YouSaid · the spoken record

John Zito

lines on the record: 90
first: 2025-06-03
most recent: 2025-06-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“It's hard to say it doesn't grow. People are just under indexed the private. It's not that dissimilar to the story, is that about $2003, a billion dollars was a really big credit fund. And by the way, I was 24 years old going to Geneva. I'd go there. They'd send me. I'm like, they should not be marketing this product. I'm like, not prepared to do this. I'd go over there. I'd read off my list. I'd prep myself for what the marketing pitch was for a long short credit fund. And we would raise $50 to $75 million on one meeting. Now, how I'm at Apollo with close to 25 years of experience, it takes us two or three years to raise a dollar sometimes. People want to know.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“The design of the fund, the sector, or the size of the manager, and the brand of the manager. But by and large, you can transact in that. The more you pool assets, the more likely you'll get more liquidity. To your point. So the more that you can call it diversified beta, the more likely you'll be able to, more that it's deemed to be private markets beta, as opposed to single name underwrite, the more likely you can actually move the risk. And that's happened in fixed income market where portfolio trading is happening. You can trade a pool of investment grade bonds at three basis points. But if you want to trade a single name bond, it's half a point to a point wide, which is just vastly different in terms of cost of execution.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Trades and secondary pretty liquidly. There's some pretty big, but you look at the volumes going through the secondary business every year. It's extremely liquid. If you want to get out of it in most market conditions, you can get out of it at some price, not that far from 90, 92, 96, depending on the fund, depending on the.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“A liquidity lever and a need for this private marketplace. And so how that's designed is a question. You see us experimenting. And one of the things I love about our place is we experiment with a lot of different things and we're experimenting with market making on private IG. We've experimented with doing partnership with State Street and Lord Abbott. We're experimenting with what we listed our first fund on blockchain with five different protocols and we're tokenizing the fund where I think funds will actually Trade. And even though they're quarterly liquid, they'll trade every day 365 24-7. Coinbase saying that they're going to list a token that's backed by their stock. You can see what's happening, which is this evolution of to this 365 24-7.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that there's going to be secondaries marketplaces. I think the secondary's business is going to change dramatically. I think private asset exchanges will happen. We've obviously build those. I think there's going to be, I think there's going to be new. First off, I think there's going to be a need to, I think that the more that wealth wants equity product and private equity type products, the more that they're going to need.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Risk reward where equity is making somewhere between high single digits and low double digits and then credit depending on where we are in the rate cycle will make high single digit, low double digit, whether it's levered or unlevered. But the compounding element and the income orientation in a more high rate regime is more valuable. International assets have traded historically at lower growth and lower multiple. And if some of this foreign direct investment changes, could you see with Germany really powering the printing press for the first time in a decade, could you see a normalization of multiple and a bit more higher growth regime in Europe? Everyone has a hard time betting on that, but it feels like the stars are a line that potentially you see a higher growth regime in Europe for the first time in a decade.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“I did this comic where you have the two people at their 10 year reunion and one person says, Oh, I've saved 100 grand. And the other girl, Susie, says, I saved 100 grand. Let's make sure we invest it well. And then they showed the 20-year reunion. They come back and he's got this nice suit on. And he says, I've absolutely killed it. I invested in all these private and I made 32% next frame. She has this like really sad face. And she's like, I invested in all these evergreen strategies and made 13. And she's like, just curious, like, how much do you have? And he says, I have 180 grand. She goes, I have 330. I don't understand. I explained that story to my friends, my in-laws people who aren't in the business. It's still not understandable. It's not understandable to them that somebody could say they made 32% a year and someone made 12 and somehow one of them has more money than the other because of the compounding elements of it. And I know that you get it, but as you go down distribution channel of more evergreen products, you're going to see a much more normal.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“What do you think is going to happen? This is back to the market structure conversation, which is you've historically had a market structure where institutions and actually probably 20 or 30 institutions controlled or dominated the private markets and defined private markets as private equity in all asset categories. Private equity and inforal estate and true corporate. And now you have the evolution of the wealth business and 91% of private wealth clients don't have an alt. And that's growing at very fast rate where people are trying to get access to private assets because most companies have gone private and don't go public and so the access to the whole economy, you probably need to own private assets. The structure of those vehicles in evergreen form versus the traditional drawdown form where you call capital, you're going to have lower headline returns, IRR versus actually evergreen returns. Now, I think I told you I told you about this, which is...”