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How Alternative Asset Managers Make Moats

Oaktree, Apollo Global Management, and Blackstone have built competitive advantages out of strong brands and explicit switching costs, says Morningstar's Matt Coffina.

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Jeremy Glaser: For Morningstar, I'm Jeremy Glaser. We recently initiated coverage of a number of alternative asset managers and found that many of them do possess economic moats. I'm here today with Matt Coffina--he's the editor of Morningstar StockInvestor newsletter--for an overview of the category, a discussion of why they have moats, and a look to see if any of them look attractive today.

Matt, thanks for joining me.

Matthew Coffina does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.