate through the next recession. An Orange County money manager is advising his high net worth clients about pushing more money into alternative investments to weather a downturn. An investment manager at a sovereign wealth fund is looking to sell whatever he can.</em></p><p>According to Business Insider's investing editor Joe Ciolli, investors and economists spent much of Milken <a href="https://www.businessinsider.com/milken-conference-2019-recap-overview-main-themes-from-investors-economists-2019-5">dispelling misconceptions around a potential recession, the Fed, and inflation</a>. And as Becky Peterson reports, despite high-profile female speakers and a lounge devoted to diversity content, Milken was still overwhelmingly male. Here's her story:</p><p><a href="https://www.businessinsider.com/milken-global-conference-shows-finance-all-talk-on-gender-equality-2019-5">Billionaire cabana meetings and secret confessions: Milken's male-heavy conference for the global elite shows finance is all talk when it comes to gender equality</a></p><p>And here are some other highlights: </p><ul><li><a href="https://www.businessinsider.com/milken-conference-2019-10-investing-experts-share-their-biggest-fears-2019-4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/milken-conference-2019-10-investing-experts-share-their-biggest-fears-2019-4&amp;source=gmail&amp;ust=1556988327332000&amp;usg=AFQjCNEYa7XjPO20JlryCWGgE5cMp8FEBw">10 of the world's best investing minds shared their biggest fears at Milken - and the lack of consensus is a major red flag of its own</a></li><li><a href="https://www.businessinsider.com/softbank-vision-fund-investment-process-rajeev-misra-milken-conference-comments-2019-4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/softbank-vision-fund-investment-process-rajeev-misra-milken-conference-comments-2019-4&amp;source=gmail&amp;ust=1556988327332000&amp;usg=AFQjCNE4MPnpbvHOXx3fdV5IourEDhwf_Q">The CEO of SoftBank Investment Advisers, who runs the world's biggest venture fund, offers an inside look at how he picks which companies to lavish with billions of capital</a></li><li><a href="https://www.businessinsider.com/investing-in-uber-potential-returns-projections-expert-commentary-2019-4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/investing-in-uber-potential-returns-projections-expert-commentary-2019-4&amp;source=gmail&amp;ust=1556988327332000&amp;usg=AFQjCNHstgBGpWk0OPaSeFUTEtn8FrM63g">Investing in Uber? Here's why one tech banker says not to hold your breath for big returns</a></li><li><a href="https://www.businessinsider.com/stock-market-forecast-for-decade-of-weak-returns-scott-minerd-2019-4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.businessinsider.com/stock-market-forecast-for-decade-of-weak-returns-scott-minerd-2019-4&amp;source=gmail&amp;ust=1556988327332000&amp;usg=AFQjCNHL3jSkVBtVc4n4UN1biHic9JiqaQ">The investment chief at $265 billion juggernaut Guggenheim made the crowd at Milken gasp with a bold stock-market forecast</a></li><li><a href="https://www.businessinsider.com/ceos-discuss-automation-at-milken-conference-2019-5">'Elevating the role of the human': A group of powerful CEOs shares why the common wisdom about automation and robots stealing jobs is so clearly wrong</a></li></ul><p>What did we miss? Let me know. You can reach me at mturner@businessinsider.com if you have any questions, ideas, or requests.</p><p>-Matt</p><h2>Quote of the week</h2><p><span>"Look at it simplistically. If you have no capital, why be a capitalist?" - Michael Hintze, a billionaire and group executive chairman and senior investment officer at asset management firm CQS, <a href="https://www.businessinsider.com/global-elite-at-milken-cant-stop-talking-about-populism-2019-4">on the rise of populism</a>.</span></p><h2>In conversation</h2><ul><li>Meghan Morris talked to <span><strong>Artie Minson</strong>, <strong>WeWork</strong>'s copresident and chief financial officer, <a href="https://www.businessinsider.com/weworks-co-president-highlights-one-major-growth-initiative-2019-4">about the company's plans for managing workspaces for larger corporate clients</a>.</span></li><li>Meghan also talked to <strong>Woody Bradford</strong>, the CEO of $141 billion asset manager <strong>Conning</strong>, about his <a href="https://www.businessinsider.com/connings-ceo-highlights-the-kinds-of-asset-managers-hed-like-to-buy-2019-5">plans to buy a few asset managers with various investment strategies, including real estate debt and quantitative fixed income</a><span style="color: #222222;">.</span></li><li>Emma Court talked to <strong>Eirene Kontopoulos</strong>, who manages the investment giant <strong>Fidelity</strong>'s $2.5 billion biotech fund, about the <span style="color: #222222;">10-item "mental checklist" </span><a href="https://www.businessinsider.com/how-to-invest-in-biotech-stocks-fidelitys-eirene-kontopoulos-2019-4">she uses to choose the most promising stocks in a notoriously risky field</a><span style="color: #222222;">.