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd say, broadly speaking, we have a high level view that all assets are going to get more liquid over time. And so the question is, what's that going to do to returns? And what's that going to do to volatility of those returns and the perceived riskiness of those assets”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's going to be harder. I think it's going to be harder. You're taking more risk. It's a different risk profile. I think those assets should be matched more with IG long-duration product, not levered product because the leverage is too expensive. There'll be other times where the leverage is cheap. But right now, it doesn't make all that much sense. But we've raised all these pools of capital under a construct that all of these alternative products should make 15% plus rates of return in all different environments without the subsidy of effectively zero to negative rates. That seems hard. Seems really hard.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“So we created a whole alternative universe based on zero rates. Most of the product design was based on zero rates, and it is still yet up for debate on how much of your return during that 15-year period was from just really low subsidized interest rates or actually from operational excellence. And we'll see that over the next couple years as we start to try to monetize some of these assets. Buying an unlevered asset at five or six percent, which is infra real estate related activity and funding at zero. As I mentioned, makes a ton of sense.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I hope that's the case. Look, it's gotten a lot better. The more big branded companies we do and the more they'll do it and the more repeat issuers that we do, the more that it will happen. And we've made a ton of progress in the last five years. But I'll go to certain areas or certain parts of the globe and they're like, aren't you just an equity investor? Aren't you a distressor? That still happens every once in a while. It's just by and large, listen, we have an incredible history of generating fantastic returns, sometimes in more difficult situations and sometimes stepping into situations that no one else would step into. And so people still have that perception of us despite the business being in a completely different place to where it was 15 years ago.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Typically off balance sheet, it doesn't go against their existing debt quantum. So it's typically off balance sheet, typically longer duration. Typically, flexibility in some sort of coupon and when it ramps, if it's a project that's ramping, we may give them a couple years of the onset that you probably couldn't get through a traditional debt market. So really working with the issuer and saying, okay, what are we trying to solve for? It's all customization. And so we'll work with an issuer six months, nine months, 12 months to work through exactly the customization. And we have the teams that are capable of doing that, which is just very different than the traditional syndicated mark”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“To a certain asset or some sort of structured transaction. So it's just a little different. It does not by any means mean that the traditional funding sources are going away or that it'll completely change and that it'll all go private. But it's another option. It's here to stay.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to go to a bank. I'm going to raise bonds, or I'm going to raise equity. It's very simple like asset allocation. It was like, okay, I'm going to do 60, 40 bond in equity. No privates was involved. And still to this day, 401ks don't buy privates, which we can have a yeah. But the idea that we would be able to do a multi-billion dollar deal for an S&P 500 company through private credit and through that was investment grade rated was something very foreign to the market, very new and you look now we've done deals for BP Air France, Venovia, Intel. The pipeline there is very large because people are realizing that they can get, first off, if you have $100 billion of debt and you're an investment grade company doing a $5 billion deal with Apollo is just a diversifier. Doesn't mean it's not a negative conatone anymore. So that's gone away. And two, there's more flexibility we can do with our funding. We can give more flexibility. We can go much longer duration. We can do it attached.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Investment grade companies really never access the private credit in that way. If you're an investment grade company, you accessed capital through the bank channel. It was a very narrow view of the world.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Issuers, we've made some progress. I think we did a deal for MBEV in 2020. And I think I got 10 calls people telling John, great, it's COVID. You'll never do a deal for an S&P 500 company again.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“With less binary outcomes and just broader TAMs. And I'm like, but I didn't put it all together until I was like, I don't know what the theme is of that other than like everyone's trying to go bigger market and broader market.