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nobody asks about your external rate of return
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Aug 1 13 tweets 4 min read
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

🧵

1/ Stablecoin transaction volume has surpassed both Visa and Mastercard Image 2/ Stablecoin combined market cap now sits at ~$250B Image
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

🧵

1/ Hedging costs have increased for foreign investors Image 2/ Hedged yields are negative for foreigners Image
Jul 11 21 tweets 6 min read
Apollo just released a 42 page deck on the state of student loans

Some fascinating charts

🧵

1/ Total number of people with federally managed student loans have now hit 45 million Image 2/ Student loan delinquencies have jumped over 1000bps since February Image
Jul 5 10 tweets 3 min read
Blackrock just released their 2025 midyear outlook

Here are a few charts that caught my eye

🧵

1/ Equity markets have become much more sensitivity to economic and trade policies post 2020 Image 2/ Foreign investors still own roughly 25% of US treasuries Image
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)

🧵

1/ How to calculate RCF balance and interest expense Image 2/ How to calculate Term Loan A interest and amortization Image
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

🧵

1/ Indicators have recently diverged between actual economic activity and sentiment Image 2/ Tariffs currently trending towards de-escalation... Image
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

🧵 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

🧵

1/ Leveraged Buyout Overview Image 2/ Key success factors of an LBO Image
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

🧵

1/ Introduction to leveraged finance Image 2/ Company decision to use debt in the capital structure Image
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

🧵

1/ The theory that dollars and treasuries hedge a market downturn has broken down since April 2 Image 2/ Trade policy and economic policy uncertainty remains near all time highs, as of April data Image
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

🧵 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

🧵

1/ Median age of homebuyers is now 56 years old, compared to 31 years old in 1981 Image 2/ 44% of consumers today say it is a bad time to buy a house because of high interest rates Image
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

🧵 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

🧵

1/ Bank lending market share of corporate debt Image 2/ Fewer AAA and AA rated corporates over time Image
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

🧵

1/ Restructuring 101: Restricted Subsidiaries Image 2/ Credit Documents & Indentures Image
Apr 27 20 tweets 5 min read
Apollo just released a 40 page deck on the impact of tariffs

Some charts that caught my eye

🧵

1/ SP500 firms with lower 12M EPS revisions as % of total revisions Image 2/ Manufacturing survey order outlook has collapsed Image
Apr 19 25 tweets 8 min read
Some charts that caught my eye from Bain's global private equity 2025 report

🧵

1/ Global buyout exits increased +34% y/y in 2024 but fundraising for buyout funds dropped -23% y/y Image 2/ AUM for private equity increased at a 14% CAGR through 2015 to 2023, but remained flat through 2Q24 Image
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 Image 2/ Unemployment expectations (number of people expecting to lose a job or remain unemployed) has ticked up Image
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 Image 2/ Next 12 months strategy focus for investors Image
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

🧵

1/ Apollo and Private Equity Revenue Growth over 15 years Image 2/ Massive Capital Demand from Energy Transition & Infrastructure Image
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

🧵

1/ High Net Worth Individual allocation to alternatives investments (private equity, private credit, infrastructure, real estate) Image 2/ Expected CAGR of Alternative Investments Image