Welcome back to Going Public with Evercore’s Glenn Schorr.
On the latest episode of Going Public, we dive for the loose balls in private markets’ March Madness as Glenn shares his thoughts on why it’s important to separate the forest from the trees when it comes to why certain firms make his “Final Four.”
We cover some of the most pressing topics in alternative asset management, including:
Separating the forest from the trees — dissecting alternative asset manager stock performance versus long-term business performance.
Views on the exit environment and what it means for alternative asset manager stock performance.
Where and why does scale matter?
Are banks and alternative asset managers enemies, frenemies, or collaborators, particularly in areas like private credit?
Why does Glenn believe the secular growth trends of private markets and how that impacts alts managers is a fat pitch?
In the spirit of March Madness, Glenn shares his bracketology on which firms make his “Final Four.”
Making private markets more public — with expert analysis
Alt Goes Mainstream has partnered with an expert who has seen the evolution of alternative asset managers from their early days.
Glenn Schorr is a Senior MD and Senior Research Analyst at Evercore ISI, where he covers brokers, banks, asset managers, and trust banks as an analyst.
He has covered financials since 2000 and started coverage of alternative asset managers when the first firms went public.
He’s consistently come up as one of the most thoughtful and well-respected analysts in the space. He balances deep research with a creative flair (just read one of the titles of his research reports and you can see his love of the game). He’s been named to Institutional Investor’s All-America Research Team for his coverage, most recently ranking #2 and runner up in 2023, #1 and #2 in 2022. Prior to Evercore, Glenn was a Senior MD at Nomura, serving as the lead financials analyst.
Listen in as Glenn shares market stories, the evolution of alternative asset managers as businesses, the biggest and most exciting trends in private markets based on what the industry’s largest players are doing, and we go “around the horn” for his analysis on the publicly traded firms.
Clip #1: Just because the stock price went down 25%, is the company truly worth 25% less than what it was last week.
Clip #2: Glenn’s bracketology: his “Final Four.”
Clip #3: Are private markets “a fat pitch?”
Show Notes
00:00 Introduction and Opening Remarks
00:47 Welcome to the Alt Goes Mainstream Going Public Series
01:00 Meet Glenn Schorr: Your Guide
01:34 Market Stories and Trends
01:59 Live from Evercore: Earnings Discussion
02:10 Market Volatility and Earnings Impact
03:47 Alternative Managers and Market Trends
04:47 The Importance of Infrastructure and Private Credit
06:07 Valuation Challenges and Market Corrections
07:27 Investment Opportunities in Market Downturns
08:17 Fundraising and Capital Raising Challenges
09:56 Super Alts Firms: Multi-Strategy Platforms
12:48 The Role of Brand in Asset Management
13:57 Acquisitions and Market Positioning
16:14 Banks vs. Alternative Managers in Private Credit
17:34 The Evolution of Direct Lending
19:54 Banks' Strategic Moves in Private Credit
20:51 JP Morgan's Private Credit Expansion
23:00 Banks Acquiring Private Credit Firms
24:49 Partnerships and Strategic Alliances
25:28 Unique Situations in Finance
25:45 Public vs. Private Market Financing
26:01 Moving and Storage Business Analogy
26:11 Duration and Loan Management
26:38 Regulatory Arbitrage in Banking
27:10 Flexibility in Private Markets
27:40 Impact of Stock Prices on Acquisitions
28:12 Stock Deals and Currency Differences
29:35 Accretive Acquisitions and Growth
32:20 Scale Benefits in Private Markets
32:24 Wealth Channel Penetration
33:13 Large Transactions and Scale
34:33 Investor Perception of Scale
36:13 Challenges in Understanding Alternative Managers
38:34 Long-Term Trends in Private Markets
39:56 Risks in Private Markets
40:54 Transparency and Regulation
41:57 Private Markets vs. Public Markets
45:43 Geopolitical and Economic Risks
47:39 Final Thoughts and March Madness Final Four Picks
Editing and post-production work for this episode was provided by The Podcast Consultant.
Disclosures
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