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“We've had to pivot our business as well. So the whole chain is pivoting their business to be more partner like and figure out the appropriate Venn diagram on how we work together. I don't know why this is happening, but I laugh that you go meet with venture guys and they all want to get into private equity. Talk to private equity guys. They all want to get in hybrid. Talk to the hybrid guys. They all want to get in credit. Talk to the credit guys. They all want to get an investment grade. And I'm like, wait, what's going on? I can't actually figure out. I don't know what's happening. I think because markets have been up for so long. that these businesses who's very narrow in whatever they're doing, they're trying to go into bigger asset categories.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“You've got to deliver the artistry. If you don't, if the client doesn't feel like they're getting something opportunistic or special and they don't feel like they're getting either, there's been tremendous push on co-invest, which effectively has been a fee reducing fee reducer, not from headline fee, but effectively a mechanism to fee reduce. You need to partner with clients now in a completely different way than 10, 15 years ago. They fully built out their own, many of them have built out their own fully capable, very productive, very smart teams that are willing and want to co-underwrite risk with you. And so it's much more of a partnership approach than it ever has been, I'd say. I joke because there's always headlines and banks are getting upset with the alternative managers, they're stealing deals from each other. On one hand, we've built out our own origination, but we're still partners with them in so many ways that it's still working. The same thing's happening with the LPGP relationship. They've built out their investment capacity.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“They've had great high net returns with LOVAL. And if you can do that over long periods of time with large swaps of capital, people will pay fee because they feel like it's differentiated. As you get into products or other things that get more commoditized and you've seen that happen in parts of the really investment grade, take investment grade, liquid credit, these go down a lot. We're really around the more privately originated IG that you can't get elsewhere. And the reason that we've created this platform business is to control all that collateral where no one else can really get it other than unless you own those origination machines. Yeah. So we feel like because we have those 4,000 people just originating assets that are completely diversifiers to the rest of anyone's credit portfolio, we should get compensated in some form where the fee settles out. It'll be somewhat dependent on overall rates and everything.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it depends on asset category. I think it's really specific on asset category and the ability for you to show outsized returns. If you show outsized returns, you can charge. Yeah. And people will do it. You look at some of the multi-managers. I mean, they're charging.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“For a long period of time, our private equity business has had top returns for over 35 years, and our hybrid business is effectively the space between performing credit and private equity, everything in between. And that's been a really fast-growing segment for us at just over $80 billion.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so the surprising thing people, like half of our 65% of our balance sheets investment grade. Now, when you look at the business in credit, take credit as just under $700 billion. You have slightly over $300 billion, our own balance sheet. The other balance is third party investors investing in our products. Almost all of the investors investing in our products are in sub-investment grade, high returning credit strategies, direct lending, asset-backed, and high returning credit strategies. We're going into the more fixed income replacement investment grade solution, business and third party. We've never really raised any money there. The other half is just our own balance sheet, which is 95% investment grade, 5% alternative, where we're making a spread. Our equity business is predominantly our private equity business, but we have secondaries. We have a climate business. We have a hybrid business, which does everything outside of performing credit. Those businesses have done well.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Because there's an origination culture that's been built here for 15, 20 years just in credit, and to align yourself in a principal way and to actually, origination isn't just having a bunch of sorcerers finding risk. Origination is also the understanding what fits our balance sheet and how we think about risk and reward. Very hard to scale if you haven't worked with those people and really have a clear understanding and clear narrative about what works and what doesn't work. A lot of people can originate lots of bad risk if you wanted to go buy a bunch of stuff you theoretically could. Probably not a good long-term strategy. We've really built it organically with very little M&A in the last several years. So I don't know. Now we have tons of our own origination market leader and overall spread origination. Market leader and liability writing. And Net, we feel like that business is going to do well for a really long period of time.