Marc Rubinstein, a former hedge fund manager and writer of Net Interest, joins to break down Blackstone, the largest alternative asset manager. They discuss Blackstone's innovative business model and how it capitalizes on low bond yields. Topics include Blackstone’s revenue evolution, unique investment strategies, and competitive advantages. Rubinstein highlights the firm’s shift towards alternative assets, particularly in insurance, and how strategic partnerships enhance their funding sources. Insights into the Hilton acquisition illustrate Blackstone's adaptive investment philosophy.