RE:What to do with all the cash?Now we know. A lot to digest here. My back of napkin math shows a modest increase in book value if all the transactions including share buyback occur. That doesn't account for growth in Ceres and Arena. In Arena alone its assets under management are expected to triple almost immediately. Wed is following business models ( Blackstone / Brookfield Asset Management ) which trade at book value multiples of 6 to 17.