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In its return to the Bellagio, Scaramucci’s SALT conference shuns hedge funds for political pros

In its return to the Bellagio, Scaramucci’s SALT conference shuns hedge funds for political pros

Anthony Scaramucci’s SALT conference was heavy on politics in its return from hiatus.
Hollis Johnson/Business Insider

The 10th edition of Anthony Scaramucci’s SALT conference brought nearly 2,000 people to Las Vegas’ Bellagio hotel this week and diverted from its prior focus on just hedge funds. Politicians, not hedge fund managers, were the big-name speakers, and the investing community in attendance was geared more toward the buzziest topics of the day, like so-called opportunity zones, cannabis, and crypto. For more stories like this, visit Business Insider’s homepage. LAS VEGAS — Missing from Anthony Scaramucci’s SALT conference speaker list this year were the hedge fund titans who have headlined the conference in the past, like the billionaires Steve Cohen and Bill Ackman. Marc Lasry, the Avenue Capital founder, was a late scratch from the agenda, as he chose to watch the NBA team he owns, the Milwaukee Bucks, instead of flying to Las Vegas. And of the 23 featured speakers at the conference this week, fewer than half are current investors. The Las Vegas conference this year, its 10th edition, instead expanded beyond its hedge fund roots, vacillating between panels on buzzy topics like cannabis, so-called opportunity zones, and crypto, and talks from former confidants of President Donald Trump, like Chris Christie, John Kelly, and Jeff Sessions. The shift away from hedge fund headliners comes as the industry is struggling with performance issues. Even as funds gained an average of 5.4% in the first quarter, nearly $15 billion left the industry in the period, according to eVestment. See more: Billionaire real-estate investor Sam Zell says now is ‘the time to accumulate capital’ for future real-estate buys as a glut approaches Held at the sprawling Bellagio resort and casino, with extensive security — replete with bomb-sniffing dogs — sectioning off the conference from the slot machines, the blowout brought together an eclectic mix of politicos, advisers, hedge fund managers, and cannabis-producing CEOs in the return from its one-year hiatus. Last year, Scaramucci, briefly a White House communications director under Trump, didn’t hold the conference as a Chinese conglomerate was in talks (that later collapsed) to buy his firm, SkyBridge Capital. A partisan nonpartisan event SALT describes itself as nonpartisan, but the conference featured a heavy tilt toward Scaramucci’s former employer. While the Obama administration alums Susan Rice and Valerie Jarrett made appearances, the loudest panelists were Trump supporters like Christie, while conservative media figures like Charlie Kirk could be seen doing live shots on one of several balconies overlooking poolside cabanas. The biggest talks at the end of both days were with Kelly, Trump’s former chief of staff, and Nikki Haley, the former UN ambassador. Even on the smaller stage, Trump-connected people like David Bossie, Stephen Moore, and Corey Lewandowski made appearances. A midday conversation among Christie, Sessions, and MSNBC’s Stephanie Ruhle was standing room only. Still, the biggest cheers were not for either party but general anger at both sides — sentiments expressed by Sam Zell and former Countrywide Financial CEO Angelo Mozilo, who implored people to call their representatives to get politicians working for them. Stays in Vegas But despite the lack of hedge fund star power, the conference had the second-highest attendance in its history, with nearly 2,000 attendees. One longtime attendee from a fund said it had gotten harder for investors to persuade compliance to let them come to Vegas for conferences, opening the door for more people from cannabis, bitcoin, and technology to fill the void. David Bahnsen, a wealth adviser who said he had been to nearly every SALT conference, said it was easily the youngest crowd he had seen, something he attributed to the shift in focus to the buzziest investment topics of the day. There was no question which conference you were at in Vegas. Bradley Saacks/Business Insider When you attend SALT, one longtime attendee said, you’re there for more than just catching up with investors. “You go to see famous people walking around, and they nailed it,” this person said, mentioning that he had just bumped into Mark Cuban taking a selfie with a couple of fans. You can meet investors at any conference, this person said, but the chance to rub shoulders with celebrities is what makes SALT big. But with hedge funds’ margins shrinking, it can be a hard pitch to get the OK to come to a conference in a Vegas casino rather than one at a Dallas convention center, another attendee said. “You never know who is going to wake up the next morning here,” this person said on a balcony overlooking one of the Bellagio’s many pools.
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Everything 3lau needs to perform live

