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

I'm Miriam Gottfried for the Wall Street Journal.

And this is What's News in Earnings, our look at the broad themes that stood out in the latest earnings season.

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

typically rise and fall with public markets, often with

slightly bigger swings in both directions.

That's because their earnings are tied to the valuations of the companies they own in their

portfolios, and those tend to track comparable public companies, but they also usually carry

a significant amount of debt, which

means that the ups and downs can be magnified. Ever since the start of this year, though,

the stock performance of firms like Blackstone, Apollo, and KKR seems to have come a little bit

uncoupled from the performance of the broader markets. And President Trump's tariffs are

only part of the story. Now, the performance of the broader markets. And President Trump's tariffs are only part of the story.

Now, the performance of these companies matters because they're the biggest fee payers to

Wall Street banks.

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

especially the IPO market.

Heard-on-the-street columnist and take on the week host, TELUS Demos is here to take a look at the

second quarter results for these asset managers and see if we can unpack what is going on.

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