@@windokeluanda He moved to Norway from the UK, and had to sell his share in his UK based money fund. In Norway theres a tax on net worth.. Considering he has like 900 million dollars (8 billione Norwegian Krones), he has to pay 1,1% ln that yearly, which comes out to around 9-10 million usd yearly. Then you can subtract his yearly salary of around 700k USD, which comes out to around -9million USD yearly..
"We play to win-not just to avoid losing. I fail a lot, at least 1/3 of the time, but I fail quickly and I acknowledge it, I fix it and move on to the next" - Marc Rowan Thank you for another great interview!
This interview has everything in it. The vision, philosophy, how to execute. The market. How he runs the firm. What makes APO different. Where are things headed. Probably the best single interview on the state of the asset management industry I have heard for a very long time if at all.
For the first time I understand Apollo's business. And as someone who has worked in private equity as well as investment grade lending, I found this discussion full of helpful insights.
Dang, this was good. Super insightful (as one would expect, of course). I hope this series runs a long time. Banger after banger, as the kids would say.
Here after your interview with Howard Marks and Stan Druckenmiller, so insightful and this time on private markets. This series is just gem after gem after gem, thank you Nicolai!
One day I will find out what Rowan means by excess returns numerically. Rowan spoke about the Middle East. From what I read, the Israeli government has had the Gaza coast under a blockade since 2006. And the rest of the boundary of Gaza has been controlled by Israeli security forces. Given that, how did the people of Hamas manage to get tools inside Gaza to build the underground tunnels as well as the rockets inside? I hope one day that answer is known by most people?
It’s fascinating to see Marc argue private market efficiency versus public market efficiency. As time goes on (US markets mature) it becomes increasingly apparent that regulation almost always results in a lower ~net externality balance~ than less regulation. This perspective from Marc can be magnified to the broader US government and used as gospel for economic reconstruction based of first principles thinking. This is the way.
I read a book called the plunderers, I believe it was called. Talked about Apollo hollowing out retirement and medical facilities across America. It was poorly written but got the ethical qualms across. However, listening to Marc I’m impressed by his ability to sell and articulate his world view in a very enticing manner.
I think this guy is a genius, i really like the way he views the market. What he‘s outlined is basically a structural shift, i believe a lot of the old money views investing and markets in the old simple predictable way but those times are coming to an end it seems
Brilliant conversaton! Conspected main ideas to try understand how can I relate to them in my business: I work in a credit fund in developing markets. Thank you for the interview!
"if there's a problem in investment grade, we have bigger problems" sure sounds like potentially the same trap that the head of fixed income at Morgan Stanley got himself into that caused a $15B loss cause he trusted that AAA and AA bonds couldn't fail (as made famous in The Big Short.) Nicolai nailed it with his first question, "what if you have to foreclose on a big company?", and Marc's response was basically "that doesn't happen, there's no risk". What measures has Apollo taken to avoid drastically worsening a credit crisis in investment grade?
High risky Private equity definitely extremely desperate for more capital in a higher interest rate environment looking for retail investor additional capital 😂😂😂😂😂😂😂😂😂😂
This guy comes across as a sociopath for private. Which might be good for the business and his bonus, but I'm less certain about everyone/everything else.
Does private provide financial statements with the same transparency, rigor, and standardization as public? If not/until then... See you after the crash and more regulation.
How is private equity/credit alternative, indeed. I need uncorrelated equity/credit! That's alternative! ...not public equity/credit with less transparency, higher fees, more shakeouts, and more self-serving in the short term bullshit.
Respect host who provides us this kind of premium content free
This dude pays around 6-7 million USD per year to have this job
@@paulallen1939 I do not understand. Can you expand your thought, please?
@@windokeluanda He moved to Norway from the UK, and had to sell his share in his UK based money fund. In Norway theres a tax on net worth.. Considering he has like 900 million dollars (8 billione Norwegian Krones), he has to pay 1,1% ln that yearly, which comes out to around 9-10 million usd yearly. Then you can subtract his yearly salary of around 700k USD, which comes out to around -9million USD yearly..
@@paulallen1939 Thank you Professor!
@@paulallen1939wow man
"We play to win-not just to avoid losing. I fail a lot, at least 1/3 of the time, but I fail quickly and I acknowledge it, I fix it and move on to the next" - Marc Rowan
Thank you for another great interview!
I really liked how Marc differentiated what Apollo does well and what banks do well.
This interview has everything in it. The vision, philosophy, how to execute. The market. How he runs the firm. What makes APO different. Where are things headed. Probably the best single interview on the state of the asset management industry I have heard for a very long time if at all.
