[randomacct3847]

I’m saying I don’t believe whatever private valuation they have. Wealth management is a lifestyle biz at best unless you get to Blackrock scale. I believe that is what they are pitching investors to get whatever valuation they have now but I am extremely bearish on these companies. Robo investing has been largely commoditized and AUM will inevitably tank with the next recession.

[danielecook]

What is a lifestyle business?

[derp_dee_derp]

"lifestyle business" is a phrase made up by silicon valley wannabes to describe businesses that "only" generate a large enough profit for the owners to be millionaires instead of billionaires.