FROM THE RECORD · 6 matching entries · 2025-12-10 to 2026-03-03
What does the record say about inflation?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Rowan argues the 30% market overhang from geopolitics, inflation, and technology was foreseeable and predictable. [1]
Read the supporting quotation · Bloomberg Television · 2026-03-03
“I think the 30% overhang of geopolitics, inflation, technological change is now here. It was foreseeable, not maybe exactly how it occurred, but it was foreseeable. It was predictable.”
Rowan argues governments are borrowing record amounts while fragmenting labor and goods flows through immigration and tariff policies. [2]
Read the supporting quotation · Yahoo Finance · 2025-12-10
“We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.”
Rowan observes yield curve steepening with ten-year rates rising despite short rate cuts. [3]
Read the supporting quotation · Yahoo Finance · 2025-12-21
“Depreciating our currency has the tendency to be inflationary. And what we're seeing is a steepening of the yield curve. Rates that matter, the ten year, are higher even if short rates are lower.”
FROM THE RECORD · 7 matching entries · 2023-05-01 to 2025-12-21
What does the record say about interest rates?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Rowan declares a soft landing achieved after 400 basis point rate increase without economic breakdown. [1]
Read the supporting quotation · Yahoo Finance · 2024-05-06
“we've had a soft landing. When rates have gone up 400 basis points and the wheels haven't come off the bus, as they say, I think that's the definition of a soft landing.”
Rowan criticizes Fed rate cuts as expensive insurance when financial markets are wide open and equities at all-time highs. [2]
Read the supporting quotation · Bloomberg Television · 2024-10-02
“What's expensive about it. The notion that we would cut rates. Financial markets are wide open. Equities are at all time high. Financing is available.”
Rowan says institutional investors prefer locking in 5% tax-free returns after a decade of low rates. [3]
Read the supporting quotation · CNBC Television · 2023-05-01
“They prefer 5% to 2%. It's no more we can make it really complicated, but when they're they've had a decade of very low ability to provide for retirement income, all of a sudden, can lock in 5% plus tax free for the next decade.”
Read the supporting quotation · Bloomberg Live · 2026-03-03
“The vast majority of the private market is investment grade. There's a $40,000,000,000,000 market and 99% of the headlines are focused on a little slice of a trillion and 0.5 called levered lending.”
Rowan reports Q2 originations of $74 billion, excluding Broadcom which was the sector's largest ever origination. [3]
Read the supporting quotation · i101 · 2026-08-04
“Origination here was a very strong quarter, 74,000,000,000. Just to give you some perspective, that does not include Broadcom, the largest origination in our sector ever, or a number of others.”
Rowan states public companies halved to 4,000 while 80% of large companies are now private. [2]
Read the supporting quotation · Yahoo Finance · 2024-05-06
“We now have 4,000 public companies. People think most of the action is in public markets. 80% of companies over 100,000,000 of revenue and 80% of employment is in private companies.”
FROM THE RECORD · 20 matching entries · 2023-05-01 to 2026-04-15
What does the record say about apollo?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Rowan says Apollo's $400 billion in private credit is still irrelevant in a $40 trillion market. [1]
Read the supporting quotation · Bloomberg Television · 2023-05-01
“At 400,000,000,000 of private credit, mostly investment grade, unfortunately, we're not relevant. It sounds like a lot, 400,000,000,000, but we're talking about a $40,000,000,000,000 market.”
Rowan reveals Apollo has invested nearly $8 billion and employs 4,000 people dedicated solely to credit origination. [2]
Read the supporting quotation · CNBC Television · 2024-09-20
“And for us, we are very focused on scaling origination. We've spent nearly $8,000,000,000. We have 4,000 people who wake up every day, and all they do is origination.”
Rowan reports Apollo's best year ever with around $650 billion in assets under management. [3]
Read the supporting quotation · Bloomberg Podcasts · 2023-12-05
“Single best year in Apollo's history. Earnings. Asset performance. The our platform as you think about it we are around 650,000,000,000 of assets under management in our asset management business.”
FROM THE RECORD · 19 matching entries · 2022-04-20 to 2026-08-04
What does the record say about liquidity?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Rowan states that trading capital in fixed income markets has declined to just 10% of 2008 levels. [1]
Read the supporting quotation · CNBC Television · 2024-09-20
“We're just finding out, for instance, that there's no liquidity in fixed income markets. That trading capital in the world is 10% today of what it was in 2008.”
