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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Let's get you an update on stories worldwide with your

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Speaker 2: Bloomberg brief. You hire has more? How you Hira Hi John.

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Speaker 3: In a primetime address, President Trump saying the US is

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Speaker 3: very close to completing its military objectives in Iran and

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Speaker 3: vowing to hit the nation quote extremely hard over the

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Speaker 3: next two to three weeks. Still, the speech lacked new

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Speaker 3: announcements and most notably, a precise timeline for an exit.

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Speaker 3: President Trump also saying in the address other countries need

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Speaker 3: to take the lead on reopening the Strait of Hormuz,

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Speaker 3: The President saying the US does not need the oil

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Speaker 3: exported through the critical waterway and that the nations who

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Speaker 3: depend on it should quote go in and take it.

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Speaker 3: And The headquarters of Goldman Sachson Paris was placed under

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Speaker 3: police surveillance last night following bomb threats believed to be

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Speaker 3: from an Iranian group. The threats come just days after

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Speaker 3: a bombing attempt was foiled near the Bay of America

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Speaker 3: in the French capital city. Telling its Paris and Frankfurt's

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Speaker 3: employees to work remotely as a precaution. The shopbok Greek John.

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Speaker 2: Yeah, Hurrah, thank you they are concerning headlines. We'll keep

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Speaker 2: tracking that story for you throughout this morning. I'm next

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Speaker 2: on the program, turning up the pressure on a run.

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Speaker 4: We are on track to complete all of America's military

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Speaker 4: objectives shortly, very shortly. We're going to hit them extremely

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Speaker 4: hard over the next two to three weeks. When this

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Speaker 4: conflict is over, the street will open up naturally.

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Speaker 2: A next we'll catch up with Blomberg's town of Kendall.

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Speaker 2: We'll have more from Jim's out so Brama is going

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Speaker 2: to talk to him in the commercial break. By the time

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Speaker 2: that's finished, you'll come back a different man from New

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Speaker 2: York City this morning.

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Speaker 5: Good morning, morning, Good morning. This is for Banks Savannah.

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Speaker 1: Welcome back to the opening Trade Watch.

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Speaker 5: This is Via Trade.

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Speaker 6: This is Wall Street Ree Welcome to Balance of Power.

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Speaker 6: You're watching Bloomberg Deal. Welcome to Bloomberg this Weekend.

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Speaker 1: This is Bloomberg Television.

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Speaker 6: Welcome to Bloomberg this Weekend. I'm David, I'm Lisa Mattei,

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Speaker 6: and I'm Christina Raffini.

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Speaker 3: We're tracking breaking news today from Wall Street to Washington.

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Speaker 3: Let's start A receives.

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Speaker 1: Sector is really propelling the feel for one.

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Speaker 3: Yeah, the hope is it's all open up new markets

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Speaker 3: and provide some additional liquidity.

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Speaker 2: Of course, now they're going to have to be betitors.

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Speaker 6: We've got a big week coming up in politics orning

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Speaker 6: seasons underway. We're going to get some key reports.

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Speaker 7: Everything you need to know before the market's open on Monday.

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Speaker 1: Bloomberg this weekend, bringing a little Bloomberg into your weekend routine.

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Speaker 5: Guys, buckle up.

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Speaker 1: The countdown is on everything you need to get the

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Speaker 1: edge at the end of the market day, get ahead

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Speaker 1: of tomorrow's trading. With the closed weekdays on Bloomberg, context

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Speaker 1: changes everything.

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Speaker 5: A continian did work. He's fired, you know, he's more refired.

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Speaker 6: You've had some concerns, Yes, I have some concerns.

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Speaker 8: I'm an investor in the world. I have a lot

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Speaker 8: of concerns. It's not about the little narrow It's not

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Speaker 8: about the little narrow corner of the world that you

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Speaker 8: guys call private credit.

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Speaker 6: It's it's it's much broader, but.

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Speaker 2: Same roundown of this monach. Pardon if you've been annoyed

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Speaker 2: by the coverage in the last three months.

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Speaker 6: No, I'm not annoyed by it.

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Speaker 8: I think it reminds me of when I was a

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Speaker 8: young high old trader in the early nineties, and when

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Speaker 8: nineteen ninety when Drexel went when filed and there was

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Speaker 8: concerns about the high old asset class junk bonds. You know,

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Speaker 8: asset class won't survive. It's a Ponzi scheme. There's no

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Speaker 8: credibility here. And I think that if I look back

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Speaker 8: at that time, it was early days of the high

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Speaker 8: old market, which is now the high old market and

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Speaker 8: a legitimate asset class.

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Speaker 6: I think this is just growing pains.

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Speaker 8: And as I go back to my first principles, if

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Speaker 8: investors over fifteen years were not actually making money, and

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Speaker 8: I see the demographics of the globe right now where

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Speaker 8: investors need robust compounding yield, I'd be concerned. But I

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Speaker 8: see the great benefit of this product.

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Speaker 2: I've sensed frustration. I've sensed frustration from the asset managers.

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Speaker 2: You have too. I can feel it now. I've got

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Speaker 2: to be honest with you. I can sense the frustration

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Speaker 2: that you've got. I think with some of the coverage

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Speaker 2: of the past few months, what is it about the

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Speaker 2: comforage that's been quite upsetting? The fixation on just BDCs

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Speaker 2: and not the broader asset class. What is it about

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Speaker 2: that's upset you and a team?

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Speaker 6: Maybe, well, I got to push back and being upset,

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Speaker 6: like I.

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Speaker 2: Say you over the last few minutes is found that way. Okay,

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Speaker 2: maybe not aimdirectly at us, but certain the comverage of

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Speaker 2: your world.

