Hey listeners, your money briefing is on a break, but we're still here to keep you informed on important money matters.

Today, we've got a peek under the hood of the U.S. economy, courtesy of earnings season and company's financial reports.

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 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.

Hi, Tell us.

Hi.

So tell us if there's one thing I can always say about the CEOs of publicly traded private

...