</span></li><li>Alyson Shontell talked to <strong>JPMorgan Chase</strong>'s chief marketing officer <strong>Kristen Lemkau</strong>, <a href="https://www.businessinsider.com/how-jpmorgan-chase-reaches-customers-who-are-trying-to-avoid-ads-2019-4">about the bank's efforts to find new ways to reach consumers</a><span style="color: #222222;">. </span></li><li>Rosalie Chan talked to <span style="color: #222222;"><strong>Mark Mader</strong>, CEO of <strong>SmartSheet</strong>, which has seen its stock more than double since it went public, <a href="https://www.businessinsider.com/smartsheet-acquires-10000ft-and-ceo-mark-mader-explains-whats-next-2019-5">about the company's next phase of growth</a>. </span></li><li>Charlie Wood talked to <span style="color: #222222;"><strong>Adrien Nussenbaum</strong>, a cofounder of <strong>Mirakl</strong>, a French software-services startup, about Silicon Valley culture, </span><a href="https://www.businessinsider.com/mirakl-cofounder-adrien-nussenbaum-critique-of-silicon-valley-culture-2019-5">which he says treats workers "like chickens laying eggs in factories."</a></li><li>Graham Rapier talked to <span style="color: #222222;"><strong>Toby Sun</strong>, the cofounder and CEO of <strong>Lime</strong>, <a href="https://www.businessinsider.com/lime-ceo-interview-why-toby-sun-welcomes-uber-lyft-competition-2019-5">about why he's </a></span><a href="https://www.businessinsider.com/lime-ceo-interview-why-toby-sun-welcomes-uber-lyft-competition-2019-5">welcoming new competition from Uber and Lyft with open arms</a><span style="color: #222222;">. </span></li><li>Lucia Moses talked to <strong>Jon Steinberg</strong>, founder of <strong>Cheddar</strong>, about how <a href="https://www.businessinsider.com/cheddars-jon-steinberg-says-ignoring-conventional-wisdom-led-him-to-a-200-million-exit-2019-4">ignoring</a><a href="https://www.businessinsider.com/cheddars-jon-steinberg-says-ignoring-conventional-wisdom-led-him-to-a-200-million-exit-2019-4"> conventional wisdom led him to a $200 million cash exit</a>.<span style="color: #222222;"></span></li></ul><h2>Finance and Investing</h2><p><strong><a href="https://www.businessinsider.com/sohn-conference-founders-next-wave-hedge-fund-talent-2019-4">Meet the 5 rising stars presenting their investment ideas at the world's highest-profile hedge-fund conference</a></strong></p><p><span>If you want to make a name for yourself in the hedge-fund game, you could start with presenting an investment idea at the Sohn Conference.</span></p><p><strong><a href="https://www.businessinsider.com/citadel-has-poached-a-top-quant-executive-from-morgan-stanley-2019-5"><span style="color: #000000;">Citadel has poached a top executive from Morgan Stanley in one of Wall Street's fiercest hiring battlegrounds</span></a></strong></p><p>Hedge-fund giant Citadel has poached a top executive from Morgan Stanley in one of the fiercest talent battlegrounds on Wall Street.</p><p><strong><a href="https://www.businessinsider.com/wealth-manager-for-celebrities-and-the-ultrarich-has-tips-for-millennials">This wealth manager for celebrities says the young people who ask her for investing advice are often making a basic financial error</a></strong></p><p>Rebecca Rothstein spends her days managing billions of dollars for the very wealthy, but she makes a point of talking to younger people about their financial situations and needs.</p><h2>Tech, Media, Telecoms</h2><section><p><strong><a href="https://www.businessinsider.com/7-vc-investors-getting-rich-unicorn-tech-ipo-2019-5">Meet the 7 VC investors getting rich off of this year's parade of 'unicorn' IPOs</a></strong></p><p>2019 is set to make a lot of people very, very rich.</p></section><p><strong><a href="https://www.businessinsider.com/jeffrey-katzenbergs-quibi-courting-pg-and-anheuser-busch-for-ad-deals-2019-5">Jeffrey Katzenberg's Quibi is courting big brands like P&amp;G and Anheuser-Busch, seeking up-front ad deals for the streaming platform</a></strong></p><p>The Hollywood exec Jeffrey Katzenberg's yet-to-be-launched mobile streaming-video service, Quibi, is courting several big-name advertisers in a bid to secure up-front ad deals.</p><p><strong><a href="https://www.businessinsider.com/verizons-marketing-for-mobile-5g-appears-virtually-nonexistent-2019-5">Verizon's marketing for mobile 5G appears virtually nonexistent, and analysts predict big strategy changes could be coming</a></strong></p><p>Verizon may have been first to 5G, but the telecom giant is still sorting through issues around service and strategy.</p><h2>Healthcare, Retail, Transportation</h2><section><p><strong><a href="https://www.businessinsider.com/troy-medicare-advantage-will-pay-pharmacists-to-keep-elderly-members-healthy-2019-4">A health insurance startup in North Carolina is betting on pharmacists in an entirely new approach to a $327 billion market</a></strong></p><p>A health insurance startup is betting it can use pharmacists to take better care of elderly Americans.</p></section><p><strong><a href="https://www.businessinsider.com/chevy-plays-long-game-with-electric-car-strategy-2019-5">Chevy's marketing chief explains how the automaker is playing the long game with electric cars</a></strong></p><p>When it comes to electric cars, Tesla gets a lot of attention - but General Motors has been in on the action for longer than Tesla has existed.</p><p><strong><a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">A $70 billion investment manager turned the Milwaukee Bucks into a basketball powerhouse. Now he's set on improving America's dismal passenger trains.</a></strong></p><p>Hugging Florida's Atlantic coast is a narrow strip of land with some of the country's most recognizable attractions.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/reporter-calls-out-claim-that-fbi-was-happy-comeys-firing-sarah-huckabee-sanders-white-house-press-briefing-2017-5">This video shows the moment Sarah Sanders lied to a room full of reporters about FBI agents telling her they were happy Trump fired Comey</a></h3>        <div>                    </div>    </div>

