Simplified long thesis on $KKR / $BX / $APO / MF Alts is that dry powder is at all-time highs & they have a generational buying opportunity now + combined with attractive financing / low rates...
Mgmt fees also very smoothed and steady in a recession https://twitter.com/rmbtrader/status/1240371441322749952">https://twitter.com/rmbtrader...

Short thesis obviously lies in any mandatory near term exits as well as overlevered portfolio co’s... if you dig in there’s opportunity for solid pair trades between a few

@rmbtrader

$PJT appears misunderstood and drastically oversold. A top global restructuring practice which hedges any sort of recession wonderfully. Companies need advice more than ever. 0 debt on balance sheet (outside of op leases) & lots of cash.

Somehow down ~50%