LIPSCHULTZ, CO-C. E. O.COMING UP NE ♪ DANI: BLUE OWL REPORTED RESULTS THIS WEEK AFTER JOINING FORCES WITH META ON A. I. DATA CENTERS.THE FIRM REPORTED A 21 FATHERS YEAR OVER --% YEAR OVER YEAR JUMP ON A. U. M.JOINING US IS THE CO-C. E. O.WONDERFUL TO HAVE YOU ON THIS MORNING. LOOK, I KNOW WHENEVER ANYONE ASKS ABOUT THE EQUITY PRICE, YOU VERY ASTUTELY ARE LIKE, WE DON'T CONCENTRATE ON THE SHORT-TERM BUT THERE WAS A DECLINE AFTER EARNINGS SO WE HAVE TO ADDRESS IT. WHY THE DISCONNECT BETWEEN THE TWO.YEAH. LOOK ...

Group 1 - Ares Capital Corporation (NASDAQ:ARCC) is highlighted as a trending investment opportunity despite concerns in the credit markets [2] - Bryn Talkington, Managing Partner of Requisite Capital Management, supports buying ARCC, referencing JPMorgan CEO Jamie Dimon's warnings about potential credit risks [2] - Talkington notes that ARCC and Blue Owl are trading 8% to 10% below book value, with expected yields around 10%, indicating potential for a 20% total return in the next year [2] Group 2 - The article mentions that while ARCC is a potential investment, there are AI stocks that may offer higher returns with limited downside risk [3] - A free report is suggested for those interested in an extremely cheap AI stock that benefits from Trump tariffs and onshoring [3]

Core Viewpoint - The private-markets firm has experienced a significant decline in its stock this year due to concerns regarding private credit, despite previously enjoying a remarkable rise. Analysts from Goldman Sachs and others now consider the firm to be undervalued [1] Group 1 - The firm has seen its stock tumble this year, indicating a shift in market sentiment [1] - Concerns over private credit have been a major factor contributing to the stock's decline [1] - Analysts from Goldman Sachs and other institutions are now labeling the firm as undervalued, suggesting potential investment opportunities [1]

Group 1 - OpenAI is launching a new AI-integrated web browser called ChatGPT Atlas, initially targeting Mac users, which may disrupt the competition with Chrome and Safari [5] - Airbnb's CEO Brian Chesky stated that the company heavily relies on Alibaba's Tongyi Qianwen model, claiming it is better and cheaper than OpenAI's offerings [6] - The first AI-assisted new drug MTS-004 developed by Jitai Technology has successfully completed Phase III clinical trials, filling a gap in the treatment of Pseudobulbar Affect in China [6] Group 2 - GE Vernova has agreed to acquire the remaining 50% stake in transformer manufacturer Prolec for approximately $5.3 billion, driven by the increasing demand for AI in the power sector [7] - Anthropic is in talks with Google for a cloud computing service agreement potentially worth hundreds of billions, which would enhance Google's position in the market [9] - Meta and private equity giant Blue Owl are raising $27 billion through bond issuance to build data centers, highlighting the significant capital demand for AI infrastructure [10][11]

Meta is an incredibly innovative company, right. So, this is this is a beautiful marriage of a deeply innovative company meets, you know, the the this sort of need for innovative capital solutions, which certainly we think of as our calling card in Blue Owl. And so together, we're able to craft something really bespoke at a scale that nobody has seen before.They're really good at what they do. Uh and working together, we were able to do something that really worked for them and creates a great investment fo ...

Core Insights - The article discusses how young finance professionals on Wall Street manage stress and maintain work-life balance in a high-pressure environment [1][2]. Group 1: Exercise and Physical Activity - Many young finance professionals prioritize morning exercise to relieve stress and prepare for the workday, with some sacrificing sleep for workouts [3][4]. - Activities range from gym workouts to various sports like golf, tennis, and padel, highlighting the importance of physical relief [4][5]. Group 2: Family and Personal Relationships - Maintaining family connections is crucial for these professionals, providing emotional support and perspective amidst work pressures [9][10]. - Some individuals emphasize the importance of spending time with children and partners to help manage stress and maintain balance [10][11]. Group 3: Nutrition and Cooking - A passion for food and exploring the culinary scene is common among these finance professionals, with many enjoying cooking with family [11][12]. - Eating well is seen as a vital part of their routine, contributing to overall well-being [11]. Group 4: Screen Breaks and Mental Health - Taking intentional breaks from screens is a common practice, with some individuals dedicating time to reading or engaging in nature to recharge [13][14]. - Mindfulness practices, such as meditation and purposeful boredom, are also employed to help manage stress [14][15].

