Executive Summary
Market Consensus: Buy the Big 4 alt managers (BX, KKR, APO, ARES) for wealth channel democratization tailwinds. Variant Perception: Kelly reveals these mega-cap players are fishing in the wrong pond. The death of financial engineering means alpha migrates to middle market ($10M-$1B revenue companies) where operational value-add still works. While everyone chases the 'Netflix of alternatives' story, the real opportunity is with non-public middle market specialists. Kelly's $90B Future Standard fo...
Key Investment Opportunity
Contrarian Short on Mega-Cap Alt Managers Despite Wealth Channel Tailwinds
While the wealth channel democratization story is real and powerful, the market is backing the wrong horses. Kelly's insight that financial engineering is dead creates a structural headwind for large-cap PE firms that can't add operational value to $10B+ companies. The massive insider selling (16M+ ...
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