.@Blackstone President Jon Gray explains his approach to theme investing while staying away from high multiples: "The way to think about it is, you try to find a great theme like data centers. Then you turn it upside down and say, 'What are all the inputs that go into that?'" "As investors, getting your head around that, and positioning your portfolio to say, 'These are the areas I have the highest conviction,' the best is when you can find something one derivative off." "Because today, the…