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The Bloomberg Global Markets Summit co-hosted by Foreign Affairs Magazine and Bloomberg LINK, convenes market makers and market movers as investors map their strategy for the year ahead. The program will look at the impact of the impasse in Washington over spending and debt, 2013’s big investment ideas, how fiscal & monetary policy is driving the markets, and how Europe continues to infuse volatility into the markets. Confirmed speakers include, Federal Reserve Bank of Atlanta CEO Dennis Lockhart, Bridgewater’s David McCormick, Chicago Mercantile Exchange Chairman Terrence Duffy and Wilbur Ross.
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Foreign Affairs | New York
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|8:00 am||PARTICIPANT CHECK-IN & BREAKFAST
|8:30 am||WELCOME & OPENING REMARKS
Jason Kelly, Managing Editor, Bloomberg LINK; Author, The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything
Gideon Rose, Editor, Foreign Affairs
Diane Brady, Senior Editor, Bloomberg Businessweek
|8:35 am||THE FUTURE OF BANKING & OUTLOOK FOR THE YEAR AHEAD
With the inauguration less than a week away, investors are repositioning for President Barack Obama’s second term in office and related fall-out beyond the fiscal cliff. Congress passed an eleventh-hour bill averting spending cuts and tax increases that threatened to push the world’s largest economy into a recession. At the same time, a rebound in housing and stabilization in global growth set the stage for 2013. What will the New Year bring? How are investors positioning themselves for the next four years? What are the major investment themes that will play out this year? What opportunities are being overlooked? VIDEO
Jim Millstein, Chairman and CEO, Millstein & Co., LLC; Former Chief Restructuring Officer, U.S. Department of the Treasury
Wilbur L. Ross, Jr., Chairman and CEO, WL Ross & Co. LLC
Alan D. Schwartz, Executive Chairman, Guggenheim Partners, LLC
Erik Schatzker, Anchor and Editor-at-Large, Bloomberg Television
|9:05 am||BEYOND THE FISCAL CLIFF: MEMORANDUM TO POLICY MAKERS FROM BRIDGEWATER
The Fiscal Cliff kept investors on edge, as lawmakers remained at loggerheads ahead of the year-end deadline to avoid $600 billion in spending cuts and tax increases. With a deal in place, what is the road forward? What can monetary and fiscal policy makers do to inspire investor confidence in the markets? VIDEO
David McCormick, Co-President, Bridgewater Associates L.P.; Former Under-Secretary for International Affairs, U.S. Department of the Treasury
Stephanie Ruhle, Co-Host, “Market Makers”, Bloomberg Television
|9:30 am||THE U.S. MARKET REPORT: PREDICTIONS & MAJOR THEMES
Stocks hit a 12-year low following the credit crisis four years ago and have been steadily climbing back towards their October 2007 record highs. Expansion of the U.S. housing markets, along with recovering markets in Europe, has helped bolster investor confidence. Will the Dow Jones Industrial Average surpass its October 2007 high of 14,164.53? Is the S&P 500 on track for a record year? What are the fundamentals that will drive the bull market that began in March 2009? What sectors will outperform and underperform? What are the existing drags on the market? What is the outlook for the U.S. equity market? What are the fundamentals that will play into the macroeconomic picture? VIDEO
Daniel J. Arbess, Partner, Perella Weinberg Partners; Portfolio Manager, PWP Xerion Funds
Laszlo Birinyi, President, Birinyi Associates, Inc.
Tobias M. Levkovich, Managing Director, Chief U.S. Equity Strategist, Citi Investment Research and Analysis
William D. Cohan, Columnist, Bloomberg View; Author, Money and Power: How Goldman Sachs Came to Rule the World
|10:05 am||NEW YEAR: RESOLUTION IN EUROPE?
The European debt crisis infused volatility into the global markets. Financial-market tensions have abated after the European Central Bank unveiled its Outright Monetary Transactions bond-buying plan on Sept. 6, pledging to spend as much money as needed to restore confidence in bond markets. The program provides support to debt-strapped nations as long as they sign up to economic reforms. How will the European story play out in 2013? VIDEO
“The reforms that we’ve agreed on are starting to take effect. Nevertheless, we still need a lot of patience. The crisis is far from over.”
- German Chancellor Angela Merkel in a New Year’s television speech
Martin Feldstein, George F. Baker Professor of Economics, Harvard University; President Emeritus, National Bureau of Economic Research (NBER)
Dino Kos, Managing Director, Hamiltonian Associates, Ltd.
Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations
Athanasios Orphanides, Senior Lecturer, MIT Sloan School of Management; Former Governor, Central Bank of Cyprus; Former Member, Governing Council, European Central Bank
Daniel Moss, Executive Editor, Economics and International Government, Bloomberg News
|10:45 am||3X3: NEXT BIG IDEAS
Three managers share three big ideas for the year for the first time.