What Wall Street's thinking, the VC investors getting rich, and Chevy's long game

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/milkeninstitute/with/33857495148/">Milken Institute / Flickr</a></span></p></div><p></p></div></div></p><ul class="summary-list"><li>Ten experts at the Milken Institute Global Conference couldn't agree when asked about the biggest risk facing the investment landscape and overall economy.</li><li>The lack of a clear-cut adversary has the panelists in defensive mode, even as financial markets remain strong.</li><li><a href="https://www.businessinsider.com/category/milken-2019" target="_blank" rel="noopener">Follow all of Business Insider's coverage of the 2019 Milken Conference here.</a></li></ul><p>BEVERLY HILLS - Risks to the global market landscape were a major talking point during the first day of the <a href="https://www.milkeninstitute.org/events/conferences/global-conference/2019/program-detail" target="_blank" rel="noopener">Milken Institute Global Conference</a> - perhaps unsurprisingly, given recent trepidation over a possible recession.</p><p>What was surprising, however, was the failure of <a href="https://www.businessinsider.com/category/milken-2019" target="_blank" rel="noopener">Milken</a> panelists to agree on the most likely source of turbulence. There's usually something resembling consensus around the biggest risk, whether it may be the US-China trade war, or the <a href="https://www.businessinsider.com/category/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a>.</p><p>But not right now.</p><p>Without a clear-cut adversary, both the investing landscape and the economy are as uncertain as it's been in some time. That's forced experts like those speaking at Milken to shift into a more defensive stance, even as financial markets <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-sp-500-on-track-to-close-at-record-high-2019-4-1028131134" target="_blank" rel="noopener">stay strong</a> in the immediate term.</p><p>It all fits with the cautiously optimistic tone that characterized the first-day panels at Milken. While there are still returns to be gleaned in the market, most everyone is looking over their shoulder, waiting for a different bogeyman to emerge.</p><p>Provided below are the biggest fears laid out by 10 experts across two separate Milken panels. </p><p><strong>Lara Warner - Group Chief Risk Officer, Credit Suisse</strong></p><p>"I hate to say, but it has to come back to Europe. I do worry that we're in a period where small earthquakes can lead to large tsunamis. And it seems to be the place that is most fragile."</p><p>"We just talked about the United States, and some of the disparities between the states and the federal government. Europe, in many ways, is an example of that, as a region. I think it's highly likely, with a number of elections coming in the next year or so, that we will see some shocks."</p><p>"Our concern is: you have those shocks, no monetary options, no fiscal options, frankly, not-as-developed financial markets as you see here in the US. Some, but not strong exposure to the Asian region, which is probably the bouyant area around the globe. That's the place we're most worried about."</p><p><strong>Ronald O'Hanley - President and CEO, State Street Corporation</strong></p><p>"I don't know if it's a risk, or a phenomenon, but I think it's this idea that, since everything requires technology, what are the scale requirements? And are we seeing inevitable consolidation across every industry?</p><p>"We're in the situation now, in financial services, that, between regulation and how to effectively employ technology, it's no longer too big to fail. It's too small to scale. And I think that's happening in industries around the world. It's great to develop the app. But the app doesn't work unless you develop the platform. And you can't develop the platform unless you have scale.</p><p>"How do we think, as investors, about what to invest in, that's ultimately going to achieve the kind of scale we think we need."</p><p><strong>Scott Minerd - Chief Investment Officer, Guggenheim Partners</strong></p><p>"I'm concerned about the butterfly effect. That risk premia are so low, assets are so highly valued, that all these unresolved issues - whether it be in Europe, or Latin America, or elsewhere - make it so that, just like 1998 with the Asian crisis, an event like devaluing the Thai baht will set off a chain reaction that we're not prepared for.</p><p>"Longer term, the real risk I see is we will end up back in an inflationary malaise because we don't have real policy solutions. What we're living through today looks like a lot of the 1940s and the 1950s. And ultimately, when the 60s came, with the expansion of the deficit with the Vietnam War, inflation began to take off.</p><p>"We're just like the proverbial frog in the pot of water. How do you boil a frog? You just put it in cold water, turn on the heat, and slowly let the pot come to a boil."</p><p><strong>David Hunt - President and CEO, PGIM, The Investment Management Business of Prudential</strong></p><p>"The systematic undervaluation of risk premia is a major risk. But we all suffer from fighting the last war. And I think we're all very much aware of what happened in the great financial crisis.