The View From Apollo

Bryn Gostin, equity product specialist at Apollo who advises on portfolio construction, manager selection, and sector allocation. He breaks down three key diversification dimensions: manager choice, company size, and sector exposure. Discussion touches on private equity’s evolution, risks from software concentration, and opportunities in distressed debt and hard assets.

Torsten Slok, Apollo’s Chief Economist known for macroeconomic outlooks, breaks down how AI investment, fiscal stimulus, and an industrial renaissance are powering US growth. He contrasts these tailwinds with geopolitical shocks, tariff shifts, and inflation pressures. The conversation also covers AI-driven job formation, market concentration, and ideas for diversifying away from heavy AI exposure.

Michael Paniwozik, Partner and Global Head of Structured Credit Investing at Apollo, leads the firm’s asset-backed investing efforts. He explains what asset-backed finance is. He highlights the asset types involved. He contrasts asset-backed benefits with corporate credit. He outlines Apollo’s origination and alignment approach and how this strategy complements direct lending.

Dive into the dynamic world of credit markets as the hosts explore the historic shift between public and private sectors. They debate the importance of macroeconomic drivers and how investment-grade issuance is reshaping the landscape. The discussion also covers the growing trend of direct lending and the nuances of liquidity in today's market. With highlights on identifying value through short-duration carry and the role of AI as a cross-asset risk factor, this conversation offers a fresh perspective on modern investing strategies.

Torsten Slok, Chief Economist at Apollo, dives into the macroeconomic forces shaping the landscape through 2026. He discusses the surprising resilience of the U.S. economy despite trade tensions and outlines how AI investments, fiscal policies, and lower energy prices may drive a rebound. Slok also warns of potential headwinds like tariffs and student loan repayments, which could strain consumer spending. His insights extend to global perspectives, investor implications, and the unusual mix of stagflationary pressures reminiscent of the 1970s, concluding with a cautiously optimistic outlook.

Antoine Munfakh, Deputy Global Head of Private Equity at Apollo, and Bryn Gostin, Lead Equity Product Specialist, share insights on the evolving landscape of private equity. They discuss why operational depth has become crucial and how disciplined strategies are key to generating alpha. The duo also forecasts risks related to indexation and highlights the advantages of private equity's long-term focus. With an eye on 2026, they emphasize the importance of strategic exits and specialized management in navigating market volatility.

Akila Grewal, Apollo's Global Head of Product, dives into the dynamic world of private credit and equity. She explains how private credit's growth stems from real fundamentals rather than speculation. Grewal highlights the shift in portfolio construction, where investors are now prioritizing liquidity and long-term yield. She discusses the evolving demand for tailored financing solutions and the doubling-down on operational value in private equity exits. Furthermore, she points out Europe's promising capital needs and the innovative product adaptations to meet client liquidity preferences.

Chris Edson, Global Head of Origination at Apollo, delves into the booming private credit market, revealing how Apollo's innovative origination engine is transforming access to capital. He discusses the rising demand for customized financing solutions and the growing importance of longer-duration funding. Edson highlights the opportunity across a $40 trillion market and shares insights into how private credit benefits investors with higher yields. He also expresses excitement about collaborative solutions and the evolving landscape of origination.

As the Fed cut rates at its September meeting, tensions surfaced—between growth, inflation, employment, and the expectation of more cuts to come. In this episode of The View from Apollo, Torsten Sløk, Apollo's Chief Economist, unpacks these crosscurrents and what they could mean for markets and portfolios.

Bret Leas, Co-Head of Asset-Backed Finance at Apollo, dives into the booming asset-backed finance market. He reveals how this $20 trillion sector thrives even amidst economic challenges, driven by cash-flowing assets. The discussion highlights the surge of activity in 2025, fueled by regulatory shifts and companies shedding assets. Leas emphasizes the importance of discipline for investors and the increasing accessibility of these investments. He also shares personal tidbits, including book recommendations and his passion for Penn State football.