Investor letter, November 2023

The author describes Apollo Global Management CEO Marc Rowan's earnings call commentary about extreme index concentration in ten large stocks, presenting it as a viewpoint rather than expressing the author's own stance toward APO.

“On the most recent earnings call of private equity manager Apollo Global Management (APO), CEO Marc Rowan discussed the role of the ten largest stocks on the overall market. He was partially making the case for investors allocating to Apollo’s funds but could have just as easily been making the argument for smaller capitalization stocks.”