Rowan questions why $12-13 trillion in 401k plans are daily liquid for fifty-year investments. [2]
Read the supporting quotation · Yahoo Finance · 2024-05-06
“What are these people invested in? They don't know. Well, I'll tell you, on the whole, they're invested in daily liquid mutual funds and ETFs for fifty years.”
FROM THE RECORD · 18 matching entries · 2021-07-15 to 2026-08-04
What does the record say about retirement accounts?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Rowan questions why $12-13 trillion in 401k plans are daily liquid for fifty-year investments. [1]
Read the supporting quotation · Yahoo Finance · 2024-05-06
“What are these people invested in? They don't know. Well, I'll tell you, on the whole, they're invested in daily liquid mutual funds and ETFs for fifty years.”
Rowan warns that ten companies dominate the S&P, joking the U.S. retirement system is essentially levered to NVIDIA. [2]
Read the supporting quotation · Bloomberg Podcasts · 2026-03-03
“We have 10 companies that dominate the S and P. We've essentially, as I sometimes joke, we've levered the entirety of the retirement system of The U. S. To NVIDIA.”
Rowan says Athene's exposure to levered lending is 0.4% and software exposure is 0.1%. [3]
Read the supporting quotation · Castify Earnings Call · 2026-05-25
“Our exposure to levered lending, which people sometimes call private credit is de minimis. Rounds closer zero than to 1% came in at 0.4%. Our exposure to software, 0.1%.”
Rowan states public companies halved to 4,000 while 80% of large companies are now private. [2]
Read the supporting quotation · Yahoo Finance · 2024-05-06
“We now have 4,000 public companies. People think most of the action is in public markets. 80% of companies over 100,000,000 of revenue and 80% of employment is in private companies.”
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Quoted in printThe Economic Times
“I was a valet parker at the Diplomat Hotel, now, the Shell Bay Golf Club. I would drive cars between New York and Florida for snowbirds, transporting their cars for the winter.”
He earned $3.10 an hour as a valet parker. Now he’s worth $11.1 billion and runs a trillion-dollar firm · Trending Desk
Quoted in printThe Economic Times
“I was a valet parker at the Diplomat Hotel, now, the Shell Bay Golf Club. I would drive cars between New York and Florida for snowbirds, transporting their cars for the winter.”
The billionaire who wants to build the Middle East a parliament on Israeli soil - interview · ZVIKA KLEIN
Quoted in printFortune
“I was a valet parker at the Diplomat Hotel—now, the Shell Bay Golf Club. I would drive cars between New York and Florida for snowbirds, transporting their cars for the winter.”
Apollo CEO has a $11.1 billion net worth today—but he started out with a series of hospitality jobs, from valet parking to working in a party store · Emma Burleigh
Quoted in printYahoo Finance
“I was a valet parker at the Diplomat Hotel—now, the Shell Bay Golf Club. I would drive cars between New York and Florida for snowbirds, transporting their cars for the winter.”
Apollo CEO has a $11.1 billion net worth today—but he started out with a series of hospitality jobs, from valet parking to working in a party store · Emma Burleigh
Transcript excerpti101
“Origination here was a very strong quarter, 74,000,000,000. Just to give you some perspective, that does not include Broadcom, the largest origination in our sector ever, or a number of others.”
“Capital formation record for the quarter at 60,000,000,000 of organic inflows, 38,000,000,000 in asset management, dollars 22,000,000,000 in Athene. In short, we believe that our '26 growth outlook is on track for FRE and FRE.”
“The future for the industry I also believe to be increasingly bright. As we've discussed in prior quarters, the entirety of our industry was built from one investor, one source of demand.”
“We went live with estimated daily value, estimated daily NAV on sevenone for our entirety of our fixed income investment grade suite of asset products.”
“The most recent discussion that's had across our industry on liquidity has been in the negative context of the gating of direct lending funds over the past few months.”
“Austin lets us build the next generation of Apollo and Athene, including challenger models for parts of our own business, with the talent, technology and business environment already in place. That's why we chose Austin and Texas.”
Apollo Selects Austin for Strategic Hub for Talent, Innovation and Long-Term Growth · Apollo Global Management, Inc.
Transcript excerptCastify Earnings Call
“The investment grade private credit market, which is being driven by the global industrial renaissance, is a $38,000,000,000,000 market. Therefore, the total opportunity in private credit is some $40,000,000,000,000”
“For our platform, which is the largest private credit platform in the world, by sixthirty, our investors will have daily pricing for all corporate investment grade fixed income assets.”
