Scott Galloway

and trading at what feels like, or trading at a multi-year low.

TPG is trading at a third below kind of fair value estimates.

Unbelievable fundraising.

I know some people who work there, they are just a juggernaut in terms of their fundraising, which is the kind of the raw capital for what they make money on.

I think that current pricing reflects pessimism more than growth trajectory.

Even Blue Owl, I'm doing a basket of these things.

It's got a 7%, 8% dividend yield.

In some, the market is discounting private credit fears.

And I think there's a growth versus valuation mismatch.

All three are growing AUM and recurring fee revenue.

The sector multiples

have compressed due to private credit liquidity fears that I think are overblown.

And market pricing, the market's basically pricing risk more aggressively than current earnings trends justify.

And my thesis and the reason I'm starting to buy these things is that compressed multiples plus durable fee growth plus strong fundamentals equals potential upside relative to the broader market.

So anyways, my prediction is that a basket of Blackstone, Blue Owl, TPG, and Apollo is gonna outperform the market.

Okay, well, I think you guys are doing a bang-up job.

Super excited to hang out in South by Southwest.

We should definitely do a Zoom while we're all down there.

That's good.

Definitely do a Zoom.