7 Comments

This was intense! Had to re read a couple times. Great work as always

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Really felt like a dumb real estate operator guy reading this one.

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This was excellent. And somewhat frightening. Thank you.

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This is a fascinating analysis of APO’s business model & the leverage embedded inside it.

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I always thought Buffett's use of insurance as permanent capital was clever... but Apollo is on another level. Rowan once said “One way we create growth for a reasonable price is complexity" and I didn't get it at the time...

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I'm not smart enough!

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Sounds a lot like the mortgage and housing market

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