Apollo CEO Marc Rowan on Private Markets, US Election, Fed Interest Rates (youtube.com)
Private used to be safe and public investing risky, 40 years ago.
Everything that exists in the public markets is coming to the private markets (did he mean the reverse?).
8000 public companies are now 4000 public companies. There's less reason to go public, and fewer do. Everything is indexed.
Public and private will come together in fixed income, he said.
The biggest fund of cash, 401k, is all invested in public equities for 50 years. The mistaken belief public is safe.
Public is transparent.
Typical bank is levered 12-14x. Typical individual investor is levered 0 times.
US's retirement is levered to Nvidia's performance. “ ”
Everything we think works the way it works is about to change, he said. All the changes from 2008 we're about to experience.
Banks are asked to do less. Investors are expected to do more.