Business leaders and investors so far generally love President Trump’s economic proposals, since the tax cuts and deregulation he favors would boost profits and stock prices.

But there’s a murmur of discontent with Trumponomics at this year’s Milken Institute conference, the annual gathering of business and financial elites in Los Angeles. “Trump economics is somewhat akin to the belief that deregulation and tax cuts can lead to higher growth,” legendary fund manager Bill Gross of Janus Capital said on stage at the conference. “Four years from now, I think the economy will grow 2% or less, not the 3% the markets seem to require.”

Bill Gross, Portfolio Manager, Janus Capital Group, listens during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Lucy Nicholson More

Trump’s Treasury Secretary, Steven Mnuchin, said earlier in the conference he was confident the economy can reach 3% growth under Trump. That’s a step back from Trump’s campaign rhetoric, when he said he could boost growth to nearly 4%. Mnuchin added a caveat as well, saying he doesn’t think 3% growth will come along for a couple years. The 11% jump in stock prices since Trump won the election suggests markets have faith he’ll deliver.

There are a few prominent skeptics at the Milken conference. Economist Nouriel Roubini of New York University, known as Dr. Doom for his scowling pessimism, chided corporations for jumping on the Trump bandwagon and parroting his rhetoric. “He’s telling the corporate sector what to do and where to hire. It’s like a communist economy,” Roubini said. “When Trump says ‘do this’ to corporations, they all shut up and they’re all sycophants. If Obama had said one-tenth of the things Trump says, he’d be called a Bolshevik socialist.”

Nouriel Roubini, Chairman of Roubini Macro Associates LLC and Professor of Economics, Stern School of Business, New York University, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Lucy Nicholson More