The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 17 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 2 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Rowan: Apollo's climate investment policy permits financing hydrocarbons
“We're gonna make it better, not worse, but if that includes financing hydrocarbons, we're gonna finance hydrocarbons.”
Rowan: Apollo hires based on individual merit and distance traveled
“We've stuck with the same formula. We hire for merit. Adjusted for distance traveled. And distance traveled is not about your immutable characteristics. It is about you as an individual, not your class, not your group.”
Rowan: Apollo will expand daily valuations across entire credit business by September
“This is about creating an ecosystem, and by the end of September, this will be across the entirety of our credit business.”
Rowan: Alternative asset managers are limited by origination capacity, not capital
“We are not limited ultimately by capital. We are limited by our capacity to create.”
Rowan: Apollo investment grade private products will offer daily pricing by June
“And so, we're starting with our investment grade private suite of products, and we will be daily estimated value by June 30.”
Rowan: Apollo assumes AI will replace or enhance every job
“We operate under the assumption that every job is going to be replaced or enhanced.”
A $50 Billion NVIDIA Data Center Requires Only $15 Billion in Equity
“Like, let's say it's fifty billion dollars. For an Nvidia data center, you need a fifteen billion dollar equity check. Okay. You can finance the other thirty five billion.”
Private Credit Finances NVIDIA GPU Purchases at Low Cost of Capital
“Particularly if you're buying NVIDIA GPUs to a lesser extent TPUs, you can finance these. And there's a very sophisticated, you know. Yeah, it's a very low cost of capital to finance them today.”
Rowan: Apollo fires employees for ignoring mistakes, not making bad decisions
“You do not get fired here for making a bad decision. You get fired here for not recognizing it, or not owning it, and not fixing it.”
Rowan: Credit makes up 80% of Apollo's assets, private equity only 10%
“80% of the assets under management are credit, and the vast majority of that is investment grade. And the other two hundred billion, or 20% of it, half of it is what we call hybrid equity, partner-like equity, and half of it is traditional private equity in a …”
Rowan: Financial firms die from funding risk or bad assets
“Financial services firms die from one of two causes. Heart attacks or cancer. Heart attack is funding risk. If you lend long and borrow short, you have funding risk.”
Overtoom: Standard B2B databases like Apollo and LinkedIn fail for SMB sales
“Because if you were to sell to like me, you like find me, you know, in clay and you enrich it with some Apollo data, and then you look me up on LinkedIn, then you know, again, this is the guy that's going to buy my HR system. We can't really do that because Dr…”
Rowan: Apollo is committed to establishing a second headquarters
“But we are committed to a second headquarters. We want access to a second talent pool.”
Marc Rowan: Data centers and chip financing drive Apollo's business
“So if I look at the drivers of our business for this year, it is data centers. It is massive amounts of chip financing.”
Horowitz: Public markets value private equity on fee streams over returns
“The public markets value them on their fee stream much more than on their investment returns.”