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“And I joke because I feel like it's not a great analogy, but rates went up 500 basis points, and I felt like Lieutenant Dan on the ship. Let's go. It was all in all of a sudden because we were now over-indexed to origination. We never had really built out third party institutional business on that side. We had done it all for our own balance sheet and we crossed the Rubicon where all of a sudden we're actually originating more than can actually service our own balance sheet. And that's been the last three years. So now all of a sudden we can build fixed income products that are innovative that actually invest side by side with our own retirement business. And now you see everybody trying to get in the business. It's very hard to eminate your way into the business.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“PK Air Aviation Finance. We built our own non-qualified mortgage business called NuFi. We bought the CS warehouse business called Atlas. We built and hired in those businesses 4,000 employees that originate assets on behalf of our balance sheet with companies that you don't know or Apollo, but they're Apollo Capital. And with that, we never really were building that on behalf of our third-party credit business because most of that's investment grade, tight spread collateral. No one would have built a business. Rates were zero. From the financial crisis until 2022, the clear trade for anybody who was managing money was interest rates are negative or zero everywhere. Get out of fixed income. Get out of credit and get into equity products. Finance at the cheapest level possible. Term finance. So what do you do? Go into infrastructure, go into real estate, finance it very aggressively, build other alternative products, but don't build a credit business. You're going to build a credit.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“We're over 50% of total equity capital raised in retirement insurance businesses. And we've been the biggest beneficiary that because we've been very active in growing both our asset side and our liability side. When we started to realize that the business was going to scale, we had to do two things. We knew that we were going to be short origination because how are we going to service our own balance sheet? So from 2014 to 2022, we spent just under $10 billion of our own capital buying our own origination.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“We were pretty early. Mark and really brought on Jim Balardi and really in the middle of the financial crisis. And the idea at that point was that you had very widespreads for investment grade credit because we were coming out of the financial crisis. And you had access to very long duration, cheaper liabilities because interest rates had gone down a lot. The spread business was extremely profitable. And the asset management side of those businesses in traditional asset management for insurance had not been as sophisticated of going into other things like structured products or just other products other than the traditional QSIP liquid business. And so the core of the business is originate excess spread, similar rating, and fund the business with super long-duration liabilities. And that there was no one really running it as a growth business. They were running it because a lot of the public stocks traded at a discount to book. But if you look at how much equity capital has been raised in the last, since the G.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, having that and the flexibility to have all parts of that capital changed our business dramatically, changed our business dramatically, that's five years.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Because we were in the capital structure, we did something appropriate before, they're more likely to work with us later. This point is, I don't think, as understood that this narrowness by fund, narrowness by business. We have no walls. So our private equity team, a pool of capital. There are funds that are different below, but the investment teams, we have discussions across, I'll talk to our private equity team, to our credit team, we can all talk to each other around, okay, maybe we should do this and maybe we should do that. Maybe the company, maybe it would be better to structure it this way for this pool of capital because that's what makes sense for the issuer, as opposed to the...”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“The best risk return most firms are set up by fund, they're set up by okay, go find a company or a preferred or a debt instrument that's going to make 15% rates of return. And we're set up, let's assess the company, let's assess the best solution for that company. And we have pools of capital from 5% to 20%. It could be a buyout. It could be an investment grade solution regular way bond deal. But just understand risk-reward across the capital structure per unit of risk to completely different framing because we have no walls. They're not incentivized by a single fund. They're incentivized for us to originate $250 billion a year. You have to have a culture of wanting the issuer to do business with you again. And so we have lots of repeat issuers that say, oh, we may give them an investment grade bond today, but in two years it may be in a different situation. They may need a pref rescue or something, or we're in COVID, and it's a totally different environment.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Debt side protected, you have to have some creativity to do that because that's not something you go to a bank or you go and you just get it off the shelf. It's highly structured, highly creative working with the company to actually execute on that. And because we put all of our people, we put our best people on that stuff and we have full open architecture.