</p><p>"The next crisis is going to come from a different place. I think it's going to come from technology and cyber. If I were looking for the thing that worries me the most, it would be an actual attack on the infrastructure of the financial markets that really bursts into it and creates a shutdown of the major pipes we use to do business. It's something we spend a lot of time working on and investing in."</p><p><strong>Tom Finke - Chairman and CEO, Barings</strong></p><p>"When we're investing, we're wondering what's going to disrupt the companies that we may be investing in today, and are they aware of it? What changes or disrupts an industry that we're long currently? It's a lot to keep you up at night."</p><p><strong>Joseph Naggar - Partner and Head of Structured Products, GoldenTree Asset Management LP</strong></p><p>"From a macro, top-down perspective, we're most closely watching the US dollar, which is up about 9% in the last year. Oil is sort of getting in the mid-70s. Things that will change this goldilocks environment. It's a race between the central banks and slower growth, and the central banks right now are winning. Things like that could change the macro environment."</p><p><strong>Mark Machin - President and CEO, Canada Pension Plan Investment Board</strong></p><p>"Isolationism in all of its forms."</p><p><strong>Sir Michael Hintze - Group Executive Chairman and Senior Investment Officer, CQS</strong></p><p>"Energy. Oil is about 3 to 3.5% of global GDP. The other energy pieces are about 2%. That price change will actually change the world. But if you really want to know what keeps me up at night, it's the global pandemic issue. That'll destroy the world.</p><p>"If you look at what happened when SARS hit, only 37 people died. The reality is that knocked global GDP down 3-4% pretty much overnight. That's something that could take us to the cleaners."</p><p><strong>Elif Bilgi Zapparoli - Co-Head of Global Capital Markets, Bank of America Merrill Lynch</strong></p><p>"Low interest rates. It allows for mispricing of risk."</p><p><strong>Mark Attanasio - Cofounder and Managing Partner, Crescent Capital Group LP</strong></p><p>"If you look at the growth of the stock market in the United States and wage growth. You see huge outperformance for how stocks have grown while wages have stayed relatively flat while growing. The good news is, that keeps inflation down. The bad news is, it's created all kinds of divides in this country that may be irreparable if they're not changed soon."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/reporter-calls-out-claim-that-fbi-was-happy-comeys-firing-sarah-huckabee-sanders-white-house-press-briefing-2017-5">This video shows the moment Sarah Sanders lied to a room full of reporters about FBI agents telling her they were happy Trump fired Comey</a></h3>        <div>                    </div>    </div>

10 of the world's best investing minds shared their biggest fears at Milken - and the lack of consensus is a major red flag of its own

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP Images</span></p><p class="caption">The most dangerous data breaches in history were caused by hackers and human error.</p></div><p></p></div></div>The referendum on whether or not to stay in the EU is the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s main political event of 2016.</p><p>It's hard to predict with any accuracy the economic and financial effects of the referendum given uncertainty of its outcome and the fact that an exit from EU would be unprecedented.</p><p>With this in mind, Credit Suisse analysts Sonali Punhani and Neville Hill have put together a weighty research note to try and answer the question of how the UK economy would be hit in the event of a Brexit.</p><p>The answer: very badly.</p><p>Here's a quote from the report (emphasis ours):</p><p style="padding-left: 30px;">Overall, the vote to leave the EU would entail <strong>an immediate and simultaneous economic and financial shock for the UK</strong>. We are likely to see an immediate contraction in GDP, which can be seen as a front-loading of the fall in UK national income that leaving the EU would imply for the UK.</p><p style="padding-left: 30px;">In the medium term, we expect it to be negative for both UK demand and supply implying a weaker GDP growth path. The recovery from the snap recession is likely to be more muted,<strong> making the GDP level post leaving meaningfully lower than if the UK votes to stay. </strong></p><p>Credit Suisse estimates that UK GDP could immediately fall by up to 2 percentage points if the country voted to leave the EU. And it would never really recover.</p><p>Firstly, a lot of companies would move workers overseas. More than a third of employers surveyed said they would be likely to shift staff out of the UK. Here's the chart:<div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Credit Suisse</span></p></div><p></p></div></div>The UK would lose its status as a hub for bright European things and companies depending on top talent would start to look elsewhere.</p><p>On Monday, top pharmaceutical executives echoed this fear, warning that a Brexit would "isolate the country's scientists," according to <a href="https://next.ft.com/content/9216298e-bf67-11e5-846f-79b0e3d20eaf">a report in the Financial Times.</a></p><p>Secondly, the current account deficit, already hovering close to 5% of GDP, would balloon further as foreign direct investment from the EU tails off. As a result, the analysts say the pound would fall in value, making imports more expensive and stretching household incomes.