Apollo shouldn't be judged by assets under management like a traditional asset manager, because unlike them it can't just deploy any amount of capital into existing public markets — it's constrained by its capacity to originate and create new investments.

13:24you is that sort of a distillation of how you view the business or >> it's exactly? I mean, there are a couple of different ways of coming at this and it it starts with a misconception of what success looks like in our industry. For a traditional asset manager, assets under management is a really good measure of success because if you give a traditional asset manager any amount of

13:42money, they will invest it because they have the ability to simply go to the public markets and buy what exists. >> If you give us any amount of money, we will not invest it. We can only invest as fast as we originate, as fast as we create. >> And therefore, I believe that we should be judged by our capacity to create interesting investments. And I believe our capacity to create interesting

14:06investments is limited. It we are not limited ultimately by capital. We are limited by our capacity to create. And so a couple of things come out of that. If every asset we create is what's in short supply. As a business owner, as a business builder, as a strategist, I want to make more money from each asset. >> So yes, I like running assets for a fee, but I also want to be a principal. I

14:33want to own the upside for as much of the asset as the market will allow me to do. And the more interesting thing is clients who are dabbling in private markets who don't always have the same information that you have, who have on a fiduciary basis or a non-fiduciary basis asked you to manage their money. >> They like the alignment. >> There is nothing like being a partner

14:57with your clients, eating your own cooking, whatever the expression is. And so for valid strategy reasons of assets are in short supply I want to earn more money for external reasons I want to be aligned with my clients >> having a big capital base I believe to be important and I've I've started saying this you know there's been this debate in our marketplace between capital light and capital heavy

15:21>> I think we should be unapologetic because I look at the world that we're about to enter >> and change is a constant but this pace of change is even faster than we've ever had it in the world we're entering what has value on the one hand I think brand and reputation have value >> great >> the second thing is I believe the ability to guarantee outcomes has value