Affiliated Managers Group, Inc.
(AMG)
AMG Earns Most of Its Profit From Alternatives and It Still Trades at 9x
On the evidence already reported rather than projected — a fee rate up 13% in a year, equity-method earnings nearly doubled, economic earnings per share compounding above 50% and a share count down roughly a tenth — the market is still pricing AMG on what its long-only book is...
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