More assets are migrating from public bond and equity markets to private markets each year. Why? The volatility profile and return profiles have been better and the private markets can act as a solid diversifier to public markets. Institutions have known this for decades, they have 25-50% of total assets in private markets across Private Equity, Infrastructure, Real Estate, Energy Transition, Private Credit, Growth Equity, etc. HNW retail investors are in inning one of this transition. The best part: the mega brands get the lions share of the asset flows which makes them great investments. These are some of the smartest, most savvy investors around the world and they have $trillions of dollars of dry powder to put to work over time and at attractive prices. This drives better earnings for the asset managers, which drives the stocks over time. Here's the rub: very few investors have private market exposure and even fewer own these stocks. Blackstone recently was added to the S&P 500, I feel confident KKR and Apollo will be added in due time. Currently, about 12% of the brands portfolio is BX, APO, KKR, we love these companies and we love them as investments that also pay a dividend and grow it over time.