Name: Apollo CEO on How to Navigate an Increasingly Concentrated Market
Uploaded: 2025-05-23T15:00:00Z
Duration: 2 min 37 s
Description: Marc Rowan, CEO of Apollo Global Management, talked about strategies to seek alpha in a market that has become more concentrated and correlated to indexes.

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Marc Rowan, CEO of Apollo Global Management, talked about strategies to seek alpha in a market that has become more concentrated and correlated to indexes.

https://m.wsj.net/video/20250605/48d7df73-65b7-44be-a529-7c498a381b69/1/hls/manifest-hd-wifi.m3u8

Apollo CEO on How to Navigate an Increasingly Concentrated Market

You recently talked about the old tailwinds being over, there's some headwinds, but there's some new tailwinds. Talk to us about what's going on right now in the marketplace that helps out Apollo.

So I'd say this. I don't know that we have new tailwinds. I think we have structural shifts going on in the market, and I think we have signposts of things we should try and interpret. One is we've seen a market that's been becoming increasingly concentrated and indexed and correlated. That has made more and more of what's in the public market's beta. And to the extent, investors want alpha, and most investors do. They have had to step outside of public markets into private markets.

You're talking about stocks like the MAG 7 and everyone just being indexed to that, basically.

Well, I'm talking about the bond market as well. I'm talking about access to assets like real estate, like infrastructure and other types of things. We also have this rethinking in the world going on. We grew up as investors thinking that private was risky and public was safe. And we know that in our bones, but what if that's not true anymore? 40 years ago, private was three products: private equity, venture capital, and hedge funds. All can be good investments, but all have risk. And public were 8,000 public companies, diversified portfolios of stocks and bonds. 40 years later, I think we now know, public, safe and risky, private, safe and risky. Investors are increasingly coming to private markets, not just for return. They're coming for diversification. And so what started as a business that was funded out of the institutional investor bucket called alternatives, because when something is private and risky, you put it in a little bucket. You call that bucket alternatives, you wanna watch it very carefully. All of a sudden we have the second market called individuals. Individuals are realizing that they can realize the same benefit from private markets that institutions can, and they're not gonna take 40 years to get there. We now have a third market, which is retirement insurance companies. People have seen what we have done by accessing private investment grade and others are doing it. We now have a fourth market. We have traditional asset managers who are following what BlackRock did last year and rethinking how they provide alpha to their clients in traditional products. Maybe the new form of active management is not the buying and selling of stocks and bonds, but the addition of private markets

Right.

to public beta portfolios. In short, it's a really interesting time in our business.

Apollo CEO on How to Navigate an Increasingly Concentrated Market

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