° Asset management is a cash-minting machine of an industry with infinite growth capabilities. But, there's a catch.
° BlackRock and Vanguard have destroyed the traditional mutual fund industry, and now there is only one place left with fat fees.
° Alternative asset management is a $20 trillion industry, growing at 35% and charging about 5X higher fees than BlackRock or Vanguard.
° Management teams consistently earn $60 to $600 million per year and are worth it, generating Buffett-like 20% returns for investors over the last decade.
° Blackstone Inc. is the king of alternative assets with $1 trillion in assets, and Apollo Global Management, Inc. is #3 and the king of private credit. One of these is currently a good buy and capable of 4X the short-term returns of the other.
A SeekingAlpha article HERE