</p><p>Here's what that looks like:<div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Credit Suisse</span></p></div><p></p></div></div>While all this might be scary, according to Credit Suisse, it is unlikely. As the polls stand, more people are planning to vote to stay rather than leave the EU.</p><p>Here's that chart:<div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Credit Suisse</span></p></div><p></p></div></div>Businesses and business leaders have been taking strong positions on either side of the debate. <a href="http://uk.businessinsider.com/jpmorgan-goldman-sachs-fund-britains-pro-europe-referendum-group-2016-1">Goldman Sachs and JPMorgan are pouring cash into the campaign group fighting to keep Britain in Europe</a>, ahead of a referendum on the issue that could come as soon as this summer.</p><p>The banks are donating to campaign group Britain Stronger in Europe, led by Stuart Rose, the former CEO of Marks &amp; Spencer, putting themselves in opposition with fund managers who prefer to leave the EU.</p><p>Sir Michael Hintze, who founded hedge fund CQS back in 1999, is <a href="http://uk.businessinsider.com/hedge-fund-boss-sir-michael-hintze-close-to-anti-eu-donation-2015-11">believed to have backed the anti-EU Vote Leave group</a> and Crispin Odey, the founder of hedge fund Odey Asset Management, <a href="http://uk.businessinsider.com/vote-leave-pro-brexit-group-launches-2015-10">is also backing the campaign</a>.</p><p>While the vote could be held as late as 2017, many analysts think June 2016 is more likely if Prime Minister David Cameron's negotiations with the EU on concessions are successful next month.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/successful-shark-tank-stories-mark-cuban-scrub-daddy-2015-12">5 of the most successful 'Shark Tank' stories of all time</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pxanFreTrxlZGsVrCTcXaLsYyQbC08oW" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

CREDIT SUISSE: Here's just how disastrous a Brexit could be for the UK economy

<p>During CNBC/Institutional Investor's Delivering Alpha conference billionaire hedge fund manager <keyword id="831606" type="UNKNOWN" weightage="60" keywordseo="Leon-Cooperman">Leon Cooperman</keyword> stood up from the audience on a panel he's not on to make a case for being bearish on U.S. <keyword id="114127" type="COMPANY" weightage="60" keywordseo="Treasuries">Treasuries</keyword>. </p>
<p>It happened during "The Great Rotation" panel with guests Gregory Fleming, Morgan Stanley Wealth Management; Josh Friedman, Canyon Partners; Michael Hintze, CQS; and Andrew Spokes, Farallon. </p>
<p>CNBC host Becky Quick turned from the panel to ask Cooperman, who was sitting in the audience, where we are in the Great Rotation out of bonds.  </p>
<p>Cooperman, who was prepared, stood up and said "I'll give you six reasons" on why he thinks government bonds are a bad bet. Everyone in the audience started laughing.</p>
<p>We couldn't catch all of his reasons, but he says bonds are more expensive relative to equities.  He also sees bond yields moving higher in 2 to 3 years. </p>
<p>He said he'd rather take his chance in equities.  During last year's Delivering Alpha, Cooperman gave ten stock picks.  All of them are higher, some even substantially higher. </p>
<p>Absolute Return reporter Lawrence Delevingne Tweeted a picture of Cooperman. Check him out: </p>
<p> </p>
<blockquote class="twitter-tweet">
<p>Only at <a href="https://twitter.com/search?q=%23DeliveringAlpha&amp;src=hash">#DeliveringAlpha</a>: Lee Cooperman rises from audience to make case for equities over bonds for next 2-3 yrs <a href="http://t.co/ktzxKsiI1e">pic.twitter.com/ktzxKsiI1e</a></p>
— Lawrence Delevingne (@ldelevingne) <a href="https://twitter.com/ldelevingne/statuses/357517759933984770">July 17, 2013</a></blockquote>

Leon Cooperman Stood Up In The Audience At A Hedge Fund Conference To Make A Bearish Case For Bonds 

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/restricteddata/6322992684/in/photolist-aCJZrf-q1d6GF-pHMstF-4saSBE-q1kTBQ-p4qxdq-bcZ3xa-Ht8dT-8vvXRV-p4qyr7-8vw7nz-p81asa-oxp2v6-5Km7rg-oPBH9B-bfXD7Z-iU4rN-Je31q-pHQWKH-5Qpza1-bY2k4E-q13iri-pY7w2h-q13uf2-5QDnfL-5QDfE5-4LR4cQ-6T9NUA-pHR2xZ-aeKutf-aCJZmd-9j3m68-ojhDUA-pHMnvV-9Z6SjV-pHMuSZ-6Ctgpt-8Cv5NF-3dcUVe-6suskE-6wia7k-35Go3J-5ukzDt-nv4Akh-pY7uo7-94WB5G-5YhfL9-3bJSQe-omeXmx-eNhWqY">Flickr/RestrictedData</a></span></p><p class="caption">Donations made before February 1 may not be disclosed.</p></div><p></p></div></div>Millions of pounds are pouring into either side of the debate over whether Britain should stay in Europe or leave - but just how much each side is getting and from who could remain largely a secret.</p><p><a href="http://www.bloomberg.com/news/articles/2016-03-30/hidden-millions-fund-the-debate-over-britain-s-european-future">Bloomberg points out in an article on Thursday</a> that both the "Remain" and the "Brexit" (a British exit from Europe) camps have received huge amounts of funding over the last six months in preparation for the <a href="http://uk.businessinsider.com/britains-eu-referendum-will-be-held-june-23-2016-2">June 23 referendum</a>.</p><p>But the bulk of cash appears to have come before the February 1 deadline when the Electoral Commission requires all donations above £7,500 to be made public. It means many major corporations and individuals trying to sway public opinion could remain anonymous.