Scott Galloway

And also, I think the new opportunity

is in these PE, private credit, or what they call business development firms.

So just to look at them, Apollo is trading at 14 times earnings while maintaining double-digit earnings and AUM growth.

And that's how they make money is they deploy AUM and they collect two and 20 on it.

So it's trading below market multiple of the S&P despite higher growth.

TPG

is trading at about a third below kind of fair value estimates relative to its peers.

It's got incredible fundraising and it's expanding its fee earnings.

And essentially these prices reflect pessimism more than growth trajectory.

And then Blue Owl, which was kind of the ground zero for this, has a 78% dividend yield.

And the market appears to be, in my opinion, over-inflating the fears around private credit.

Or put another way, I think the opportunity here, and I want to get your thoughts, is that there's a growth versus valuation mismatch, and that is all three of those companies are growing AUM and recurring fee revenue, and sector multiples compressed due to kind of private credit or liquidity fears.

So I would argue, kind of to summarize,

Compressed multiples plus durable fee growth plus strong fundraising all adds up to what I think is undervalued stocks relative to the broader market.

What were the biggest assumptions around some of the macro factors he's assuming here?

What you've done, and I want to use it as a jumping out point, you've been talking a lot about what does AI mean for your career?

And I've been thinking a lot about, okay, on a meta level, how should you be thinking about not only how you allocate your financial capital, and we talk a lot about where we think things are oversold and there's opportunity, as we do in the SaaS space and now the private credit space or the business development space.

In terms of your own human capital, the way I would try and frame it is the following.

My mom was a secretary and she oversaw the secretarial pool at the Southwestern University School of Law in downtown LA, where, by the way, I worked in the mailroom.

And that's gone away.