BEVERLY HILLS — Follow the smart money. It’s some of the oldest advice in investing.  To anyone searching for clues on the first weekday of the Milken Institute’s Global Conference, there was plenty to learn from listening to the smart people behind the smart money at the annual gathering of top business and government leaders. As it does every year, the conference covered a wide variety of subjects, many pointing to the direction of the economy and investing.  The Global Conference is one of the activities of the Milken Institute, founded by former Wall Street icon Michael Milken, now a philanthropist.  Here are our three big lessons from Monday:  –The world is a scary place. It seemed to be one of the themes of the day. At a panel on “The return of volatility,” the fears ranged from the inevitable interest rate boost to a possible Greek default. Former Treasury Secretary Timothy Geitner about a “messy, dark, scary” world.  –America has its issues, but it’s still where any investor wants to be. Various panelists were frank about America and its stock market. The country, they said, has issues of political polarization that leads to gridlock. Just about everything in the markets is fully valued. But almost on the same breath, panelists talked about how America and its economy are still the envy of the world, and its problems are among the easier ones to fix. Yes, the market is expensive, but the U.S. economy is still rolling along.  –Old problems live on. Former Treasury Secretary Hank Paulson warned about income disparity, already a potent issue for the 2016 presidential race. The “winner take all” economy is still alive. That’s not all. Sen. Lindsey Graham, R-S.C., talked about the age-old problem of lack of an energy policy, one that could emphasize developing American resources and exports and help reduce the threat and political influence of Vladimir Putin’s energy-rich Russia.  Shalane Flanagan holds up the American flag after setting a women’s 15K record in the Gate River Run in Jacksonville, Fla. American investors have been winners lately as well. (Bob Self/Florida Times-Union via AP, File)
The conference attracts top investors and others looks for guidance on where the economy -- and country -- are headed