Episode summary
29th Annual Milken Institute Global Conference Special: Day One | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 49 min · Hosts: Carol Massar, Tim Stenovec, Joe Mathieu · Guests: Ian Bremmer, Bill Ackman, John Denton, Angela Alsobrooks
Summary
The day-one Milken Conference conversations centered on how the Iran conflict is rippling through markets, supply chains, and policy. One guest argued that Washington has limited leverage in the Strait of Hormuz, that Iran still has the ability to disrupt shipping, and that even a deal would take time to implement, making a quick reopening unlikely. Another guest said the broader consequence is a more fragmented Middle East, with Gulf states acting more on their own interests and less through multilateral institutions.
A separate thread focused on how investors are positioning for a world shaped by volatility, nationalism, and capital competition. Bill Ackman defended Pershing Square’s structure, said its IPO weakness was driven by forced selling, and argued that Universal Music Group needs a U.S. listing, a new board, and a balance-sheet reset. He also warned that betting markets and short-termism can distort capital allocation, while criticizing New York’s tax posture toward large employers.
Senator Angela Alsobrooks framed the affordability crisis as a real-life burden on working families, tied to gas, groceries, housing, and access to capital. She backed a more balanced approach to regulation, supported a bipartisan crypto framework that preserves innovation while protecting consumers, and argued that broader participation in ownership is key to wealth creation.
Key takeaways
- Ian Bremmer said the Strait of Hormuz crisis is an escalation and that the president does not currently have the leverage to force a reopening.
- Bremmer argued that even if a deal is reached, implementation would take at least another month or two, so markets should not expect a fast resolution.
- John Denton said the biggest underappreciated risk is a fertilizer shock that could hit food production in Africa and Latin America within months.
- Bill Ackman said Pershing Square is designed to be resilient, with assets that stay in the firm even if a key person leaves.
- Alsobrooks said the affordability problem is systemic and that wealth creation, not just survival, should be the policy goal.
- Alsobrooks said the crypto bill can pass this year if lawmakers accept a compromise that protects consumers and supports innovation.
Notable quotes
“as of right now, he does not. Uh, and that is a big part of the problem”
“the most consequential geopolitical impact that has come from this war is that the Emiratis and the Saudis are in much more open hostility”
“what we see here is the probably the the biggest gathering of private capital uh which will actually be incredibly important”
“I think we all agree that we want to have uh more and more efficiencies”
“I think every American has to own a piece of capitalism”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5:00 p.m.
Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. watching the markets and as we see Iranian missiles targeting the United Arab Emirates, there's some concerns about that.
Thrron warning that it was tightening its grip on the straight of Hormuz. I mean Joe, this is once again we see this back and forth and it feels like there's no progress towards an end.
It feels pretty hairy and this comes with this operation freedom I guess it's being called the president announced over the weekend where we would in fact not necessarily start escorting vessels through the straight but standby to help them. There's a question about whether anybody's going to take that opportunity and it's where we start our conversation with Ian Bremer. The force behind the Eurasia Group is with us live and in person here at the Milin Conference.
It's great to see you and I hope that this set of meetings is going well for you. We would just love to talk about this very delicate moment that we are in and whether the president has the ability to open this corridor in the straight and even if he does, could we move enough ships to make a difference?
Uh, as of right now, he does not. Uh, and that is a big part of the problem. This is by far the biggest challenge we've seen since the ceasefire was announced by President Trump a couple of weeks ago. Uh we now have ships that are being fired on uh in the straight.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- milken institute conference
- global economy
- politics
- technology
- business and finance
Companies and tickers mentioned
- Eurasia Group
- Pershing Square
- International Chamber of Commerce
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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