Apollo has always been a disciplined investor focused on purchase price and alignment. The bar for approving investments has gotten higher over the last year.

There is humility about macro predictions; the US economy has shown massive resilience contrary to expectations after SVB.

Apollo is putting money to work ($6B in deals this week) but into well-structured transactions with managed downside risk.

You must acknowledge that sudden geopolitical events or policy changes (like on housing) can enhance tail risk, requiring careful, long-term investment at scale.

The current environment is like the US Open: tight fairways and punitive rough. Staying in the fairway leads to success.