economy
Apollo CEO Rowan warns of market correction, slams 'egregious' practices at rival insurers
Apollo CEO Marc Rowan warned that markets face an elevated risk of unexpected shocks, saying he is positioning the firm defensively for an expected correction.
TL;DR
- Apollo CEO Marc Rowan warns of elevated risks of market downturns and unexpected economic shocks.
- The firm is preparing defensively by increasing cash reserves and reducing exposure to riskier assets.
- Rowan criticizes rival insurers for "egregious" practices, including offshore structures and aggressive assumptions, fearing industry contagion.
- He predicts significant socioeconomic upheaval from artificial intelligence, with "blue-collar ascendancy and white-collar stress."
- Rowan believes current policies restricting labor and trade, alongside geopolitical changes, have the potential to be inflationary.