Mullen: Allocators face no penalty for choosing consensus giants like Blackstone
Don Mullen · Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324) · Jun 29, 2023 · at 1:02:02
Don Mullen, founder and CEO of Pretium Partners, discusses consensus-driven behavior among institutional investors and the career risk of pursuing differentiated strategies.
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“The infrastructure of it is a little bit reminiscent of the Apple, IBM computer debate of the nineties, where it's like you were never incented to buy an Apple product if you were a corporate purchasing person, because you got no penalty for buying IBM and you had a lot of risk if you bought Apple. And there's a lot of that in the investing world where you don't really get a penalty for buying Blackstone in most places.”
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