</p><p><a href="http://www.bloomberg.com/news/articles/2016-03-30/hidden-millions-fund-the-debate-over-britain-s-european-future">Bloomberg quotes</a> Darren Hughes, deputy head of the Electoral Reform Society, as saying: "We need to know who's giving the money and who's trying to influence the debate. We're concerned about unreported income because the regulated period is too short."</p><p>Despite the lack of disclosure requirements prior to February 1, many donations have leaked out. Here's a rundown of the main backers we know about on each side:</p><h2>Remain</h2><ul><li><strong>David Sainsbury:</strong> Great grandfather set up supermarket J Sainsbury's. Provided seed funding for Britain Stronger in Europe, <a href="http://www.bloomberg.com/news/articles/2016-03-30/hidden-millions-fund-the-debate-over-britain-s-european-future">according to Bloomberg.</a></li><li><strong>Goldman Sachs:</strong> <a href="http://uk.businessinsider.com/jpmorgan-goldman-sachs-fund-britains-pro-europe-referendum-group-2016-1">Backed </a><a href="http://uk.businessinsider.com/jpmorgan-goldman-sachs-fund-britains-pro-europe-referendum-group-2016-1">Britain Stronger in Europe at the end of January.</a> A spokesman told Bloomberg the bank put in £500,000.</li><li><strong>JPMorgan:</strong> Also backed Britain Stronger in Europe <a href="http://uk.businessinsider.com/jpmorgan-goldman-sachs-fund-britains-pro-europe-referendum-group-2016-1">around the same time as Goldman</a>. <a href="http://www.bloomberg.com/news/articles/2016-03-30/hidden-millions-fund-the-debate-over-britain-s-european-future">Bloomberg says</a> $500,000 donated. Unconfirmed.</li><li><strong>Morgan Stanley:</strong> <a href="http://www.bloomberg.com/news/articles/2016-03-30/hidden-millions-fund-the-debate-over-britain-s-european-future">Bloomberg says</a> $500,000 donated. Unconfirmed.</li><li><strong>David Harding:</strong> Founder of hedge fund Winton Capital Management is <a href="http://uk.businessinsider.com/winton-capital-management-founder-david-harding-backs-stronger-in-europe-2015-11">believed to have backed Britain Stronger in Europe in November</a>. Donation was said to be several millions at the time.</li><li><strong>John Armitage:</strong> Founder of hedge fund Egerton Capital also <a href="http://uk.businessinsider.com/winton-capital-management-founder-david-harding-backs-stronger-in-europe-2015-11">reportedly donated to Stronger in Europe around November.</a></li></ul><h2>Leave</h2><ul><li><strong>Crispin Odey:</strong> The founder of hedge fund Odey Asset Management was <a href="http://uk.businessinsider.com/vote-leave-pro-brexit-group-launches-2015-10">one of the founding members of the "Vote Leave" campaign</a> and is believed to be a significant backer.</li><li><strong>Peter Cruddas:</strong> The former Conservative Party Treasurer and founder of CMC Markets was another founding member of "Vote Leave" and, <a href="https://next.ft.com/content/db7ce4fe-8e17-11e5-a549-b89a1dfede9b">according to the Financial Times</a>, put £1 million into the group in November as seed funding.</li><li><strong>Sir Michael Hintz: </strong>The founder of hedge fund CQS was "considering" a big donation to the <a href="http://uk.businessinsider.com/vote-leave-pro-brexit-group-launches-2015-10">Vote Leave campaign</a> in November, according to the Financial Times.</li></ul><p>These are just the names that have either leaked publically or been announced so far in the referendum debate - there are likely a lot more big donations going on behind the scenes.</p><p>Both groups have strong links to business: the remain campaign is chaired by former Marks &amp; Spencer CEO Sir Stuart Rose, while founding members of the "Vote Leave" group include JML founder John Mills, Phones4U founder John Caudwell, Reebok founder Joe Foster, Numis Securities CEO Oliver Hemsley, and Patisserie Valerie chairman Luke Johnson.</p><p><a href="http://www.bbc.co.uk/news/uk-34478008">The BBC reported</a> that Vote Leave is planning to spend at least £20 million on the campaign, around half the total the Conservative Party spent in the year leading up to last May's general election. That implies very deep pocketed backers.</p><p>The Electoral Commission will chose the official campaign for each side (there are various factions at the moment) in April, after which the designated groups will be required to publish their first spending reports by the end of the month. Electoral Commission spokesman James McGrory <a href="http://www.bloomberg.com/news/articles/2016-03-30/hidden-millions-fund-the-debate-over-britain-s-european-future">declined to tell Bloomberg</a> if groups would disclose donations it received before February 1.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-billionaires-real-estate-trick-sell-their-penthouses-faster-for-more-money-2016-3">The real estate trick billionaires use to sell their penthouses faster and for more money</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VycG0yMjE69omwf5-yxWoSA5EDyVrymY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Banks and hedge funds are spending millions on the fight over Britain's future in Europe - but it could remain secret