Agree wholeheartedly. I rarely comment on YT, but this is the kind of content that makes the app worth it.
An astonishing presentation without notes. Numbers, categories, connection and causality, a master presenter. Kudos.
Really appreciate the thought in this podcast series
Thank you Nicolai! I particularly enjoy your direct and incisive style of questions!
For the first time I understand Apollo's business. And as someone who has worked in private equity as well as investment grade lending, I found this discussion full of helpful insights.
This is my favorite TH-cam channel I'm learning so much here
One of the best best podcast i have seen ..Marc is amazing
This is a phenomenal podcast. Thank you.
Dang, this was good. Super insightful (as one would expect, of course). I hope this series runs a long time. Banger after banger, as the kids would say.
Here after your interview with Howard Marks and Stan Druckenmiller, so insightful and this time on private markets. This series is just gem after gem after gem, thank you Nicolai!
One day I will find out what Rowan means by excess returns numerically. Rowan spoke about the Middle East. From what I read, the Israeli government has had the Gaza coast under a blockade since 2006. And the rest of the boundary of Gaza has been controlled by Israeli security forces. Given that, how did the people of Hamas manage to get tools inside Gaza to build the underground tunnels as well as the rockets inside? I hope one day that answer is known by most people?
It’s fascinating to see Marc argue private market efficiency versus public market efficiency. As time goes on (US markets mature) it becomes increasingly apparent that regulation almost always results in a lower ~net externality balance~ than less regulation.
This perspective from Marc can be magnified to the broader US government and used as gospel for economic reconstruction based of first principles thinking. This is the way.
best podcast on the interwebs.
I read a book called the plunderers, I believe it was called. Talked about Apollo hollowing out retirement and medical facilities across America. It was poorly written but got the ethical qualms across.
However, listening to Marc I’m impressed by his ability to sell and articulate his world view in a very enticing manner.
Excellent Educative Work NBIM is doing! Kiitos!
Marc is the best. He really is awesome and apollo is incredible.
Excellent interview thank you Nicolai for making it accessible to the wide public
I find this podcast you good. So interesting, learning so much and getting insight into very inspiring people. Thanks.
I think this guy is a genius, i really like the way he views the market. What he‘s outlined is basically a structural shift, i believe a lot of the old money views investing and markets in the old simple predictable way but those times are coming to an end it seems
always found insightful each time when I head Mark says something
We want more of this! Thank you
Brilliant conversaton! Conspected main ideas to try understand how can I relate to them in my business: I work in a credit fund in developing markets. Thank you for the interview!
Nicolai such a great host, he know how to ask right question
Very interesting and impressive interview!
35:53 “daily liquid” spot on mate!!
Sooooooo inspiring; great people, so clever...
Marc knows and loves his business well
loved it - thank you both
great interview, thank you
Amazing interview and interviewee.
Marc articulates the most cogent forward-looking view of American finance of any one. I gotta get a job at Apollo.
I wonder how much of all this talk is really effective.
"if there's a problem in investment grade, we have bigger problems" sure sounds like potentially the same trap that the head of fixed income at Morgan Stanley got himself into that caused a $15B loss cause he trusted that AAA and AA bonds couldn't fail (as made famous in The Big Short.) Nicolai nailed it with his first question, "what if you have to foreclose on a big company?", and Marc's response was basically "that doesn't happen, there's no risk". What measures has Apollo taken to avoid drastically worsening a credit crisis in investment grade?
50:30 master your craft, connect the dots
Dear Nikolaj, thank you for great content. Would love to hear your stand on Bitcoin and considerations behind.
Mark Rowan for California Governor. 🇺🇸
😁
@35:52 “to meet margin calls…” but most indexed investors are not leveraged.
36:27 such a great point actually, if this motion can be changed industry might changed
3:23
Jeremy Grantham next sir
High risky Private equity definitely extremely desperate for more capital in a higher interest rate environment looking for retail investor additional capital 😂😂😂😂😂😂😂😂😂😂
This guy comes across as a sociopath for private. Which might be good for the business and his bonus, but I'm less certain about everyone/everything else.
Does private provide financial statements with the same transparency, rigor, and standardization as public? If not/until then... See you after the crash and more regulation.
Rowan for Tresh Sec
Rowan could be next Secretary of the Treasury.
How is private equity/credit alternative, indeed. I need uncorrelated equity/credit! That's alternative! ...not public equity/credit with less transparency, higher fees, more shakeouts, and more self-serving in the short term bullshit.
he sounds like a cult leader...alpha...