Why does GS have a discount when MFs don't?
Thediscount exists because of the firm's brand name, but from what I understand, being an analyst at a widely known mega fund like would carry far more weight. Despite this, analysts at mega funds have similar all-in compensations as analysts at higher-paying BBs if not EBs. How is GS able to maintain the discount as more mega funds opt to create analyst programs, or conversely, why don't mega funds discount using a similar argument as GS? I'm guessing the skillset of PE analysts might be a factor but was curious if other people had any thoughts.