LEON BLACK

Operational improvement is more sustainable than financial engineering.

Credit investing generates more consistent returns with less downside than equity. That's why Apollo shifted.

We learned at Drexel that the best opportunities are in the market's blind spots — where fear exceeds reality.

Art is the only investment I make purely for pleasure. Everything else has a thesis.

Distressed markets offer the best risk-adjusted returns. When companies are in crisis, assets sell at fire-sale prices.

My father's death shaped everything. You either let tragedy destroy you or you use it as fuel.