“By ninethirty, all investors will have daily pricing for direct lending and asset backed finance also. That essentially means the totality of our credit business will be 100% daily pricing by ninethirty.”
“Our exposure to levered lending, which people sometimes call private credit is de minimis. Rounds closer zero than to 1% came in at 0.4%. Our exposure to software, 0.1%.”
“We have spread across with the right structures and the right protections with the right risk reward to kind of create convex convex upsides while getting some amount of downside protection and some notion of our money back.”
“But I'll go through the companies who are creating massive change. SpaceX, Anthropic, OpenAI, Stripe, Cursor, Cognition, Andoril. What do all of them have in common?”
“And if you think about people like us, we borrow really long because we back retirement liabilities. And institutions, pension funds, endowments, sovereign wealth funds, they borrow really long.”
“Loans to customers, loans to companies, they're all private. What we spend all our time talking about on the press is $2,000,000,000,000 of $40,000,000,000,000 which should properly be called levered lending.”
“We're a trillion dollar asset manager, 750,000,000,000 of credit, 16,000,000,000 of retail money. It works out to 5% a quarter of redemptions, works out to about 750,000,000, it rounds to zero.”
“I always ask the provocative question, if what the activity is risky, do we want it in the government backed, government guaranteed banking system, or do we want it in the investment marketplace?”
“no one sold their treasuries or their investment grade bonds to buy private credit. Investors sold their equities. Investors made a logical decision to get equity like returns by owning first lien debt,”
“If you discovered eight weeks ago that enterprise software was vulnerable to AI, you kind of weren't doing your job. This is this is knowable, and we're we're seeing, this technology shift”
“we're seeing, this technology shift take place at a point in time when the private equity industry spent a decade where 30% of their activity was enterprise software. That to me is the story.”
“Money is coming in institutionally, and it is going to result in reasonably normal spreads for the except with the exception of software, which has nothing to do with public or private.”
“But now as we've been saying, it's only 70% of what you need to worry about. The other 30% is geopolitics. It's government borrowing. It's excesses in capital markets and it's technological change.”
“But apparently two weeks ago we discovered that AI is going to impact software and we've been in a massive risk off mode and so software stocks are down almost 70%.”
“As a world, we are building infrastructure, we're building energy, we're doing energy transmission, we're building next gen manufacturing, we're ramping defense, and we're doing this thing called AI and data.”
“S, they want to do in Europe and they're not as well prepared to it and they're doing it in The Middle East and they're doing it elsewhere around the world.”
“The vast majority of the private market is investment grade. There's a $40,000,000,000,000 market and 99% of the headlines are focused on a little slice of a trillion and 0.5 called levered lending.”
“So if you think last year, we originated a little over $300,000,000,000 of new investments, mostly credit. 80% of that was investment grade. I assure you no one is complaining about the lack of buccaneering.”
“And if you go to the extreme and you take retirees, for instance, in 04/2001, an extra percent compounded over the duration of how long you're going to be in there is a 50% to 100% better outcome by having better investments.”
“I think the 30% overhang of geopolitics inflation technological change is now here. It was foreseeable, not maybe exactly how it occurred, but it was foreseeable. It was predictable.”
“And there are companies of which we are one, but not the only one who went all first lien, who went almost all cash pay, who went large companies, who work with low leverage.”
“I mean, we were the whole, the entirety of the companies that you see that are public today, everyone was 40,000,000,000 in 2008. We're now close to a trillion Blackstone more KKR, a little less.”
“I think the 30% overhang of geopolitics, inflation, technological change is now here. It was foreseeable, not maybe exactly how it occurred, but it was foreseeable. It was predictable.”
“If you were a good risk manager, you are going to make more money this year and next year if it continues than you ever have before because you've been risk off.”
“But now, as we've been saying, it's only 70% of what you need to worry about. The other 30% is geopolitics, it's government borrowing, it's excesses in capital markets, and it's technological change.”
“But apparently two weeks ago, we discovered that AI is going to impact software and we've been in a massive risk off mode. And so software stocks are down almost 70%.”
“As a world, we are building infrastructure. We're building energy. We're doing energy transmission. We're building next gen manufacturing. We're ramping defense, and we're doing this thing called AI and data.”
