Luncheon Keynote: Fireside Chat with Paul Singer

I think it's at a stage facing two or three existential challenges. One is corporate governance—the system of public ownership depends on perceptions of fairness. The relationship between shareholders, management, and boards is broken; often management selects the board. I'll give an example of an oil company where the board had no oil and gas experience except the founder's son. We engaged in a proxy fight. Another challenge is monetary policy—low interest rates and quantitative easing have supplanted structural reforms, exacerbating inequality. Asset owners benefit while the middle class is under pressure, leading to populism that questions economic freedom. But these are fixable through policy changes and individual action.

Sure. On the policy side, it is fixable, but difficult due to crony capitalism. There are mechanisms like poison pills that entrench management. But the activist community today is different—more connected with Congress, more credible. It's important for people like myself to help educate Congress. On the individual side, I think the time to get involved is now, not when you're rich. You can add your energy, not just your money. For example, the philanthropy I'm involved in, Startup Nation Central in Israel, fills gaps between entrepreneurs. Also, I encourage you to think for yourself, be open-minded, and have courage. The smartest kids on campus tend to be center-right because left-wing orthodoxy is often hollow. Your tenacity and ability to think independently are key.