"Howard Marks and Bruce Flatt are now making rather different arguments, with different implications for the growth of traditional alt managers."

i am skeptical that marks and flatt disagree on the primary question that the sub 2% interest rate environment will no longer be a durable feature.

regardless, couple of things here i dont get.

first, brookfield is a huge MULTI-ASSET manager. its their job to find the best opportunities among assets that (ideally) should be sufficiently non-correlated over multiple (long) time horizons.

if scale does matter (i.e., if KKR, apollo, blackstone are also not wrong), then it is impossible for alt managers of this size to largely pivot into a narrow investment themes, even if marks and flatt agreed on exactly the same investment flavor of the year. furthermore, many fund vintages and launches are on the basis of specific allocation\themes, not on any recent opportunistic view.

i would rather marks and flatt be very good at allocating to different asset classes, than agreeing with realistic uncertainty, on what may currently be best.

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