“S, they want to do in Europe, and they're not as well prepared to it, and they're doing it in The Middle East, and they're doing it elsewhere around the world.”
“The vast majority of the private market is investment grade. There's a $40,000,000,000,000 market, and 99% of the headlines are focused on a little slice of a trillion and 0.5 called levered lending.”
“people are not funding their investments in these BDCs with their treasury portfolio. They're selling their equities. Last I looked, first lien debt is senior to equity.”
“So if you think last year, we originated a little over $300,000,000,000 of new investments, mostly credit. 80% of that was investment grade. I assure you, no one is complaining about the lack of buccaneering.”
“And if you go to the extreme and you take retirees, for instance, in four zero one k, an extra percent compounded over the duration of how long you're going to be in there is a 50% to 100% better outcome by having better investments.”
“We have 10 companies that dominate the S and P. We've essentially, as I sometimes joke, we've levered the entirety of the retirement system of The U. S. To NVIDIA.”
“All of a sudden, we have this second thing called individuals. And I predict that individuals will be at least as big as institutions in their alternative bucket.”
“The disconnect in people's minds of private and investment grade is actually funny to watch sometimes, because we've grown up with forty years of thinking that private is risky and public is safe.”
“What if private is safe and risky, and public is safe and risky, and we're talking about differing degrees of liquidity in different markets? I think that's what we're seeing.”
“In fact, every day the market goes up or down, but we don't think of those as losses. And yet, the private credit market moves down two points and the world comes apart.”
“In fact, what's happened is the democratization of private credit has made our system more resilient. Rather than credit being concentrated in a handful of banks, it's now throughout the investment marketplace.”
“Our role is to originate the assets. If we originate good risk that offers excess return per unit of risk, we will prosper, and we will have lots of buyers for our product, our own balance sheet, funds, individuals, institutions, insurance companies, four zero one ks, and so on.”
“We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.”
“We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform. We're fractionalizing our flow of goods through the other tariff and other measures.”
“Depreciating our currency has the tendency to be inflationary. And what we're seeing is a steepening of the yield curve. Rates that matter, the ten year, are higher even if short rates are lower.”
“And the reality is most private credit is investment grade, And most of the credit in the financial system that is private, banks, insurers, pension funds, is investment grade.”
“We don't think anything of Nvidia or the S and P going up or down 10 or 15%, and yet one private credit loan or one broadly syndicated loan defaults and people lose their mind.”
“They have massive amounts of cash flow coming from lots of other businesses. And if I am worried about the debt of hyperscalers, the economy and The US have way bigger issues.”
“We have governments around the world who are borrowing record amounts of money. We are, for maybe good and valid reasons, fractionalizing our labor supply through immigration reform.”
“We don't think anything of Nvidia or the S and P going up or down 10 or 15%, and yet one private credit loan or one broadly syndicated loan defaults and people lose their mind.”
“Generally, what investors are doing is they're taking money out of equity or out of high yield bonds and moving into levered lending. It's roughly the same return, and it is less volatile.”
“But I don't think it is a foregone conclusion that because you own a data center and you own equity in it and data is valuable that you will make money in data center equity.”
“I don't think it is a foregone conclusion that because you own a data center and you own equity in it and data is valuable that you will make money in data center equity.”
“Twenty five years ago, the notion that levered loans would trade was a fantasy. How could they trade? Every loan was different. Every company was private. There were no benchmarks.”
“And lo and behold, we take for granted that the broadly syndicated market trades. We have ETFs. We have open end mutual funds. We have a series of products.”
market evolutionprivate creditpublic vs private markets
Transcript excerptCNBC Television
“I think what we're seeing is the availability of capital in private markets is allowing companies to do a series of things, to invest for the long term, not to be driven by quarterly earnings, and to obtain massive amounts of debt and equity to finance their business plan without accessing public markets.”
“I think we're gonna see more transparency, more market making, more liquidity, more access. And I think the steps that this administration has taken are actually putting us down that path.”
“Forty years ago, private was three products, Private equity, venture capital, and hedge funds. All can be good investments, but all have risk. And public were 8,000 public companies, diversified portfolios of stocks and bonds.”
“We now have a third market, which is retirement insurance companies. People have seen what we have done by accessing private investment grade, and others are doing it. We now have a fourth market.”
