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U.S. President Donald Trump's so-called reciprocal tariffs rocked global markets earlier this spring.

And during that time, my colleague Antoine Guerra was watching closely to see how three of the biggest firms on his beat would respond.

Blackstone, Apollo, and KKR are the three leading private capital firms on Wall Street.

And within about a month of Trump's tariff announcements, the ones that sent markets into a complete freefall,

each of these firms had to report quarterly earnings.

And they also had to hold conference calls with their shareholders.

These firm stocks had been battered by the announcement.

Each one's share price suffered losses of roughly 10% in the immediate aftermath.

But later, on those investor calls, Antoine noticed something different.

They were making very distinct cases on how each of these firms individually were best positioned

to handle the coming market turmoil.

They were really making pretty forceful cases on why they were going to do better than the

rivals across the street.

And this was pretty novel.

...