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Competitive, you want to go work in a place that's going to work really hard and typically be on the right side of things. When I joined Apollo, that was what I was stepping into. And really, I was pretty intimidated about that. And over time, what's been unique is we've taken a lot of people that are wired that way, that are super competitive, super small, know the entire capital structure from a loan to a bond to a pref to an equity, which there's not many people in the market typically people are very narrow. They don't look at the whole capital structure. And we've taken those people who typically worked in opportunistic, high octane, high-returning vehicles, and we've taken a lot of the most creative people and put them on investment grade, which you think about innovation is how do you take a deal for like an Intel, 11 billion dollar deal for Intel, and structure it in a way that's north of 30 years, really equity type capital, but where we feel like it's more.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“And then we're north of 10 trillion today, sector focused, every access point, tax advantage, you name it, every delivery function 3 ETF has gotten pretty innovative. You look at the fixed income market. I don't think the daily liquid fixed income products have changed once in 25 years, which is pretty stark. And I think for us, a pretty cool opportunity, right? I think we look at our business and we always joke the fixed income group is the brown suits and bologna sandwiches. This just literally has not changed at all. That's my internal. It created like a brown suits and bologna sandwich picture on AI. And that's like our joke for like, we're not going to be this. And you look at what we've done in our credit business. When I joined Apollo, I was joining Apollo to join Apollo for what Apollo's brand is as the known as just the place when things are dislocated. We have some of the smartest investors and we're going to figure out a way to win and just tenacious in terms of underwriting work ethic, all the great things that if you're a”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we can start there. I think about more distribution function, ETF market, how do people package and consume products, innovation in products, where's there been product innovation, where there hasn't been product innovation. You look at the ETF market, started in 93. We got to a trillion dollar ETF market probably 09.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“And so we just have to be sensitive to that. We trade because of all the benefits of us growing faster and having better companies, bigger talent pool. That resulted in most of our equities trading at somewhere between five and seven turn multiples higher, multiple trillions of value. That is what really benefits our entire system. And I'm hopeful that we make sure we keep that intact because we've really benefited over the last 20 years.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't want to take that for granted. And why does that happen? Rule of law, really easy to come do business here, understanding of the rules, and a very clear Just yeah, cat talent density, but also just very clear rules of the road on how things operate. And the thing that worries me a little bit, and there's no place really to put money now, there's no real capital market big enough, but with all the uncertainty going on, you do see new changes in Europe potentially changes in securitization rules. We have a $15 trillion securitized market here in the US. There's a $500 billion securitized market in Europe. The economies aren't that different in size. We're $30 trillion here. We're $24 trillion in Europe. Multi-trillion dollar opportunity to take assets out of the banks, into private credit, and create tons of liquidity to fund all these growth projects with Germany and France and the rest of the Eurozone need to do because they've underspent on lots of infrastructure and defense. We're creating an incentive and all the global pools want another option other than the US now.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Dollar that left the country in any form was coming back because this is the place to invest your capital, every retirement market over indexed the US. Everybody is over-indexed generally in their strategic asset allocation to the US. It's an amazing thing. It creates a growth vector that's higher than any other global company or European, Asia-based, our growth vector is just higher because we have a lower cost of capital. We get better talent. We get better companies to go public. We have a 50 trillion dollar debt market. Just amazing tailwinds. That flywheel. We don't want to take...”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, look, right now it's obviously a big focus. I think all of the discussion is around tariffs. I worry much less around tariffs than the public narrative. And I'm hyper focused on just our position in effectively monopolistic position in capital markets. We've been the beneficiary of so many things by having the biggest equity market, the place everybody goes to go public, the best venture capital market. If you want to do a growth company, you're coming to the valley. You're coming to the US to get a term sheet. I went and met with a company that actually does precede rounds last week and they said, we have all these Europeans that are founders, great founders, really smart founders. They send out a business plan in Europe. They get a term sheet back in two weeks and they send a term sheet out in San Francisco. They get five the next day. And that's the amazing thing about our entire capital system. We are super entrepreneurial, very hungry, and all of that's a function of several hundred billion dollars a year.”
2025-06-03 · Invest Like the Best · John Zito - Inside Apollo - [Invest Like the Best, EP.426] · IDENTIFIED FROM THE TRANSCRIPT · source