Marc Rowan

But when you want to get large, you have to serve a fundamental good.

Otherwise, the societal pressure, the government regulation, the forces around you constrain you.

And so I always start with what is the fundamental good we're doing and then what are the drivers of the business?

And so they overlap.

The fundamental good is we are the largest provider of retirement income anywhere in the world.

The second is we are the largest source of financing for this global industrial renaissance that is taking place across the US primarily, but across Europe and Asia and elsewhere.

And finally, we are diversification for public markets.

And this is the least understood portion of what we do.

10 stocks right now in the US are nearly 50% of the S&P, and they're all levered to the same trend.

So far, that's been amazing.

But we've levered most of the retirement system of the country to 10 stocks.

We can question in hindsight the wisdom of that if things go poorly.

And so the same thing, by the way, is happening in the global fixed income market, dominated historically by 10 large banks.

It's about to be dominated by five large banks and five large tech companies.

As much concentration as exists in the equity market, that's how much concentration is going to exist in the fixed income market.

And so if you're an investor and you're looking for diversification,

There's no place to get it other than private markets.

Private markets are 80% of the action going on in the world.

And if you think about what's going on, great companies, Anthropic, OpenAI, SpaceX, Cognition, Cursor, Anderle, on and on and on, every one of those companies is private, multiple trillion dollars of value, and yet most investors have zero exposure to them.

We're going to see the same thing happen with industrial companies.