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Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here’s the inside track.

jane fraser milken institute panelCitigroup CEO Jane Fraser at the 2023 Milken Institute Global Conference

Patrick T. Fallon/Getty Images

Hi, I’m Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today’s Sunday edition, a roundup of some of our top stories of the week. 


On the agenda today:

But first: The big takeaways from the Milken Institute Global Conference in Beverly Hills.

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Reporters’ guide to Milken

Darren Woods, CEO of ExxonMobil, listens as U.S. Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California,Darren Woods, CEO of ExxonMobil, listens as U.S. Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference

Mike Blake/Reuters

The big-money set jetted into LA last week for the Milken Global Conference. The Beverly Hilton was once again bustling with billionaires, with some stopping in the lobby to check out the Bombardier display showing off the executive cabin seating on one of its private jets. 

Among those mingling poolside were Akin Oyedele, Dakin Campbell, and Ben Bergman from Insider. Here’s their guide to Milken:

Biggest takeaway

Oyedele: There was a lot of anger directed at the Fed, given the impact of rate hikes on some investments and regional banks. But no one likes the person that takes away the punch bowl.

Biggest opportunity

Campbell: The pullback in lending by banks is raising the hopes of those in the private credit industry. More than one investor said that the most recent vintage of private loans will be the most profitable in years. 

Behind the scenes

Bergman: Most of the real action of the conference takes place at invite-only private parties. At a Monday night event at what used to be Bette Davis’ party villa in West Hollywood, guests such as late-night host Jimmy Kimmel and Kim Lew, who manages the endowment of Columbia University, mingled poolside, nibbling on sushi hand rolls and chocolate-chip cookies. 

More from Milken here.

Also read:


Shopify vs. Amazon 

Shopify CEO Tobi Lutke speaks at Collision conference 2019Shopify CEO Tobias Lütke

David Fitzgerald/Sportsfile via Getty Images

Insider reported in late April that Shopify employees were bracing for layoffs. Then we revealed that insiders were expecting a strategy shift in its logistics business. On Thursday, the news was official: Shopify said it was cutting 20% of its staff and selling the majority of its logistics business. 

This marks an abrupt end of Shopify’s nearly four-year foray into fulfillment — and its attempt to take on Amazon. Insiders say it was the right idea, but the wrong execution.

Inside Shopify’s logistics failure.

Plus, be sure to read:


‘Bait-and-switch’ scams

Airbnb illustration

Arif Qazi / Insider

For nearly a year, Jeff Palkevich had a steady stream of strangers arriving at his home, looking for an Airbnb that wasn’t there.

It turns out Palkevich was caught in the middle of a “bait and switch” — a method often used to avoid short-term-rental laws. It involves an Airbnb host providing one address in the listing, but then notifying the guests at the last minute that the property is actually somewhere else. Often, guests end up at a stranger’s home.

Read the full story

Also check out:


Healthcare’s AI sprint

Panelists discuss generative AI at the healthcare conference HIMSS.Health-tech experts Andrew Moore, Peter Lee, Kay Firth-Butterfield, Reid Blackman, and Christopher Ross gathered to discuss the implications of generative AI in healthcare at the conference HIMSS on April 18, 2023.

HIMSS

Many sectors are grappling with the potential of generative artificial intelligence — and healthcare is no exception. 

Hospitals are desperate to use the technology to help patients and doctors, but they’re pressing into uncharted territory. They’re now moving forward with their own experiments, trying to strike the right balance between speed and safety. 

Go inside the “awe-inspiring” and “scary” future of healthcare.

Read more:


‘Junk fees’

Home for sale sign

Getty Images

It goes by many names: an administrative fee, a transaction fee, even a “regulatory compliance” fee. When you sell or buy a house, it can pop up on a closing statement, with charges up to almost $1,000. 

“It just has to be looked at as a junk fee,” Stephen Brobeck, a senior fellow at the Consumer Federation of America, told Insider. “They can get away with it, so they charge it.”

How “junk fees” are driving up the cost of buying a home.


This week’s quote:

“It’s almost like you have the most sophisticated operating partner at your disposal.”

  • Akash Nigam, the founder and CEO of Genies, who is spending $2,400 a month on ChatGPT accounts for all his employees.

More of this week’s top reads:


Curated by Matt Turner. Edited by Hallam Bullock and Lisa Ryan. Get in touch: insidertoday@insider.com

Read the original article on Business Insider