Leon Black on leverage
From David Rubenstein in conversation with Leon Black at SuperReturn International 2019 · · SuperReturnTV
“In life, you can lever 12 to 13 times as opposed to PNC which is more like three times.”
On , Leon Black, Former CEO at Apollo Global Management, spoke about leverage during David Rubenstein in conversation with Leon Black at SuperReturn International 2019 on SuperReturnTV.
About Leon Black
Leon Black, the chairman and CEO of Apollo Global Management, has discussed the firm’s investment strategy and market outlook in several public appearances. Black described Apollo’s approach as value-oriented, stating that the firm aims to buy good companies at low multiples and goes to “extraordinary extent not to lose money.” He noted that about 80% of Apollo’s capital is permanent or long-duration, which he said removes pressure to sell. Black also commented on the economic cycle, saying in 2019 that the U.S. was “10 years into an upcycle” and that “at some point, the music’s going to stop,” adding that a downturn might not occur until after the next election. He credited the Trump administration with extending economic growth and keeping inflation down. Black has also spoken about his philanthropic activities, which he said were inspired by his father, a former clergyman, and his mother, an artist. He said he supports cancer research, the arts, and a series of biographies on Jewish lives published with Yale University Press. Black described philanthropy as “very much here to stay” and said that a more robust economy would help it grow. He added that his training in private equity, which he described as a “portfolio approach,” influences his giving.