“Maybe the new form of active management is not the buying and selling of stocks and bonds, but the addition of private markets to public beta portfolios.”
active managementportfolio constructionprivate markets
Transcript excerptBarron's
“It, along with its European affiliate, are now more than $400,000,000,000 of assets under management. We grow on a gross basis more than $70,000,000,000 a year.”
“We grow on a gross basis more than $70,000,000,000 a year. So we're doing something right. We are in fact the largest provider of retirement services products to The U. S.”
“At the top of the house the fundamental trends are retirees, need for income and what we're building here because financing comes from only two sources.”
“Do I think we will have a recession associated with large increases on unemployment? No, I don't. Remember, we're starting from a position of strength. We're starting from 4% unemployment.”
“We had one stock which was larger than the market cap of every stock exchange in the world other than Japan. That was not necessarily fundamentals. That was money flow.”
“We likely will cause two quarters of negative growth if we, in fact, don't resolve the uncertainty. So until we have resolution of what the rules of the game are, it's gonna be slow.”
“Longer term, the way we've done this, we have done damage to The US brand. The brand for stability, for predictability, for regularity. That will eventually have some cost to us.”
“What I've said is I see us moving from what was hyperexceptionalism to merely exceptional because I don't think there are good alternatives to The US today, but that can change over time.”
“We have a perception that what's public is safe and what's private is risky. But what if we're wrong? What if public is safe and risky and private is safe and risky?”
“What I worry about and the biggest buildup of risk I see in the world is we are brought up with an expectation of being able to trade everything every day. Everything is daily liquid.”
“The US is the second freest trading market in the world financially after Japan and is the freest trading market in the world considering non tariff barriers.”
“The US is the second freest trading market in the world financially after Japan and is the freest trading market in the world considering non tariff barriers. Why is that written in stone?”
“The one I worry about more is the second, which is damage to The US brand. What does our brand mean when it comes to long term agreements, long term security packs?”
“The US and Mexico should be positioned to dominate the economic landscape for the next fifty years. US advanced manufacturing, Mexico the workshop, and so on and so on.”
“It's not the strategy I would have employed. It's a riskier strategy than I personally would have employed. I think it has risks short term, uncertainty, longer term brand,”
“That's not a gamble I would have taken from the position we had. Having said that, short term uncertainty, that's the risk. Longer term brand, that's the risk,”
“I kind of divided it into three buckets. One, legal and economic. We have a legal and economic fight. The second is we have a hearts and minds fight.”
“I went, door to door in the Senate for a piece of legislation called the Antisemitism Awareness Act, which defined antisemitism as anti Zionism in in shorthand.”
“And it got through the senate, just to remind people, ninety nine zero, including positive votes from Elizabeth Warren and Bernie Sanders and Chris Van Hollen”
“We never got a vote in which groups were valued. We outsourced that. And so among the most un American things I'd ever seen happen, we forgot that people are actually individuals.”
“We afforded them lack of judgment of any action they had done based on their aggrieved status. And this became institutionalized in our universities.”
“In admissions and in faculty hiring, no consideration of race, ethnicity, gender, sexual orientation, political viewpoint, religious viewpoint, otherwise. Merit. That does not mean you cannot hire the best basketball team.”
“In admissions and in faculty hiring, no consideration of race, ethnicity, gender, sexual orientation, political viewpoint, religious viewpoint, otherwise. Merit.”
“There's mostly alpha, but there's a chunk of beta in there. For us to double that business, it's finding 300,000,000,000 of assets or 350,000,000,000 of assets over the next five years.”
“Everywhere in the world as I suggested, regulators have two choices as to where debt capital comes from, the banking system or the investor marketplace. Everywhere they've told the banks to do less.”
“if I'm right and we're right that public and private are going to converge to some extent, illiquidity premium, structuring premium, they're going to disappear.”
“we have 12 to $13,000,000,000,000 in 04/2001 and we're forcing these really long term investors to own daily liquid index funds for a period of time, fifty years.”
“A $100,000,000,000 later we're still doing investment grade private deals. And I I see nothing but a long line of interesting borrowers and interesting situations”
“They own daily liquid stock index funds generally S and P for fifty years. Why. Well we have a mistaken belief that public is safe and private is risky.”
“One of the most interesting things that changed there is no liquidity in public fixed income. The stats I've seen it takes five days to sell an investment grade corporate bond.”
“A bank is levered 12 to 14 times. The typical institutional investor is levered zero. The typical mutual fund levered zero. Typical BDC levered 1.5 times. Typical retirement services company levered eight times.”
