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Feb 18, 2026
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LONG
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Apollo's stock was hit by fears that private credit portfolios are exposed to "obsolete" software companies. Zelter clarifies their exposure to non-IG software debt is minimal. The market mispriced the risk. Apollo is pivoting to "boulders" (massive retirement service markets in Japan/Australia) and Investment Grade credit, which are less disruptable by AI than small-cap SaaS. LONG. The sell-off was based on a misunderstanding of their loan book composition. A broader credit cycle or recession would hurt their private credit book regardless of sector. |
Bloomberg Markets
Bloomberg Surveillance 2/18/2026...
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