Milken surpasses Davos in volume of actual financial transactions


Happy Cinco de Mayo! Dan Defrancesco After getting a 4.9 hotness rating from this AI, my ego was dashed. If you’re feeling daring or vanity, rate it here.

Fun Facts Friday: After the Queen’s death, King Charles had a fortune of $500 million and never had to pay a penny in inheritance tax. Click here for more information on where monarchies get rich.

Today, we’ll talk about how billionaire investors took a vacation, what all the big hedge funds did in April, how to make ChatGPT training fun, and more.

But first, Beverly Hills, I want to go there.

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1. Squeeze.

Probably the biggest financial conference of the year was held in Beverly Hills.

The Milken Global Conference may take place nearly 3,000 miles from Wall Street, but it will still serve as the epicenter of the financial world for a few days.

Luckily for us, the conference overlapped with several major market events, with financial heavyweights providing plenty of talking points (both in public and behind closed doors). Insider Dakin Campbell, who was on site at Milken, reports on his five biggest topics discussed this year.

Reading Dakin’s report got me thinking about how Milken compares to another famous conference, Davos.

The closest thing I have to Switzerland is drinking Toblerone from a hotel minibar.

I asked Matt Turner, Insider’s Business Editor, and he summed it up nicely. Milken is about getting business done.

Davos has a wide range of people, from politics to medicine to technology. But Milken isn’t shy about talking about finance, from his discussions with attendees and panels to the wider discussion at the event.

“It’s more specific,” Matt said of Milken. “Dollars and cents.”

For Dakin, Milken had an advantage over Davos from a purely logistical standpoint. Traffic in LA is terrible, but navigating Beverly Hills in the dead of winter is much easier than driving around the Swiss Alps.

Milken, thanks to its name, was also designed with a keen eye for what the financial industry wants, he added.

“Milken does a great job of creating an environment where co-workers feel cool and important.

Click here to read more about the biggest topics being discussed at the Milken Conference.

In other news:

2. Billionaire investor Howard Marks is on leave. The Oaktree co-founder was recently diagnosed with a form of laryngeal cancer, but told clients he hopes to be “back in action around midsummer.”

3. There are hedge fund returns. Two familiar names top the April multi-strategy hedge fund performance numbers. Here is a summary of the performance of all the largest funds over the last month.

Four. finally! IPO! Johnson & Johnson’s Kenvue went public on Thursday, making it the largest U.S. IPO since 2021, CNBC reports. JP Morgan, Goldman Sachs and Bank of America were all lead underwriters. For more on how the corporate carveout is offering temporary solace from his IPO drought, check out the Financial Times.

5. “Silent” living in Silicon Valley. Investors and founders say they’ve been cutting back on alcohol lately.

6. Goldman is summoned to the principal’s office. Bloomberg reports that regulators are investigating the bank’s involvement in the Silicon Valley bank crisis, which includes an unsuccessful attempt to help the bank raise capital. Click here for a review of Goldman’s role in leading up to the crisis.

7. Conflicting reports about the future of the Western Alliance have rocked the stock price back and forth. Shares plummeted after a report from the Financial Times that the regional bank was considering a potential sale. Details of the local bank madness.

8. Let’s stop everything! A $13.4 billion deal between Toronto-Dominion Bank and First Horizon has been scrapped, The Wall Street Journal reports. Here are the reasons why both sides decided to break the contract:

9. ChatGPT for dummies. Ready or not, the AI ​​revolution is coming. So if you’re looking for ways to figure out how to use chatbots on the hype, we’ve got you covered—here are his six fun ways to learn the AI ​​skills companies demand.

10. From big city life to easy life on a small island. This family of four moved from the suburbs of Chicago to a largely car-free area off the coast of South Carolina. Here’s how they navigate life on the island (and the cost of taxes and his HOA fee).

Curated by Dan DeFrancesco, New York. Feedback or tips?Email, Tweet @dandefrancesco, or connect with us on LinkedIn. Edited by Jeffrey Cane (Tweet) @jeffrey_cane) New York and the Hallam Block (tweet) @hallam_bullock) in London.

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