Keep pulling the thread on Marc Rowan.
Ten stocks in the United States currently account for nearly 50% of the S&P 500 index, and are all leveraged to the same market trend.
Apollo Global Management currently has over $1 trillion in assets under management.
Marc Rowan predicts the global fixed income market will become highly concentrated, dominated by five large banks and five large technology companies.
Apollo Global Management will provide daily estimated values for its investment-grade private suite of products by June 30th.
By the end of September, Apollo Global Management will implement daily pricing and an ecosystem of standardized data and market making across its entire credit business.
Marc Rowan predicts that the massive capital requirements for data centers, chips, robotics, manufacturing, and defense will be financed primarily with credit and hybrid instruments, not equity.
Four large public companies are projected to spend $800 billion on capex this year, which will lead to investors hitting concentration limits in those stocks.
Apollo Global Management operates under the assumption that AI will eventually replace or enhance every single job.
Marc Rowan expects disastrous returns from existing private equity investments in enterprise software due to the unforeseen impact of AI.
Marc Rowan predicts a near-term trend of "blue-collar ascendancy and white-collar decline" in employment due to the differential impacts of AI.
Private markets are the only remaining source of diversification for investors due to high concentration in public equity and fixed income markets.
Major technology companies like Anthropic and Anduril remain private, representing trillions of dollars in value to which most investors have no exposure.