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Forbes</span></p><p class="caption">Anthony Massaro works at Bill Ackman's Pershing Square Capital Management</p></div><p></p></div></div>Hedge fund guys dominated</span> Forbes' most recent <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">'30 Under 30' list for finance</a>.</p><p>T<span>here were twelve of them on the 2017 list in total, including Michael Buckley, who works at Stanley Druckenmiller's Duquesne Capital, and Anthony Massaro, who works at Bill Ackman's Pershing Square Capital Management.</span></p><p>The list for finance was chosen by a jury consisting of <span>Sonia Gardner, cofounder of Avenue Capital Group, Thomas H. Lee, founder of Lee Equity Partners, and Jennifer Fan, portfolio manager at Millennium Management</span>. </p><p><span>The acceptance rate to the list is under 4%, <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">according to Forbes</a>. </span></p><p>The twelve hedge fund staffers who made it to the list were: Anish Abuwala (29), Raja Bobbili (29), Michael Buckley (29), Ben Friedman (29), Dhruv Maheshwari (28), Anthony Massaro (29), Alex Nomitch (29), Daniel Rasmussen (29), Ben Solarz (29), Andy Stafman (29), Colter Van Domelen (29), and Franklin Zhao (29).</p><p>Abuwala, a portfolio manager at Caxton Associates, works with former Joshua Berkowitz, who made his name as a trader working with George Soros. Abuwala started in the hedge fund business at Berkowitz's Woodbine Capital, and moved to Caxton with Berkowitz and other former Woodbine colleagues.  He graduated with a degree in finance and international business from NYU and has worked at Morgan Stanley, Lehman Brothers and BlackRock, <a href="https://www.linkedin.com/in/aabuwala">a</a><span><a href="https://www.linkedin.com/in/aabuwala">ccording to his Linkedin profile</a>.</span></p><p>Bobbili is an investment analyst at Abrams Capital, a <span>Boston-based investment firm founded by David Abrams</span>. <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">According to Forbes</a>, he manages "one of Wall Street's most concentrated and successful portfiolios." He is a graduate of MIT and Harvard Law School and <a href="http://www.hbs.edu/about/video.aspx?v=0_icvj7pu1">holds a MBA from Harvard Business School</a>.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>HBS</span></p><p class="caption">Raja Bobbili is an investment analyst at Abrams Capital</p></div><p></p></div></div>Buckley is an analyst dealing with global stock investing at investing legend Stanley Druckenmiller's hedge fund Duquesne Capital. He holds a bachelor's degree in applied mathematics from Harvard.</p><p>Friedman is a portfolio manager at CQS, a London-based asset management firm, focused on investing in high-yield and distressed securities. <a href="https://www.linkedin.com/in/ben-friedman-7841641a">According to his Linkedin profile</a>, he was previously a high-yield trader at Bank of America Merrill Lynch. He holds a bachelor's degree in political science from the University of Pennsylvania.</p><p>Maheshwari is a research analyst in the quantitative arm of hedge fund manager Steven Cohen's Point 72 Capital Management, <a href="http://www.forbes.com/30-under-30-2017/finance/#5f3a82631de4">according to Forbes</a>. Previously, he was vice-president at Goldman Sachs Asset Management.</p><p>Massaro is a partner at Bill Ackman's hedge fund Pershing Square Capital Management where he, <a href="http://www.forbes.com/30-under-30-2017/finance/#5f3a82631de4">according to Forbe</a>s, is involved in the firm's investments in Mondelez and Chipotle. <a href="https://www.linkedin.com/in/anthony-massaro-a433b313">According to his Linkedin profile</a>, Massaro previously had a two-year stint with the investment banking division of Goldman Sachs and holds a bachelor's degree in economics, finance and accounting from the University of Pennsylvania.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Screenshot</span></p></div><p></p></div></div>Nomitch works as a stock trader at Viking Global Investors specializing in energy names, <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">according to Forbes</a>. Previously, he worked as an investment banker at Goldman Sachs' natural resources division. He is a <a href="http://www.dartmouth.edu/~news/releases/2009/06/13.html">double major in economics and mathematics</a> from Dartmouth College, and graduated with "<span>nine academic citations: five in economics, two in mathematics and one each in computer science and chemistry."</span></p><p>Rasmussen is the founder of <a href="http://verdadcap.com/">Verdad Fund Advisers</a>, a fund that aims to deliver private equity-style returns in the public market.<span> He is the author of "<a href="https://www.amazon.com/American-Uprising-Untold-Americas-Largest/dp/0061995223">American Uprising: The Untold Story of America's Largest Slave Revolt</a>" and holds a bachelor's degree from Harvard and a MBA from Stanford. He previously worked at <span>Bain Capital and Bridgewater Associates.</span></span></p><p><span>Solarz is a principal at $6 billion hedge fund SPO Partners working on "technology, media and communications equities," <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">according to Forbes</a>. He is a Yale graduate, who went on to work as an analyst in the Yale Investments Office, <a href="https://www.linkedin.com/in/ben-solarz-9877494">before joining Blackstone and then hedge fund Eton Park</a>.</span></p><p><span>Stafman is a partner at Sachem Head Capital Management. He was earlier an associate at Silver Lake Partners, after <a href="https://www.linkedin.com/in/andystafman">graduating from the Wharton Business School with a degree in finance</a>.