Blackstone

The discussion

Among the four hosts, only Chamath has offered a view on Blackstone, expressing low-conviction bullishness. He credits Blackstone — alongside KKR and Apollo — with successfully demonstrating that an alternative asset manager can build durable public equity value by scaling AUM toward a trillion dollars and reframing the investment thesis around predictable management fee revenue (the "2%") rather than fund returns. Chamath presents this as a proven model that the market has accepted, though his measured framing ("people have bought that story") implies some residual skepticism about its long-term sustainability. No other hosts have weighed in, so no cross-host agreement or disagreement can be assessed.