Jim Zelter

economy is profound.

You also have a backdrop of economic growth that is unmatched around the globe.

And I don't think it's any surprise that the advent of pushing out the risk in the banking system, the benefit of securitization, the benefit of CLOs, the benefit of all the things that institutions have helped out with, that has resulted in a much broader, deeper base financing environment.

We financed a lot of growth.

We financed amazing tech growth.

Our VC marketplace is the most robust in the world.

And so I think that many mutual funds today, I'll give you a little analysis.

Many mutual funds today were very, very forward thinking and were able to buy SpaceX several years ago.

And so SpaceX is part of their portfolio, a small portion.

There's probably not a clearly defined marking process on how they all mark their SpaceX equity because of employee sales, whether it's monthly, quarterly, whatever it is.

But just because the marking process may be inconsistent, that shouldn't stop them from buying a great American company that they're gonna do very, very well on.

And so that's why I think we're sort of missing the plot about, I've talked on this show in the past about Berkshire Hathaway, about half of their portfolio being in private companies.

And so I do think the whole idea of the public-private convergence, the broader portfolio approach,

where the market's going in terms of these massive CapEx, that's where I think we've sort of lost the plot a little bit.

And again, I'm not in the newspaper business, but I do think that I know what sells headlines.

And I think the methodical, robust growth of the U.S.

economy, the role of the public-private convergence, the strength and breadth of our financing, that's really the bigger story here.

Well, unfortunately, I would say two things.

In my 41 years in the industry, in the 20 years at Apollo, whenever there's been any kind of dislocation, we've been fortunate enough between the breadth and the discipline and the capital we have to end up in a better spot.

That's number one.