</span></p><p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>LinkedIn</span></p></div><p></p></div></div>Domelen is a partner at Chase Coleman's Tiger Global Management where he oversees technology investments "including billion dollar stakes in Amazon and Priceline," <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">according to Forbes</a>. He was previously "trained by Mary Meeker while a research analyst at Morgan Stanley," according to Forbes, and he lists Morgan Stanley's famous Mobile Internet Report as a publication on his LinkedIn profile. He is a <a href="https://www.linkedin.com/in/colter-van-domelen-5139a326">Duke University graduate in economics</a>.</span></p><p><span>Zhao is a macro trader at Commonwealth Opportunity Capital. His "winning 2016 trades included a bet on US inflation, Yen rates, Eurozone stress and volatility in the Chinese yuan," <a href="http://www.forbes.com/30-under-30-2017/finance/#fcdc52c1de44">according to Forbes</a>. Previously, he was an <a href="https://www.linkedin.com/in/franklin-zhao-39391b30">options and fixed income trader at Deutsche Bank Securities</a>. He graduated from Harvard majoring in physics.</span></p><h2><span><span><a href="http://www.forbes.com/30-under-30-2017/finance/#17a8c37a1de4">Click here for the Full Forbes 30 Under 30 list</a>.</span></span></h2>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/fed-federal-reserve-raised-rates-janet-yellen-explain-why-2016-12">Watch Yellen explain why the Federal Reserve decides to raise rates</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9iN245ODE6FzNRBdC0_U12Pgj2-fdpNL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Meet the hedge fund stars in their 20s who just made Forbes' '30 Under 30'

<p><span><div class="image-container float_right" style="width:480px"><div class="image"><p class="source">REUTERS/Jason Reed</p></div></div>Some of the biggest, bravest investors in the world are gathered here at the CNBC/Institutional Investor Delivering Alpha Conference, and as they do year after year, they're sharing their views on <keyword id="6357126" type="ORGANIZATION" weightage="60" keywordseo="monetary-policy">monetary policy</keyword> and its impact on the bond market.</span></p>
<p><span>We've watched these investors go from loving Bernanke, to hating Bernanke, from saying that we should be buying bonds to saying it's time sell bonds. This year, it's something completely different.</span></p>
<p><span>All these investors do is stay out of Bernanke's way.</span></p>
<p><span><span>"You can protect against certain scenarios better than you can predict them," said <a href="http://www.cnbc.com/id/100538788" target="_self" class="inline_asset" data-nodeid="100538788">Michael Hintze</a><span>, Founder &amp; Chief Executive Officer, CQS.</span></span></span></p>
<p><span><span><span>Also joining Hintz were </span></span></span> <a href="http://www.cnbc.com/id/48162361" target="_self" class="inline_asset" data-nodeid="48162361">Gregory J. Fleming</a>, President, Morgan Stanley Investment Management, <a href="http://www.cnbc.com/id/100512464" target="_self" class="inline_asset" data-nodeid="100512464">Joshua S. Friedman</a>, Co-founder, Co-chairman and Co-Chief Executive Officer, Canyon Partners, and <a href="http://www.cnbc.com/id/100513043" target="_self" class="inline_asset" data-nodeid="100513043">Andrew J.M. Spokes</a>, Managing Partner, Farallon Capital Management.</p>
<p><span>Through the talk, the four money managers sitting on stage were basically throwing up their hands and saying — "lets just go with it." Yes, they still think this an unprecedented time of central bank action. Yes, something unforseen is goign to hapen eventually — but there were few predictions on stage, and even fewer hands-ringing.</span></p>
<p><span>Resistance, as they say, is futile.</span></p>
<p>Here's a perfect illustration: CNBC's Becky Quick opened up the conversation asking if The Great Rotation (what everyone is calling the move from bonds into stocks) is upon is.</p>
<p>The short answer: Who knows?!</p>
<p><a href="http://www.cnbc.com/id/48162361" target="_self" class="inline_asset" data-nodeid="48162361">Gregory J. Fleming</a><span>, President, Morgan Stanley Investment Management said simply, "<span>very few economists would have told you on May 1st that the 10 year could be at 2% in the next month... It's very hard to call."</span></span></p>
<p><span><span>It was hard to call, and it was also hard to invest in. Fleming and his fellow panelists didn't sound ready to see that happen again full tilt.</span></span></p>
<p><span><span>His advisers over at Morgan Stanley are figuring out how to alter their asset allocation, but mostly they're still moving more into stock market — in 2008 they had less than 40% of their cash allocated there, now they have about 50%. </span></span></p>
<p><span><span><span>As for the credit markets, "the only observation I would make is that in credit markets... you're a lot closer to record low levels than you are to record high levels," said another panelist.</span></span></span></p>
<p><span><span><span>Not necessarily a big call.</span></span></span></p>
<p>Now, while this talk was going on, Quick called on Leon Cooperman to approach the stage and give his case for why he'd never invest in bonds. </p>
<p>Genius that he is Cooperman threw down a stunning six point argument that all came down to this — Why buy bonds when the Fed is buying bonds? I'll take my chances with equities, thanks.</p>
<p>Bernanke, do your worst. These guys are just going to watch.</p>

You Searched For "cqs" and got 11 results

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