One big takeaway from this year's Milken conference: attendees were obsessing about the outsized cash environment.

Why it matters: Too much cash is never a bad thing, but it's disrupting norms.

What they're saying:

  • Startups are putting off IPOs, thanks to big capital raises on the private side. "The amount of funding in the private markets has been greater each year. These companies in effect are getting all the capital they need privately. Whereas before they would go public," Dan Levitan, co-founder of venture capital firm Maveron, told Axios' Dan Primack on stage.
  • Companies are flush with cash, but unloading their cash pile via buybacks has become more controversial. Booking Holdings CEO Glenn Fogel told me: "There are some people who believe that companies should be restricted from using their capital to buy back their shares. I don't understand the logic on that at all."

The intrigue: Often these conversations were happening as attendees debated the whether or not capitalism was working.

  • One example: At the final session of the conference, Ray Dalio questioned whether capitalism was "producing the outcome" of shared prosperity and cited stagnant income per capita.

Meantime, Carter Lyons of investment firm Two Sigma said on a panel that his biggest worry was the impact that growing populism and proposals like "financial transaction taxes" could have on liquidity in public or private markets. That could cause a lot of disruption in the short or long term, Lyons said.

Go deeper: The Milken Conference's diversity problem

Go deeper

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 11,031,905 — Total deaths: 523,777 — Total recoveries — 5,834,337Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 2,788,395 — Total deaths: 129,306 — Total recoveries: 790,404 — Total tested: 34,213,497Map.
  3. States: ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  5. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
13 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.