KKR & Co. Inc.
Thesis
KKR is positioned to benefit from a growing total addressable market (TAM) in asset management, with a strong business model that leverages scale advantages. The company has demonstrated significant growth in assets under management (AUM) and is expected to continue capturing market share in the alternative asset space, which is projected to grow at a high single-digit rate annually. KKR's diversified revenue streams and stability in earnings make it an attractive investment opportunity, especially in a turbulent market environment.
Did it work?
The long thesis on KKR played out well: over the 52 months since the pitch, the stock returned +99.2%, roughly doubling and implying a ~17% annualized gain. This aligns with the thesis's core dynamics — the alternative asset management TAM expanded, KKR continued growing AUM and capturing share, and its diversified fee- and performance-related earnings streams drove strong results. With over four years elapsed and the price performance strongly confirming the bullish direction, the verdict is high confidence.