The Minutes of Marc Rowan on liquidity https://minutesof.com/marc-rowan/on/liquidity/ Everything Marc Rowan has said on liquidity: 10 verbatim quotes between April 2022 and August 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:32 +0000 Rowan dismisses redemption concerns, saying Apollo handled $750 million in first quarter outflows easily. https://minutesof.com/q/8ae8c1e7-a21b-40ed-b719-674c07f446ff/ https://minutesof.com/q/8ae8c1e7-a21b-40ed-b719-674c07f446ff/ “And so for us, $750,000,000 in the first quarter, dollars $750,000,000 out in the first quarter, this is not of any moment.” — CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 liquidity Rowan argues public and private markets both contain risk; the key difference is liquidity, not safety. https://minutesof.com/q/245af8cf-6d4d-4672-be3e-7016560da06d/ https://minutesof.com/q/245af8cf-6d4d-4672-be3e-7016560da06d/ “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.” — Marsh Fri, 06 Feb 2026 21:54:43 +0000 liquidity Rowan challenges the perception that public markets are safe and private markets risky. https://minutesof.com/q/277bcf60-ecbe-492a-9755-99df1a9e77f3/ https://minutesof.com/q/277bcf60-ecbe-492a-9755-99df1a9e77f3/ “We have a perception that what's public is safe and what's private is risky. But what if we're wrong?” — Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 liquidity Rowan states that selling an investment grade public corporate bond now takes five days due to liquidity issue https://minutesof.com/q/3f510ab2-1eb9-45a6-b219-3ddc2d746c7e/ https://minutesof.com/q/3f510ab2-1eb9-45a6-b219-3ddc2d746c7e/ “By recent measures, it would take you five days to sell an investment grade public corporate bond today because there is no liquidity.” — CNBC Television Fri, 20 Sep 2024 13:38:12 +0000 liquidity Rowan states that trading capital in fixed income markets has declined to just 10% of 2008 levels. https://minutesof.com/q/b450c199-5d31-4b57-b270-0d94aefd2555/ https://minutesof.com/q/b450c199-5d31-4b57-b270-0d94aefd2555/ “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.” — CNBC Television Fri, 20 Sep 2024 13:38:12 +0000 liquidity Rowan questions why $12-13 trillion in 401k plans are daily liquid for fifty-year investments. https://minutesof.com/q/f09ed83b-b4c9-44f6-baa5-e76a9a9d7e1f/ https://minutesof.com/q/f09ed83b-b4c9-44f6-baa5-e76a9a9d7e1f/ “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.” — Yahoo Finance Mon, 06 May 2024 16:23:24 +0000 liquidity Rowan argues retirement systems know their liquidity needs for ten years and should get paid for illiquidity. https://minutesof.com/q/69be1527-0a25-4fb3-88a6-8682ba49f0a5/ https://minutesof.com/q/69be1527-0a25-4fb3-88a6-8682ba49f0a5/ “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.” — Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 liquidity Rowan says Apollo has no daily or quarterly liquid money, structured to exploit illiquid assets. https://minutesof.com/q/183775d3-3b02-43ab-a7ab-a96b87ab68af/ https://minutesof.com/q/183775d3-3b02-43ab-a7ab-a96b87ab68af/ “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.” — Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 liquidity Rowan reframes public versus private markets as fundamentally about liquidity rather than risk. https://minutesof.com/q/1d4daa1f-225e-4b95-8e27-c5e50630de20/ https://minutesof.com/q/1d4daa1f-225e-4b95-8e27-c5e50630de20/ “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.” — Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 liquidity Rowan argues institutions should get paid for liquidity risk rather than equity or credit risk. https://minutesof.com/q/2be56cc4-0f89-44db-8dea-161e7acb6e88/ https://minutesof.com/q/2be56cc4-0f89-44db-8dea-161e7acb6e88/ “I often say you can take equity risk. You can take credit risk. The risk these institutions should always get paid for is liquidity risk.” — David Rubenstein Wed, 20 Apr 2022 11:09:09 +0000 liquidity