Apollo (APO) CEO Rowan Prepares for Market Correction

AI Summary

Apollo Global Management LLC CEO Marc Rowan indicated preparations for a potential market downturn while criticizing practices at rival insurers. Apollo has reached $1 trillion in assets under management and record fee-related earnings. Rowan estimates a 30% to 35% chance of an exogenous shock affecting markets, citing geopolitical issues and inflationary policies. Despite current strong financials, Rowan is proactively increasing credit quality in fixed income investments and holding around $40 billion in cash to safeguard capital against expected market corrections.