“The direct the notion that we are spending 2,000,000,000,000 in excess of what we take in in peacetime with full employment does not bode well for the availability of capital to do what we need to do”
“The direct the notion that we are spending 2,000,000,000,000 in excess of what we take in in peacetime with full employment does not bode well for the availability of capital to do what we need to do for”
“What's expensive about it. The notion that we would cut rates. Financial markets are wide open. Equities are at all time high. Financing is available.”
“The notion that we would cut rates. Financial markets are wide open. Equities are at all time high. Financing is available. Real estate prices are going up”
“I believe excess return comes from origination. The capacity of an investor, someone like us, and we're not the only ones who do this, who can go out and work with a company and solve their unique issues and make the commitment and structure and take the whole thing down and originate a credit.”
“And for us, we are very focused on scaling origination. We've spent nearly $8,000,000,000. We have 4,000 people who wake up every day, and all they do is origination.”
“We're just finding out, for instance, that there's no liquidity in fixed income markets. That trading capital in the world is 10% today of what it was in 2008.”
“I think we've had a soft landing. When rates have gone up 400 basis points and the wheels haven't come off the bus, as they say, I think that's the definition of a soft landing.”
“we've had a soft landing. When rates have gone up 400 basis points and the wheels haven't come off the bus, as they say, I think that's the definition of a soft landing.”
“Here are people who have spent their whole lives becoming good investors, and they as an industry have failed to beat the market 93% of the time for twenty years.”
“We now have 4,000 public companies. People think most of the action is in public markets. 80% of companies over 100,000,000 of revenue and 80% of employment is in private companies.”
“But a big part of the return, superannuation, the design of it was to give public investors access to private markets under professional supervision.”
“What are these people invested in? They don't know. Well, I'll tell you, on the whole, they're invested in daily liquid mutual funds and ETFs for fifty years.”
“Are they antiamerican? They are antiamerican. They're actually anti western. We have we're thought of as these protests are leftists. I used to think of the left as liberal. Now the left is illiberal.”
“Single best year in Apollo's history. Earnings. Asset performance. The our platform as you think about it we are around 650,000,000,000 of assets under management in our asset management business.”
“And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace.”
“A culture where you shout people down, where you have 95% of the professor or academia speaking in one way, where you permit violent protests, students are unable to go to class because there's boycotts or there's pressure or other things, is not a culture of free speech.”
“It's not set up to govern. There's no history of govern. And so in the absence of any leadership, faculty or administration has taken these universities in direction that the alumni do not recognize.”
“Think about it. People want to come here. We have an incredible knowledge base. We have abundant energy. We're leaders in technology. We have a massive domestic market. We're the strongest military power.”
“And yet we have challenges that we have not been able to as a result of lack of leadership, as a result of political consensus to address. We have a retirement crisis.”
“Liquidity liquidity is a risk to everyone but in differing degrees. So if you are a retirement plan or a retirement system, you know your liquidity requirements for the next ten years.”
“There is no daily liquid, quarterly liquid money at Apollo. We are ideally situated to take advantage of less liquid assets. We've structured ourselves that way.”
“Single best year in Apollo's history. Earnings. Asset performance. The our platform as you think about it we are around 650,000,000,000 of assets under management in our asset management business. 500,000,000,000 of that is credit.”
“And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace.”
“And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace. There's no third choice.”
“But if you look at the trend with the exception of China everywhere in the world regulators are favoring investors over banks. That does not mean we're gonna see a sunshift.”
“Our business plan calls for a doubling of our business. And at the end of the doubling, liking who we are as a culture, our limiter is not capital raising.”
“be more constructive about the prospect of change here. You think there is a better path ahead. I think the worst thing that can happen to these universities is apathy. Right now there's not apathy.”
“You know, imagine telling a group of firefighters a week after nine eleven that you're sorry for their loss, and then adding the word but as if you're going to explain the action of the terrorist.”
“In the background, there are three trustees and one chairman in my instance who are being asked to step off the board, all of whom signed this open letter, disagreeing with what the university is doing, and all four of us Jewish.”
“Apollo Asset Management ended the year roughly $550,000,000,000 $400,000,000,000 of private credit, mostly investment grade, dollars 75,000,000,000 of hybrid equity, 75,000,000,000 of private equity.”
“The other business is a business people don't know as well, that's the retirement services business, which we do through Athene. So in 2008, we started with a $16,000,000 equity investment.”
