Apollo just released some incredible data on how stablecoins are impacting demand for US treasuries and outlook for the sector
Few charts that caught my eye
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1/ Stablecoin transaction volume has surpassed both Visa and Mastercard 2/ Stablecoin combined market cap now sits at ~$250B
Jul 12 • 13 tweets • 4 min read
Apollo just released a 28 page deck on the outlook for the US dollar
Some charts that caught my eye
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1/ Hedging costs have increased for foreign investors 2/ Hedged yields are negative for foreigners
Jul 11 • 21 tweets • 6 min read
Apollo just released a 42 page deck on the state of student loans
Some fascinating charts
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1/ Total number of people with federally managed student loans have now hit 45 million 2/ Student loan delinquencies have jumped over 1000bps since February
Jul 5 • 10 tweets • 3 min read
Blackrock just released their 2025 midyear outlook
Here are a few charts that caught my eye
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1/ Equity markets have become much more sensitivity to economic and trade policies post 2020 2/ Foreign investors still own roughly 25% of US treasuries
Jun 14 • 16 tweets • 4 min read
If you are interested in leveraged finance, restructuring banking or credit investing, this thread is for you
A few gems from an old Bear Stearns Leveraged Finance handbook (part 3)
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1/ How to calculate RCF balance and interest expense 2/ How to calculate Term Loan A interest and amortization
Jun 8 • 25 tweets • 6 min read
Morgan Stanley just released a fantastic 52 page deck on the state of markets and their asset allocation framework for June 2025
Some charts that caught my eye
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1/ Indicators have recently diverged between actual economic activity and sentiment 2/ Tariffs currently trending towards de-escalation...
Jun 2 • 25 tweets • 5 min read
INVESTMENT BANKING SURVIVAL GUIDE 101
If you are a recent college graduate or intern starting in investment banking in the next few weeks, this thread is for you
Some unsolicited advice from me
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1/ PAY ATTENTION TO SEAMLESS MEALS
As a young banker, most of your time is spent eating outside. That includes lunch, dinner, dates. Watch the calories
This is #1 because without good health, everything else is meaningless. If you feel bad, nothing else matters.
May 27 • 6 tweets • 2 min read
Ardian, a $150B+ AUM private equity firm, just released a great summary on private equity deal processes and value creation
If you want to better understand basics of LBOs and how PE firms generate returns, this thread is for you
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1/ Leveraged Buyout Overview 2/ Key success factors of an LBO
May 25 • 15 tweets • 4 min read
If you are looking for a primer on leveraged finance, restructuring or credit investing concepts, this thread is for you
Few fantastic slides from an old leveraged finance handbook by Bear Stearns
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1/ Introduction to leveraged finance 2/ Company decision to use debt in the capital structure
May 24 • 15 tweets • 4 min read
Blackrock recently published some fascinating data on macro environment and trade policy
Some charts that caught my eye
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1/ The theory that dollars and treasuries hedge a market downturn has broken down since April 2 2/ Trade policy and economic policy uncertainty remains near all time highs, as of April data
May 23 • 12 tweets • 2 min read
My guide on how to read a credit document
Learning how to read credit docs is a must learn skill if you want to work in restructuring banking or distressed investing
Here is how to scan through a credit document quickly and pick out the important information
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When reading a credit document, there are typically a handful of things I first look for
This will include:
- Size
- Maturity
- Pricing
- Amortization
- ECF Sweeps
- Financial Covenants
- MFN protection
- Debt Capacity
- Lien Capacity
- RP Capacity
May 18 • 25 tweets • 7 min read
Apollo just released a 121 page deck on US real estate and housing outlook
Some charts that caught my eye
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1/ Median age of homebuyers is now 56 years old, compared to 31 years old in 1981 2/ 44% of consumers today say it is a bad time to buy a house because of high interest rates
May 17 • 11 tweets • 2 min read
With summer internships right around the corner, here is some of my unsolicited advice on how to crush it as an intern and land the return offer
If you like the read, please share this with someone who might find it helpful
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1/ Show up 15 minutes earlier, leave 15 minutes later
Simple rule. Show up 15 minutes earlier than you are supposed to every day. Leave 15 minutes after your analyst or deal team leaves every day
If you just follow this, you are likely ahead of 50%+ of interns nowadays
May 12 • 15 tweets • 4 min read
Apollo just released a 35 page deck on the growing role of private credit and an update on broader macro environment
Some charts that caught my eye
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1/ Bank lending market share of corporate debt 2/ Fewer AAA and AA rated corporates over time
May 3 • 12 tweets • 3 min read
If you are interested in working in restructuring investment banking or distressed investing, this thread is for you
A collection of my restructuring, credit doc and liability management primers
Apollo just released a 40 page deck on the impact of tariffs
Some charts that caught my eye
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1/ SP500 firms with lower 12M EPS revisions as % of total revisions 2/ Manufacturing survey order outlook has collapsed
Apr 19 • 25 tweets • 8 min read
Some charts that caught my eye from Bain's global private equity 2025 report
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1/ Global buyout exits increased +34% y/y in 2024 but fundraising for buyout funds dropped -23% y/y 2/ AUM for private equity increased at a 14% CAGR through 2015 to 2023, but remained flat through 2Q24
Apr 6 • 13 tweets • 4 min read
Apollo just released an update on the macro environment and what the tariffs could mean for the economy moving forward
Some of the most interesting data points that caught my eye
1/ Consumer sentiment down across income levels 2/ Unemployment expectations (number of people expecting to lose a job or remain unemployed) has ticked up
Dec 30, 2024 • 9 tweets • 3 min read
Some interesting charts and data from Apollo Global's 2025 private equity outlook discussion🧵
1/ Private equity percentage of public equity markets 2/ Next 12 months strategy focus for investors
Oct 2, 2024 • 20 tweets • 5 min read
Apollo Global, one of the largest alternative asset managers, just had their Investor Day
Here are some of the slides that caught my eye
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1/ Apollo and Private Equity Revenue Growth over 15 years 2/ Massive Capital Demand from Energy Transition & Infrastructure
Sep 26, 2024 • 20 tweets • 5 min read
KKR just published a 64 page Alternative Investments report a few days ago
Some of the most interesting charts
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1/ High Net Worth Individual allocation to alternatives investments (private equity, private credit, infrastructure, real estate) 2/ Expected CAGR of Alternative Investments