Thinking in Markets

S1E134 - When the Platform Dream Meets the Core Franchise


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J.P. Morgan bought Aumni to help build a private-markets platform, then shut it down less than three years later. Michelle and Vox use that case to explain a broader investing lesson: a firm can stay bullish on private markets while walking away from the software layer around them, because client relationships, capital, and workflow products do not create value in the same way.

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Thinking in MarketsBy Vox