Milken Elite Mask Private Angst Over Trump With Public Optimism

Attendees of this week’s Milken Institute Global Conference heard a lot of upbeat chatter from the stages of the Beverly Hilton hotel, where billionaires and executives frequently took a sanguine tone about the state of markets and the global economy.

Treasury Secretary Scott Bessent touted the US as the premier destination for global capital. KKR & Co. co-founder George Roberts told the audience to “stay calm and carry on.” Ares Management Corp. Chief Executive Officer Mike Arougheti spoke of the “golden opportunity” of private credit.

But in closed-door events and during private conversations at parties, guests voiced worries about tariffs ...