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Speaker 8: Well again, I think that a lot because of the

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Speaker 8: proliferation of the analysis in every corner of the environment

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Speaker 8: we've work in right now. I think that's why I

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Speaker 8: had my message about taking a step back. You know,

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Speaker 8: I do think when you look at the growth of

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Speaker 8: the US economy since nine the result has been we

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Speaker 8: have the most robust banking system in the world. We

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Speaker 8: had the leading banks that are well run organizations that

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Speaker 8: have done an amazing job, and the return on equity

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Speaker 8: and their impact in the US economy is profound. You

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Speaker 8: also have a backdrop of economic growth that is unmatched

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Speaker 8: around the globe. And I don't think it's any surprise

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Speaker 8: that the advent of pushing out the risk in the

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Speaker 8: banking system, the benefit of securitization, the benefit of clos

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Speaker 8: the benefit of all the things that institutions have helped

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Speaker 8: out with that has result in a much broader, deeper

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Speaker 8: base financing environment. We financed a lot of growth. We

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Speaker 8: financed amazing tech growth. Our VC marketplace is the most robust.

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Speaker 6: In the world. And so I think that.

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Speaker 8: Many mutual funds today, I'll give you a little analysis,

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Speaker 8: many mutual funds today were very, very forward thinking, and

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Speaker 8: we're able to buy SpaceX several years ago, and so

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Speaker 8: SpaceX is part of their portfolio a small portion. There's

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Speaker 8: probably not a clearly defined marking process on how they

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Speaker 8: all mark their SpaceX equity because of employees sales, whether

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Speaker 8: it's monthly, quarterly, whatever it is. But just because the

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Speaker 8: marketing process may be inconsistent, that shouldn't stop them from

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Speaker 8: buying a great American company that they're going to do

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Speaker 8: very very well on. And so that's why I think

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Speaker 8: we're sort of missing the plot about I've talked on

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Speaker 8: this show in the past about Berkshire Hathaway about half

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Speaker 8: of their portfolio being in private companies, and so I

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Speaker 8: do think the whole idea of the public private convergence,

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Speaker 8: the broader portfolio approach, where the market's going in terms

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Speaker 8: of these massive cap x that's where I think we've

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Speaker 8: sort of lost the plot a little bit. And again

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Speaker 8: I'm not in the newspaper business. But I do think

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Speaker 8: that I know what sells headlines, and I think the methodical,

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Speaker 8: robust growth of the US economy, the role of the

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Speaker 8: public private convergence, the strength and breadth of our financing,

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Speaker 8: that's really the bigger story here.

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Speaker 7: And clearly there are people who want to belittle or

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Speaker 7: to mean this industry because they feel like either they've

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Speaker 7: been left behind or they want to suppress prices so

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Speaker 7: they can get in and buy. And I just wonder,

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Speaker 7: from your perspective, are you seeing this as an opportunity

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Speaker 7: to get more aggressive considering that there have been some

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Speaker 7: discounted assets, there are some weaker hands, and a lot

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Speaker 7: of people are worried, including myself.

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Speaker 6: Well, unfortunately, the.

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Speaker 8: I would say two things, in my forty one years

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Speaker 8: in the industry and the twenty years at Apollo, whenever

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Speaker 8: there's been any kind of dislocation, we've been fortunate enough.

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Speaker 8: Between the breadth and the discipline and the capital, we

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Speaker 8: have to end up in a better spot.

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Speaker 6: That's number one.

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Speaker 8: The second is I would say is the headlines have

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Speaker 8: been much more profound and loud and the activity. There

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Speaker 8: really isn't a lot of assets that are for sale

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Speaker 8: that have widened out dramatically. The high grade indexes is

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Speaker 8: where it's been. The high old index has really been

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Speaker 8: pretty tight. There's been a variety of financings done. Look

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Speaker 8: what JP Morgan did on EA Sports. They did a

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Speaker 8: massive ig crossover financing. The high old and loan markets

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Speaker 8: have been pretty strong. So there's been a great excitement

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Speaker 8: about putting this massive amount of capital to work. That's

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Speaker 8: the business we're in. We really have not seen the

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Speaker 8: vast majority of assets coming to marketplace that people have

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Speaker 8: talked about.

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Speaker 6: So you know, we have a lot of liquidity.

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Speaker 8: We've got one hundred and twenty five billion of capital

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Speaker 8: and liquidity ready to put in the market in our platform.

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Speaker 8: But I'm sure we'll be active and I'll talk about

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Speaker 8: it on the several times on back here the rest

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Speaker 8: of the year.

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Speaker 2: Final question, Yes, sir, Texas of Florida.

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Speaker 6: You know we want to We love New York.

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Speaker 8: New York has been our home for a long time

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Speaker 8: and we're going to maintain a massive presence in New York.

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Speaker 2: Still loves to buy New York.

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Speaker 6: You know, New.

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Speaker 8: York is a very dynamic place. It will always attract

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Speaker 8: a lot of best in the brightest of young folks,

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Speaker 8: but we want to make sure as we think about

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Speaker 8: our company between New York des Moines El Segundo, we

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Speaker 8: want to make sure we have a spot to create

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Speaker 8: growth and innovation, and we'll see what the process leads

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Speaker 8: us to.

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Speaker 2: Let's go for a walk together. Sounds great in a moment, Jimsountzer,

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Speaker 2: It's good to see us believe. Thank you, Jim Soounzer

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Speaker 2: of a Parlot Global Management, Jin this was fun.

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Speaker 6: We appreciate it time, always appreciate. Thank you very much.

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Speaker 2: A stand defensive as asset class, no doubt expected by

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Speaker 2: many