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Friday, November 13, 2026

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Industry Primer: Alternative Asset Managers

Alternative asset managers earn durable fees on committed capital, but 2026 losses followed retail-credit redemptions, lender-fraud allegations and AI fears around portfolio software…

BN $94BBX $151B
Latticework by MOI Global 2 clicks

From X

@aleabitoreddit

Serenity on X

Just to state the nuances of my opinion: Jensen is irreplaceable to $NVDA. No other CEO can visit a chicken shop in Korea, noodle shop in Japan And rally hundred of billions of capital and supply chain commitment into Nvidia’s next technological vision. As for Nvidia: the their roadmap is intact, their existing commitment and revenues are still preserved under Jensen’s leadership. They’ll still be around 5-10 years from now, given how fundamentally important they are to AI supply chains. Under a new leader they can still continue growing if AI demand is intact and maintain their current lines. But I don’t know anyone who can possibly think that under anyone else, whether it’s Tim Cook or an accountant: That Nvidia could compound 70% capacity constrained growth Y/Y, without a leader like Jensen making these transformational bets. As for AI implications: I’m heavily bullish directionally, given AI is the most transformational technology in human history. - I expect some potential slowdown in Nvidia’s ecosystem. I don’t think an accountant can make the same aggressive level of commitments to Neoclouds or supply chains in Taiwan, Korea, Japan beyond existing architectures. Then rally the capital and trust to make it happen. - I do expect the next CEO to be more politically aligned with Washington in restricting China GPU access - I also see the next CEO being less supportive of open weight models (positive for OpenAI/Anthropic) - I’m less optimistic on $NVDA maintaining their competitive advantages against $AMD, $AVGO, and hyperscalers. One person doesn’t break the AI trade, I expect companies from optics to memory to still outperform. However, my confidence in the next leg of Nvidia’s growth, beyond their current roadmap, has been shaken without Jensen Huang.
@orrdavid

David Orr on X

Yes, I really do think Hikari Tsushin $9435 is really worth at least double. I also really thought $NVDA could become the most valuable company in the world in 2023. And I also really thought Credit Suisse was insolvent before 2023. What, I shouldn't be allowed to voice these opinions? Why? Because some compliance guy wants to invent reasons to keep me on edge and charge me money? Or because some government regulator needs to justify his job? To them I'd say: you're picking the wrong target, this one actually punches back.
@convequity

Convequity on X

Been thinking about the $ANT Anthropic IPO and I keep coming back to a couple of things that don't quite add up for me. Anthropic works hard to come across as a company for everyone else. It set up the Long-Term Benefit Trust so the mission, not money, elects the board, and the founders are giving 20% of their shares away to the public. Then the IPO. The book is reportedly ~6x oversubscribed on up to $64B, yet $26B goes to suppliers: Google, Nvidia, AMD, Broadcom, Micron, Microsoft, TSMC. With that much public demand, that feels inconsistent. It sits next to the other contradiction: leadership warns that frontier AI is dangerous without regulation, yet keeps racing the frontier. So why the suppliers? My guess: Anthropic isn't a consumer-facing company. Maybe they worry retail holders would be fickle and sell at the first wobble, while suppliers give them a steady, long-term shareholder base. That's the opposite of $TSLA Tesla, where a diehard retail base helped the company weather storm after storm. Apple too, to a degree. Those are consumer brands, though. The flip side is $PLTR Palantir. Not consumer-facing at all, and it still built a diehard retail following that stuck with it through plenty of storms. Anthropic says it's built for everyone, then hands a big slice of its IPO to its suppliers. It warns about the AI race, then keeps racing. That's the mixed messaging I can't get past.

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QXO Inc Earnings Update: Q3 2026

QXO's Q3 sales rose 79% to $4.9 billion after TopBuild and Kodiak acquisitions, while acquisition debt lifted interest expense to $163…

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Qure Anniversary Update

UniQure’s Huntington’s disease BLA has a May 1, 2027 priority-review date, with an FDA advisory committee expected in late first quarter.

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Big Short: Fidelity & Guaranty

F&G’s main insurer held $66.5 billion of assets against $1.38 billion of statutory capital, while private credit, reinsurance dependence…

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ARM Q2 FY3/27 Earnings Review

Arm reported Q2 revenue of $1.443 billion, up 27%, as licensing rose 50% while royalties grew 8%; Q3 guidance calls for $1.54 billion.

ARM $218B
Cestrian Capital Research

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