Bloomberg Talks Apollo Global Management President Jim Zelter
Sep 10, 2025
Jim Zelter, President at Apollo Global Management, shares insights on the U.S. economy's “legacy inflation issues” and how companies struggle to pass costs to consumers. He discusses the shift from low interest rates to structural inflation and its impact on investment strategies. The conversation delves into the evolving landscape of public and private markets, the rise of private credit, and the complexities of investing in technology. Zelter also touches on the challenges faced by European insurers compared to their U.S. counterparts.
AI Snips
Chapters
Transcript
Episode notes
Public Markets No Longer Tell The Whole Story
- Market structure is shifting so public markets no longer fully reflect the real economy.
- Private markets, financing and company lifecycles require a new investment playbook.
Liquidity, Not Risk, Now Separates Markets
- The historical risk distinction between public and private markets has shifted toward liquidity being the main differentiator.
- Companies once thought 'safe' in public markets can fail from disruption just like private firms.
From Junk Bonds To Disrupted Blue Chips
- Jim recalls starting as a high-yield trader in the 1980s and witnessing public securities behave like risky private assets.
- He cites Xerox and Bausch & Lomb as examples of once-safe firms undone by disruption.