Market Concerns & Credit Issues - The market is concerned about potential widespread credit issues, questioning if they are isolated incidents or a systemic problem, similar to the "cockroach issue" [1] - Underwriting standards for leveraged loans were lowered in the third quarter due to high demand, raising concerns about potential risks when the market tide recedes [8][9] - Private credit market's lack of regulation compared to traditional banks raises concerns about underwriting standards, capital adequacy, and loan loss reserves [12] Alternative Asset Manager Performance - Since September 24th, alternative asset managers have experienced declines: Aries down 22%, KKR down 20%, Blue Owl down 15%, and Blackstone down 14% [3] - Business Development Companies (BDCs) focused on direct lending and private credit have also seen declines: Aries down 6%, Main Street Capital down 11%, Blue Owl down 8%, Sixth Street specialty lending down 8%, and Blackstone secured lending down 5% [3][4] Transparency & Investment Opportunities - BDCs like Aries and Blue Owl offer transparency through quarterly earnings reports and detailed investment summaries, allowing investors to assess their loan portfolios and yields [6][7] - Brent Talkington bought Aries Capital (ARCC) and Blue Owl Tech (F), citing transparency and potential for a 20% total return within a year, with yields around 10% and trading at 8-10% below book value [4][7][8] Private Credit Market Dynamics - The private credit market has evolved over the past 15 years, becoming a primary source of lending as banks face restrictions and regional banks deal with real estate assets [18] - Private credit loans are generally riskier than those from big banks due to higher interest rates and less pristine balance sheets of borrowers [16] - Firms driven by fees may package and sell riskier loans to mutual funds, pension funds, and retail investors, increasing the potential for problems [13][14]

Core Insights - The article introduces "The Undercovered Dozen," a selection of twelve actionable investment ideas focusing on tickers with less coverage, which can include both large caps and small caps [1] Group 1: Inclusion Criteria - Tickers must have a market cap greater than $100 million [1] - Tickers should have more than 800 symbol page views in the last 90 days on Seeking Alpha [1] - Tickers must have fewer than two articles published in the past 30 days [1] Group 2: Purpose and Benefits - The initiative aims to highlight investment opportunities that may be overlooked by the market [1] - Following this account provides a weekly review of these undercovered ideas from analysts [1]

Let's bring in now Charles Schwabs, Lisanne Saunders, and Solless Alternative Asset Management, Dan Greenhouse. It's great to have you both with us, Lisan. This welcome to New York.It's good to have you here. Nice to be here. >> This definitely seems to be pretty heavily on the mind of of the market.What do you what do you make of the concern here. Yeah, I mean these concerns were brewing uh probably exacerbated even before the news out of Zions and Western today uh from the cockroach comment by Jamie Diamo ...

Core Insights - The interval and tender offer fund market has reached a significant milestone with a total of 304 funds, indicating a growing popularity and demand for these investment vehicles [2][4] - The market is expected to continue its positive trajectory with substantial opportunities for expansion in the remainder of 2025 and into 2026 [2][4] Market Overview - The non-listed closed-end fund market has a combined net asset value of $215 billion and total managed assets of $252 billion as of September 30, 2025 [4] - Interval funds account for 58% of total managed assets, amounting to $145.9 billion, while tender offer funds represent 42% with $105.7 billion [4] Fund Launch Activity - In Q3 2025, 20 new funds were launched, with 70% being interval funds, reflecting strong investor preference for this type of fund [5][6] - The interval fund market is dominated by alternative investment firms, holding a 69% market share [6] Regulatory Environment - The number of funds in the SEC registration process decreased from 51 to 41 in Q3 2025, attributed to a high number of fund launches and a slowdown in new registrations [7] - The recent government shutdown may further delay the SEC registration process for new funds [7] Market Dynamics - The market share of the top 20 funds has decreased to 58% in Q3 2025 from 59% in Q2 2025, indicating a diversification in the market [8] - Interval and tender offer funds experienced positive net flows totaling over $13 billion in Q2 2025, with 63% of funds reporting positive net flows [9] Investor Accessibility - 55% of interval and tender offer funds do not impose suitability restrictions at the fund level, enhancing accessibility for investors [10] - Following a change in SEC staff position, 16 funds have removed accredited investor requirements, suggesting a trend towards greater accessibility [10][11] Future Expectations - The expectation is for more funds to reduce suitability requirements in the next six months, with alternative funds without restrictions gathering significant assets [12]