Leslie Picker

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.

Alternative asset managers have sold off double digits recently due to fears of AI disrupting their software holdings. Executives state exposure is small (<10%) and they have been underwriting AI risks for years. The market has priced in a worst-case scenario for private portfolios that contradicts the actual data provided by management. If the exposure is minimal and the "AI disruption" fear is exaggerated, the stocks are undervalued. Long these asset managers as the market realizes the "AI death" thesis for their portfolios is flawed. Private valuations may still need to adjust downwards; indirect exposure via "GDP stakes" or non-software sectors could still be hit by AI deflation.