• Stockpicking: Long & Short Calls
• Credit plays
• Investing outside the box
Mary L. Cahill, Vice President of Investments and Chief Investment Officer, Emory University
Deepak Narula, Founder and Managing Partner; Metacapital Management LLC
Dinakar Singh, Founder and CEO, TPG-Axon Capital Management, L.P.
Katherine Burton, Hedge Fund Reporter, Bloomberg News
|11:20 am||REGULATION: THE NEW RULES FOR WALL STREET
So many of Dodd-Frank’s rules are yet to be written and Wall Street is bracing for their release. How is Wall Street positioning itself in the new regulatory environment? How is regulation impacting risk in the marketplace? What impact will the Volcker Rule have on markets, businesses, investors and job creation? What can Washington do to jump-start and stimulate the markets? VIDEO
Terrence A. Duffy, Executive Chairman and President, CME Group
Laurence H. Meyer, Co-Founder and Senior Managing Director, Macroeconomic Advisers, LLC; Former Member, Board of Governors of the Federal Reserve System
William O'Brien, Chief Executive Officer, Direct Edge
Mark Standish, President and Co-CEO, RBC Capital Markets
Robert Friedman, Editor-at-Large, Bloomberg News
|12:05 pm||A WORD FROM THE FEDERAL RESERVE BANK OF ATLANTA
The Fed has kept its benchmark interest rate near zero since 2008. The central bank eased policy this month by saying the rate would stay low “at least as long” as unemployment remains above 6.5 percent and inflation projections are for no more than 2.5 percent. The Fed expanded its quantitative easing program by adding $45 billion of Treasury security purchases each month to the $40 billion of monthly government-backed mortgage bond buying it began in September. The Fed’s steps aim to keep rates low to spur an even bigger recovery in housing. What is the expectation of further asset purchases? What are the concerns about growth and inflation? What is the outlook for interest rates? What is the outlook for unemployment to fall below 6.5 percent? How can monetary policy help spur job growth? What is the legacy of the fiscal cliff for policy makers? VIDEO
Dennis P. Lockhart, President and CEO, Federal Reserve Bank of Atlanta
Matthew Winkler, Editor-in-Chief, Bloomberg News
|1:50 pm||WELCOME BACK REMARKS
|1:55 pm||ON THE ROAD WITH TAKING STOCK’S MYSTERY GUEST
Every Friday on Bloomberg TV’s “Taking Stock,” Pimm Fox sits down to interview a guest who’s identity is a mystery to everyone except his producers. For the first time, Pimm takes the magic of the mystery guest on the road, unveiling the identity of his esteemed guest in front of a live audience. VIDEO
Mystery Guest revealed as:
Andrew Young III, Chief Executive Officer, GiveLocally.net
Pimm Fox, Anchor, “Taking Stock with Pimm Fox,” Bloomberg TV & Radio
|2:15 pm||THE GLOBAL DEBT CHALLENGE: WHAT CLASS WILL OUTPERFORM?
Government securities in 26 markets tracked by Bloomberg and the European Federation of Financial Analysts Societies generated positive returns last year for the first time since the 2008 financial crisis. The world’s leading economies are cutting supply after every major government bond market rallied for the first time since 2008. The amount of bills, notes and bonds coming due for the Group of Seven nations plus Brazil, Russia, India and China will drop to $7.38 trillion from $7.60 trillion in 2012, according to data compiled by Bloomberg. Japan, the U.K., Germany, France, Italy and Brazil will see a decline, while the U.S., Canada, Russia, India and China will face an increase. While high debt loads are blamed for curbing global economic growth, bond investors are encouraged by signs that some nations are starting to rein in spending as they extend the average maturity of their obligations. What is the outlook for the sovereign debt market? Which bonds will outperform? What is the outlook for corporate bond and high yield bonds? What fixed income strategies are investors putting to work in 2013? VIDEO
Mark L. Attanasio, Managing Partner and Co-Founder, Crescent Capital Group
Thomas W. Strauss, Chairman, Ramius; Vice Chairman, Cowen Group, Inc.
