A Conversation with Ray Dalio and Michael Milken

Moderator Erik Schatzker, Anchor and Editor-at-Large, Bloomberg Television Speakers Joshua Friedman, Co-Founder, Co-Chairman and Co-CEO, Canyon Partners, LLC Joshua Harris, Co-Founder and Member, Board of Directors, Apollo Global Management Carey Lathrop, Managing Director and Global Head of Credit Markets, Citi Jonathan Sokoloff, Managing Partner, Leonard Green & Partners Finding the best capital structure is a never-ending journey. It depends on financial market conditions, a company’s growth ambitions, regulatory rules and the economic backdrop. Taking on too much debt relative to equity can leave a company hamstrung, while avoiding debt at favorable times can mean missed opportunities for growth. Designing the best capital structure is both an art and a science, and the smartest managers understand their environment and draw from a broad range of financial tools worldwide. The challenge of getting the capital structure right has become critical now, with the global economy at a crossroads. After a surge in corporate borrowing since 2009, is now the time to rebuild liquidity? Is the use of debt to buy back stock still prudent — or does it risk shareholder backlash? How should managers anticipate interest rate, currency and equity market cycles in the U.S. and abroad to avoid getting caught with the wrong capital structure in the years ahead?