Alternative asset manager KKR & Co. (NYSE:KKR) seems like it should be a great investment - the stock trades at a low P/E multiple, revenues have expanded rapidly in the last year, and shares have shown considerable momentum over the last year. Unfortunately though, looks can be deceiving. KKR is primarily a private equity firm and a lot of their profits are coming from the harvesting of investments made in the last decade. While KKR is a very well run firm, like all PE funds its future performance is largely dependent on the macro conditions of today. In particular, KKR needs to be able to buy companies cheaply, lever them up, improve their operations, and then monetize the...
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