What's News in Earnings: Why Some Money Managers Are Trailing the Market

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  Hey, listeners, it's Monday, August 11th.

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  I'm Miriam Gottfried for The Wall Street Journal.

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  And this is What's News in Earnings,

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  our look at the broad themes that stood out in the latest earnings season.

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  So shares of publicly traded private equity firms, also known as alternative asset managers,

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  typically rise and fall with public markets, often with slightly bigger swings in both directions.

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  That's

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  because their earnings are tied to the valuations of the companies they own in their portfolios.

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  And those tend to track comparable public companies,

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  but they also usually carry a significant amount of debt,

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  which means that the ups and downs can be magnified.

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  Ever since the start of this year, though, the stock performance of firms like Blackstone,

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  Apollo and KKR seems to have come a little bit uncoupled from the performance of the broader markets.

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  And President Trump's tariffs are only part of the story.

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  Now,

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  the performance of these companies matters

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  because they're the biggest fee payers to Wall Street banks.

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  And their earnings can also be a window into the health of the capital markets more broadly,

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  especially the IPO market.

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  Heard on the street columnist and Take on the Week host, Telus Demos,

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