Everything 3lau needs to perform live

What’s in your bag? is a recurring feature where we ask people to tell us a bit more about their everyday gadgets by opening their bags and hearts to us. This week, we’re featuring music producer and record label owner 3lau.
Justin Blau, otherwise known as 3lau, is sitting with The Verge on the floor of a green room trailer at a festival. We’re directly behind the main stage, and the trailer’s wood-paneled walls are vibrating from the act currently playing. Blau himself is about to step on stage, but is letting us rummage through his briefcase beforehand, which contains all the things he needs to perform live.
Known for his melodic-leaning dance songs, along with other endeavors — like blockchain-powered festival OMF and non-profit record label Blume — Blau’s reach extends far beyond music itself. And he’s always forward-thinking. In the past year he’s collaborated with the likes of HYO from Girls’ Generation, worked on a track with Ninja for the gamer’s NINJAWERKS Vol. 1 compilation, and put out several lush and pop-forward singles on his own imprint, like “Touch” and “Would You Understand.” He has two albums planned for early 2020. On top of that, as evidenced by where we’re talking with Blau, he maintains a constant touring schedule.
It’s a lot for one person to juggle, but as we see in his bag, Blau’s able to do it all through being a very meticulous person. “Wow,” he says in admiration after The Verge has arranged his array of cables on the trailer’s carpet. “It looks really pretty. You guys did a great job, and I’m very detail-oriented.”

You have a briefcase?
There’s a lot of interesting things in here! You’re skeptical!
No! It’s just unexpected.
I just come to the show like this. Business. It is a Tumi. I do love Tumi. My luggage is also Tumi. I use this because I already have a backpack. If you see my full luggage setup, the briefcase makes more sense. It fits perfectly on one side of my luggage. I’m super efficient about how I pack.

And here I have my DJ controller.
Whoa! That’s the perfect size for your bag, and I love the color.
Thank you. It’s custom iridescent red.
Does it glow under black light?
It does. Part of the Ultraviolet idea. It’s made by a company called Livid. They’ve actually discontinued it, which is a nightmare for me because I only have two. If they break I’m literally screwed. I’ll have to reprogram one or ideally have somebody else design one. It’s basically a MIDI controller for Ableton. I’ve always DJed with Ableton. Everyone is like, well why don’t you DJ with CDJs? And the reason why is because when was in college I couldn’t afford CDJs. I learned on Ableton. A CDJ setup is like, four grand, and there were no clubs for me to go check it out. And this little thing is $500.
It was a way more affordable alternative. I stole Ableton at the time, totally did not buy it. But now I own Ableton and am a real licensor.
I had the APC 40 back in the day and this [Livid controller] was the replacement. It’s more customizable. There’s a lot more I can do with it. I can create my own custom MIDI scripts. It’s really cool.
Livid knew that I was using it from photos and they reached out to me and said they wanted to make me a custom one. My first one was black and they powder coated it this red. It’s one of a kind. And it’s discontinued. So this is my pride.

Let’s see what else you’ve got in here.
My backpack has my production laptop, and adapters, my headphones, all that stuff. This bag has the stuff I need live.
This is a good one. An extra battery.
Does that charge your laptop too?
Yes. It’s a newer Mophie. I love them. This battery can charge the laptop and the phone. I usually travel with three of them because on an international flight if there isn’t an outlet when my laptop dies, I know I have batteries I can use. Ideally that will eventually change. But international flights don’t always have adapters, and that’s why I travel with three.
Dongles. More dongles. And more cables. I keep extras because it’s so easy to lose them.
And then the trusty old earplugs. And a splitter. A splitter is especially good at festivals if I’m hanging out with another artist and we’re showing each other new music. It can be loud, and there can be a lot of people in the green room.

What do you use this laptop for?
So this is just the DJ laptop. Way less ports, which is why I have those extra dongles. Disaster. This is the 13 inch, and then I have a 15 inch as well.
What phone is this?
The iPhone X. Worst phone ever.
Why?
Well, actually the software update fixed a lot of problems. The Wi-Fi used to fucking close for no reason.
Is there a particular reason why you have an iPhone?
The ease of connecting everything. Because I’m all Mac it makes life easy. I communicate with everybody on iMessage.

And these earplugs and earbuds?
I have Westone custom earplugs because this is the first company that somebody told me about. At the time I ordered, it was like, $50 per extra mold. I got three molds and I’ve only lost one over the past eight years or so. I’m proud of that. I did lose one of the db filters, but you can order those on Amazon.
If you’re at festivals enough, it’s something to consider. Honestly, I’ll also use the dead plugs on airplanes sometimes, and it just cuts everything, even babies’ cries. It’s the best kind of earplug.
And then I have portable little Beats. I don’t particularly love them, but they’re great for when I’m in the green room and on the laptop. It’s nice to bring this little bag instead of the big headphones. I normally have the Bose QCs when I’m on airplanes.
What about these USBs?
These are fan songs that I probably haven’t listened to yet.
People gave you those?
Right. A lot fans give them to me and I say, listen, here’s my personal email, I promise I’ll check it but I’m sure I’m going to lose the USB. Those are two of the maybe 50 that I’ve kept. I have no idea what’s on them. Once a month I try to go through my demo folder and listen to as much as I can. And in some cases I wind up working with some of these artists.

Where did you get your wallet?
It’s my Margiela wallet. I ordered it online from a website called SSense where I order a lot of my clothes from.
Matthew Reeves: It’s sale season!
You know! I see the Y3 shoes over there. I see it.
Dani Deahl: Matt is one of Rick Owens’ primary photographers.
Wait, what? Hold up. No way! Oh my god. I normally have a Rick zip-up sweatshirt vest. But it’s so hot so I’m not wearing it now. I got it when I was in the Rick Owens store in Tokyo. He’s got a sculpture of himself in there that’s crazy.