“So in 2008, we started with a $16,000,000 equity investment. We ended the year at 330,000,000,000 and have become the largest provider of retirement products in The US.”
“2022 was a good opportunity for us to realize that public can be both safe and risky, and private can be both safe and risky. The only difference is a degree of liquidity.”
“Twenty years ago, there was alpha left in publicly traded fixed income markets. Firms like ours offered you a high yield bond account, a levered loan account.”
“If you can earn single A corporate bond rates plus 300 for being less liquid for ninety or one hundred and eighty days, it seems like a pretty good trade.”
“So as Athene buys 25% of everything, clients of ours, institutions, other insurance companies, retirement systems, wealthy individuals come in side by side aligned with Athene.”
“Four years ago, we were 20,000,000,000 of new sales, then 30,000,000,000, then 47,000,000,000. This year, we'll do north of $60,000,000,000 of new sales, and it continues to be.”
“Everything that was purchased prior to 2022 is today worth less. The change in cap rates, the change in interest rates has simply made the market worth less.”
“LDI was nothing more than a misplaced expectation on the part of UK institutions that public securities were liquid. They found out they're only liquid on the way up.”
“We now know public can be risky as well. We now have found out that private can be both safe and risky. What we're talking about is differing degrees of liquidity.”
“At 400,000,000,000 of private credit, mostly investment grade, unfortunately, we're not relevant. It sounds like a lot, 400,000,000,000, but we're talking about a $40,000,000,000,000 market.”
“Equity we printed $8,000,000,000,000 from 2008 until 2022. Exactly what was supposed to happen happened. Now that we've started withdrawing it, entry point for credit is fabulous, has adjusted very quickly.”
“What we didn't know is that 42,000,000,000 could leave the banking system in four hours without a line. I mean, to me, that is the takeaway out of these three bank failures.”
“What is the business of regional banking going forward? If you pay more for your deposits, if you have increased costs from operations, from regulation, and all of a sudden you don't know about the stickiness of your deposits, are you in the loan business anymore?”
“If you pay more for your deposits, if you have increased costs from operations, from regulation, and all of a sudden you don't know about the stickiness of your deposits, are you in the loan business anymore?”
“Amazing amount of money flowing into retirement services, particularly annuities. I would say the golden age of annuities, but we are borrowed You think”
“They prefer 5% to 2%. It's no more we can make it really complicated, but when they're they've had a decade of very low ability to provide for retirement income, all of a sudden, can lock in 5% plus tax free for the next decade.”
“We went for the private investment grade market. That is the dominant franchise we have built. What we're seeing right now, particularly the turbulence in banking, these are the kind of assets we compete for.”
“It is unclear to me that massively scaling that business is good for investors or good for us or possible. Our job as investors and alternatives is to produce excess return per unit of risk.”
“The next best thing was to be a retirement savings company. But where you thought like a bank the liability side of your balance sheet rather than being deposits was annuities.”
“Athene as a retirement services company wants 95% fixed income and 5% alternatives. But that 95% fixed income they can't buy in the market because the market is now completely beta.”
“You're getting downside protection because the world is uncertain from a geopolitical and an economic point of view. You have enough equity upside that you should have pretty good returns.”
“And the ability to get it to $607,100,000,000,000, it sounds massive, but in the context of the markets in which they participate, it's just not all that big.”
“44% gross on the $25,000,000,000 fund, high 20s net. The world just keeps moving. The world just keeps changing. It's our job to continue to reinvent ways to extract and to produce value.”
“This thing called hybrid, which is $30,000,000,000 is actually really interesting because it is neither yield nor opportunistic. It is never going be the highest rate of return.”
“I've told our internal team our business is going to change more in the next five years than it's changed in the past. And it's changed a lot in the past five years.”
“The growth in the business is not limited by capital. It is not limited by liabilities. It is limited by assets, because it only makes sense to grow if you can earn spread.”
“This thing called hybrid, which is 30,000,000,000, is actually really interesting because it is neither yield nor opportunistic. It is never going to be the highest rate of return.”
“UJA has allocated more than $55,000,000 in response to the pandemic, feeding families, helping people find employment, sustaining the Jewish community's core institutions, providing dignified Jewish burials and so much more.”
“Just a few weeks ago, I visited the Arabian Peninsula in the wake of the Abraham Accords, experiencing how an ancient civilization and a young country embraces the future.”