Jonathan Weil, Columnist, Bloomberg View
|2:50 pm||REGULATION: THE NEW RULES FOR BUSINESS
What can Washington do to stimulate corporate growth? What will Obama’s second term mean for big business? What are the risks for businesses around spending cuts, sequestration, and the return of the fiscal cliff debate? How are corporations positioning themselves in the new regulatory environment? How are they laying out contingency plans? VIDEO
Marion C. Blakey, President and CEO, Aerospace Industries Association (AIA); Former Administrator, Federal Aviation Administration (FAA)
Jay Timmons, President and CEO, National Association of Manufacturers (NAM)
Michael Riley, Editorial Director, Bloomberg Government
|3:25 pm||THE FUTURE OF GROWTH
Austerity has its costs. The International Monetary Fund forecast that fiscal tightening in advanced economies will be equivalent to 1 percent of their gross domestic product in 2013, compared with 0.75 percent last year. What is the economic impact of the fiscal cliff? What is the future of monetary and fiscal policy and its implications for markets? What is the outlook for market and corporate earnings growth? VIDEO
David M. Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices
Lou Crandall, Chief Economist, Wrightson ICAP, LLC
Axel Merk, President and CIO, Merk Investments LLC
Paul Wolfowitz, Scholar, American Enterprise Institute for Public Policy Research (AEI); Former President, World Bank Group
Richard Yamarone, Senior Economist, Bloomberg Brief: Economics, Bloomberg Professional
|4:15 pm||CLOSING REMARKS & SUMMIT ADJOURNS|
PAST CONFERENCE AGENDAS:
AGENDA: Bloomberg Washington Summit - May 2012 Washington DC
AGENDA: Bloomberg Sovereign Debt Conference - Jan 2012 New York
AGENDA: Bloomberg Global Inflation Summit - Sep 2011 New York
Partner, Perella Weinberg Partners
Portfolio Manager, PWP Xerion Funds
Managing Partner and Co-Founder, Crescent Capital Group; Chairman and Principal Owner, Milwaukee Brewers
Birinyi Associates, Inc.
President and CEO
Aerospace Industries Association (AIA)
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
Vice President of Investments and Chief Investment Officer
Wrightson ICAP, LLC
Executive Chairman and President
George F. Baker Professor of Economics, Harvard University
President Emeritus, National Bureau of Economic Research (NBER)
Hamiltonian Associates, Ltd.
Managing Director, Chief U.S. Equity Strategist
Citi Investment Research
Chief Investment Officer
The George Washington University
President and CEO
Federal Reserve Bank of Atlanta
Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics
Council on Foreign Relations
Co-President, Bridgewater Associates, LP
Former Under-Secretary for International Affairs, U.S. Department of the Treasury
President and CIO
Merk Investments LLC
Co-Founder and Senior Managing Director
Macroeconomic Advisers, LLC
Chairman and CEO, Millstein & Co., LLC
Former Chief Restructuring Officer, U.S. Department of the Treasury
Founder and Principal
Metacapital Management, L.P.
Chief Executive Officer
Senior Lecturer, MIT Sloan School of Management
Former Governor, Central Bank of Cyprus
Former Member, Governing Council, European Central Bank
Chairman and CEO
WL Ross & Co. LLC
Guggenheim Partners, LLC
Founder and CEO
TPG-Axon Capital Management, L.P
President and Co-CEO
RBC Capital Markets
Vice Chairman, Cowen Group
President and CEO
National Association of Manufacturers (NAM)
Scholar, American Enterprise Institute for Public Policy Research (AEI)
Former President, World Bank Group
Chief Executive Officer
Hedge Fund Reporter
Columnist, Bloomberg View
Author, Money and Power: How Goldman Sachs Came to Rule the World
Anchor, “Taking Stock with Pimm Fox”
Bloomberg TV & Radio
Managing Editor, Bloomberg LINK
Author, The New Tycoons: Inside the Trillion Dollar Private Equity Industry that Owns Everything
Executive Editor, Economics and International Government
Co-Host, “Market Makers”
Anchor and Editor-at-Large
Senior Economist, Bloomberg Brief: Economics
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Since its founding in 1922, Foreign Affairs has been the leading forum for serious discussion of international affairs. Experts from across the political spectrum offer timely and incisive analysis on the most crucial issues affecting foreign policy and the global economy. It is published by the Council on Foreign Relations, a non-profit and nonpartisan membership organization dedicated to improving the understanding of U.S. foreign policy and international affairs through the free exchange of ideas. In addition to publishing print and digital versions of the magazine, Foreign Affairs provides daily content on ForeignAffairs.com, hosts a video interview series online, organizes high-level panel events with editors and authors, and engages with readers on robust social media channels. Foreign Affairs is proud to be a media partner at this special Bloomberg LINK event.
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2013 BLOOMBERG GLOBAL MARKETS SUMMIT: VIDEOSJanuary 17, 2013 | New York
VIDEO | Millstein, Ross, Schwartz on Financials, Outlook
VIDEO | David McCormick Says Deleveraging in `Early Stages'
VIDEO | Arbess, Birinyi, Levkovich on U.S. Economy, Stocks
VIDEO | Feldstein, Kos, Mallaby, Orphanides on Europe Debt
VIDEO | Cahill, Narula, Singh on 2013 Investment Strategies
VIDEO | Duffy, Meyer, O'Brien, Standish on Financial Rules
VIDEO | Lockhart Says Fed Policies Cause Legitimate Concern
VIDEO | Andrew Young III on GiveLocally.net Online Charity
VIDEO | Attanasio, Strauss on Strategy for Global Debt
VIDEO | Blakey, Timmons on U.S. Regulation, Budget Cuts
VIDEO | Blitzer, Crandall, Wolfowitz on Austerity, Growth