Why do you have a Sharpie?
There’s always a fan that wants me to sign something. Signing someone’s phone is the most common request believe it or not. They want me to sign their phone cases. Some people let me sign straight on their phone. Hats are the second most common.
I think I know where the $2 bills are from.
They are from Steve… Two Dollar Hollar. Steve Reisman is a very successful entertainment lawyer. He gives all his favorite artists $2 bills whenever he sees them. He’s just loaded up with them all the time. He’s really close with Drake and a lot of big artists, and I’m honored that I’m a friend of his. I use the $2 bills for valet tips. I keep every $2 bill I’ve gotten from him in my car.
[Places card down] We’ll put that in there just for fun.
What is it?
It’s for a blockchain-powered festival I threw last year called OMF.
And last, the Listerine strips.
Listerine strips are always on my rider. It’s more efficient than gum. I don’t want to carry a pack of gum in my pocket, but I want that because it’s small. I wear tight jeans. It’s as simple as that. And if I forget and they get washed, it just dissolves and smells really good. That happens all the time.
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Max Keiser Says ‘Stack Satoshis,’ Bitcoin to Beat All Asset Classes

Max Keiser Says ‘Stack Satoshis,’ Bitcoin to Beat All Asset Classes

Max Keiser Says ‘Stack Satoshis,’ Bitcoin to Beat All Asset ClassesMax Keiser tells Crypto Trader that when an asset rises from $5,000 to his price prediction of $100,000, it is going to beat the returns of every other asset class. | Source: (i) Brendan Moran / SPORTSFILE / Web Summit (ii) REUTERS / Dado Ruvic ; Edited by CCNBy CCN: Broadcaster Max Keiser is a noted bitcoin bull. The host of the Keiser Report on media channel RT is well-known for his $100,000 bitcoin price forecast, telling the world time and again to keep accumulating the digital currency because it is on its way to hitting six figures.Keiser doubled down on his $100,000 bitcoin price target earlier this month. Now he’s reiterating his ambitious outlook, suggesting in an interview with CNBC Crypto Trader that it’s only a matter of time for the bitcoin price to reach his target.“The timing is immaterial. It is still going to outperform every other asset you can possibly imagine owning over the next five, 10, 15 years. Forget about timing. Timing is for people who think that, ‘I’m going to wait and buy it at a better price.’ And that is a bad way to approach crypto. Stack Satoshis!”‘Best-Performing Asset’Keiser’s reasoning for bitcoin beating every other investment category is simple – when an asset rises from $5,000 to $100,000, it is going to beat the returns of every other asset class.While Keiser is willing to go out on a limb on the bitcoin price, he believes it’s a bad idea to try and time bitcoin’s rise. According to Keiser, one should keep accumulating the cryptocurrency instead of waiting for a better entry point because of the massive upside potential. He even recommended that people not waste their money buying Mother’s Day gifts. Instead, he says, investors “should have been stacking Sats.”All of this makes it evident that Keiser is a big-time bitcoin bull.Hyperinflation a Big Catalyst for the Flagship CryptocurrencyKeiser is critical of the Federal Reserve performing quantitative easing. He said during the interview that the Fed’s inclination toward permanent quantitative easing would lead to “money printing without end.”Keiser believes that such a move would lead to hyperinflation, and bitcoin – like gold – will thrive in such an environment. This is not the first time that a Wall Street veteran is comparing the digital asset to gold.Asset management firm Morgan Creek Digital recently said that bitcoin price could hit $500,000 because it is a better investment than gold.An increase in money supply is one of the two reasons leading to inflation. Hyperinflation occurs when a country’s government begins to print money to meet its spending and fails to tighten the money supply when needed. In a state of hyperinflation, the value of gold shoots up as it is a known hedge against volatility and inflation.As it turns out, bitcoin is displaying gold-like characteristics. The price of bitcoin has rallied at a time when there is volatility in the global markets.Fascinating interview between @maxkeiser and Harry Halpin, who is building the next level of privacy for the internet https://t.co/ZHumJHP9vE— John Smithies (@jdsmithies) May 25, 2019What’s more, just like gold, bitcoin is a finite asset; only 21 million coins can be mined. So the demand for bitcoin is expected to increase in the future, especially if the Fed keeps printing money and creates a hyperinflationary environment.As such, Keiser believes buying and holding bitcoin would be a great idea because you could enjoy gains of more than 1,100% even if you buy it at the current price of around $8,000 – if his price prediction comes true. About The AuthorHarsh ChauhanHarsh Singh Chauhan has a wealth of experience evaluating publicly-traded companies across several verticals, including technology, oil and gas, retail, and consumer goods. He is a syndicated author whose articles have been published on reputed online platforms across the U.S., Europe, and India since 2011.This article was edited by Gerelyn Terzo.
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