Credit is the lifeblood of the economy. People obsess over equity returns while the credit markets quietly generate superior risk-adjusted income.
The firms that will dominate the next decade are the ones that control origination — not the ones that just allocate capital.
When we started Apollo, everyone wanted to do buyouts. We saw that the real scale was in credit. Thirty years later, they are all trying to catch up.
Insurance is not a boring business. It is the most elegant asset-liability matching machine ever invented.
The biggest opportunity in investing is always in the parts of the market that nobody finds exciting.
We do not win by hitting home runs. We win by not striking out. Consistency beats brilliance over any meaningful time horizon.