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Hello everyone and welcome to at Barrens. I'm Andy Surwer and welcome to our guest, Mark Rowan,

CEO of Apollo. Mark, nice to see you. Thanks for joining us. Thanks for having me.

So you recently talked about the old tailwinds being over, there's some headwinds, but there's some new tailwinds.

Talk to us about what's going on right now in the marketplace

that helps out Apollo. So I'd say this. I don't know that we have new tailwinds. I think we

have structural shifts going on in the market, and I think we have signposts of things we should

try and interpret. One is we've seen a market that's been becoming increasingly concentrated and indexed and correlated.

That has made more and more of what's in the public markets beta.

And to the extent investors want alpha and most investors do, they have had to step outside

of public markets into private markets.

You're talking about stocks like the MAG7 and everyone

just being indexed to that, basically. Well, I'm talking about the bond market as well. I'm talking

about access to assets like real estate, like infrastructure and other types of things. We also have

this rethinking in the world going on. We grew up as investors thinking that private was risky and public was safe. And we know that in our bones,

but what if that's not true anymore? 40 years ago, private was three products, private equity,

...