Surprised no one is commenting despite 40 votes. I think discount bc in a way it is the SPY. Rev is ~AUM-driven. AUM is ~~SPY-driven.
$BLK vs SPY NTM PEhttp://snt.io/4VFkPFzYg
This assumes $BLK has reached peak market share, right? If the market is flat but more $ flows from active to passive, $BLK benefits.
I vote premium bc the network effects of being no 1 or 2 give it a huge advantage. Good paper explaining below:
https://poseidon01.ssrn.com/delivery.php?ID=793116004073121021106024086117001099122022037016006065077119008005125011095118010027000061119043019059124099020017065118126103027053058076046000029090069092079094119051032095073091093102116112103120103082024107000103097109002124118098074094089080065084&EXT=pdf …
