Risk misallocated in the great resources distortion

A black swan perhaps, but at least be mindful of implications were this creature to turn out to be plain ole white under the spot light. The sting from a retracting pendulum hurts more than from the one that got away. North American balanced fund investors learned this painful lesson back in 2002.

Plus ca change, plus c’est la meme chose. (The more things change, the more they stay the same).

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What I took away from the world’s ‘festival of private capital’

The on- and off-stage antics at the extravagant Milken Global Conference in Los Angeles tell us a lot about where institutional capital is right on the money – and where it is putting its head in the sand. And while the event retains the extraordinary intellectual and financial firepower that has always been its signature, something has shifted. The absences are as instructive as what's on the program.

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