Broken Moats on X
Software sold off as private-credit names MFC, ARES and FG rose alongside banks, with JPM up 14% in June. The valuation gap points to lower private-credit prices.
NYSE
Ares Management Corp
ARES
3 articles
$47B Market cap · 2026-08-21
Broken Moats on X
CAVA rose 30% in a week without news as Target and private-credit-exposed Ares also made sharp late-week moves.
marginofdanger on X
Pershing Square trades near 50 times estimated earnings, with $21 billion of fee-paying AUM against a $13 billion equity value and potential post-lockup selling pressure.
