These Pros Aren’t Worried About Inflation and Stagflation. Where to Invest Next.

After a nearly 2½-year hiatus, billionaires and the investors who follow their moves descended on Beverly Hills, Calif., to attend the Milken Institute Global Conference. The theme was “Charting a New Course,” but the discussions were often familiar—as was the ritzy setting.

Sure, some things were different. Because of Covid, attendance was capped at 50% of its usual capacity. Conference-issued KN95 masks were required indoors, making it difficult to spot familiar faces. But the new format provided some opportunities. Conversations...