Money Rehab with Nicole Lapin · Wednesday, September 9, 2026
Lapin proposes an investment strategy of buying the management company of a fund rather than the fund's underlying assets, likening it to owning a 'toll booth.' She argues that this approach, exemplified by giants like Blackstone and KKR, ensures managers are paid regardless of investment performance.
“This is the equivalent of B ticker that I mentioned for Pershing Square.”
“You're buying the actual management company, you're buying their fee stream.”
“My hot take here is for most people, owning the toll booth itself is smarter than owning all the cars going through it.”