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In a primetime address, President Trump saying the US is very close to completing its military objectives in Iran and vowing to hit the nation quote extremely hard over the next two to three weeks. Still, the speech lacked new announcements and most notably, a precise timeline for an exit.
President Trump also saying in the address other countries need to take the lead on reopening the Strait of Hormuz, The President saying the US does not need the oil exported through the critical waterway and that the nations who depend on it should quote go in and take it. And The headquarters of Goldman Sachson Paris was placed under police surveillance last night following bomb threats believed to be
from an Iranian group. The threats come just days after a bombing attempt was foiled near the Bay of America in the French capital city. Telling its Paris and Frankfurt's employees to work remotely as a precaution. The shopbok Greek John.
Yeah, Hurrah, thank you they are concerning headlines. We'll keep tracking that story for you throughout this morning. I'm next on the program, turning up the pressure on a run.
We are on track to complete all of America's military objectives shortly, very shortly. We're going to hit them extremely hard over the next two to three weeks. When this conflict is over, the street will open up naturally.
A next we'll catch up with Blomberg's town of Kendall. We'll have more from Jim's out so Brama is going to talk to him in the commercial break. By the time that's finished, you'll come back a different man from New York City this morning.
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Sector is really propelling the feel for one.
Yeah, the hope is it's all open up new markets and provide some additional liquidity.
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A continian did work. He's fired, you know, he's more refired.
You've had some concerns, Yes, I have some concerns.
I'm an investor in the world. I have a lot of concerns. It's not about the little narrow It's not about the little narrow corner of the world that you guys call private credit.
It's it's it's much broader, but.
Same roundown of this monach. Pardon if you've been annoyed by the coverage in the last three months.
No, I'm not annoyed by it.
I think it reminds me of when I was a young high old trader in the early nineties, and when nineteen ninety when Drexel went when filed and there was concerns about the high old asset class junk bonds. You know, asset class won't survive. It's a Ponzi scheme. There's no credibility here. And I think that if I look back at that time, it was early days of the high old market, which is now the high old market and a legitimate asset class.
I think this is just growing pains.
And as I go back to my first principles, if investors over fifteen years were not actually making money, and I see the demographics of the globe right now where investors need robust compounding yield, I'd be concerned. But I see the great benefit of this product.
I've sensed frustration. I've sensed frustration from the asset managers. You have too. I can feel it now. I've got to be honest with you. I can sense the frustration that you've got. I think with some of the coverage of the past few months, what is it about the comforage that's been quite upsetting? The fixation on just BDCs and not the broader asset class. What is it about that's upset you and a team?
Maybe, well, I got to push back and being upset, like I.
Say you over the last few minutes is found that way. Okay, maybe not aimdirectly at us, but certain the comverage of your world.
Well again, I think that a lot because of the proliferation of the analysis in every corner of the environment we've work in right now. I think that's why I had my message about taking a step back. You know, I do think when you look at the growth of the US economy since nine the result has been we have the most robust banking system in the world. We had the leading banks that are well run organizations that have done an amazing job, and the return on equity
and their impact in the US economy is profound. You also have a backdrop of economic growth that is unmatched around the globe. And I don't think it's any surprise that the advent of pushing out the risk in the banking system, the benefit of securitization, the benefit of clos the benefit of all the things that institutions have helped out with that has result in a much broader, deeper base financing environment. We financed a lot of growth. We
financed amazing tech growth. Our VC marketplace is the most robust.
In the world. And so I think that.
Many mutual funds today, I'll give you a little analysis, many mutual funds today were very, very forward thinking, and we're able to buy SpaceX several years ago, and so SpaceX is part of their portfolio a small portion. There's probably not a clearly defined marking process on how they all mark their SpaceX equity because of employees sales, whether
it's monthly, quarterly, whatever it is. But just because the marketing process may be inconsistent, that shouldn't stop them from buying a great American company that they're going to do
very very well on. And so that's why I think we're sort of missing the plot about I've talked on this show in the past about Berkshire Hathaway about half of their portfolio being in private companies, and so I do think the whole idea of the public private convergence, the broader portfolio approach, where the market's going in terms of these massive cap x that's where I think we've sort of lost the plot a little bit. And again
I'm not in the newspaper business. But I do think that I know what sells headlines, and I think the methodical, robust growth of the US economy, the role of the public private convergence, the strength and breadth of our financing, that's really the bigger story here.
And clearly there are people who want to belittle or to mean this industry because they feel like either they've been left behind or they want to suppress prices so they can get in and buy. And I just wonder, from your perspective, are you seeing this as an opportunity to get more aggressive considering that there have been some discounted assets, there are some weaker hands, and a lot of people are worried, including myself.
Well, unfortunately, the.
I would say two things, in my forty one years in the industry and the twenty years at Apollo, whenever there's been any kind of dislocation, we've been fortunate enough. Between the breadth and the discipline and the capital, we have to end up in a better spot.
That's number one.
The second is I would say is the headlines have been much more profound and loud and the activity. There really isn't a lot of assets that are for sale that have widened out dramatically. The high grade indexes is where it's been. The high old index has really been pretty tight. There's been a variety of financings done. Look what JP Morgan did on EA Sports. They did a massive ig crossover financing. The high old and loan markets have been pretty strong. So there's been a great excitement
about putting this massive amount of capital to work. That's the business we're in. We really have not seen the vast majority of assets coming to marketplace that people have talked about.
So you know, we have a lot of liquidity.
We've got one hundred and twenty five billion of capital and liquidity ready to put in the market in our platform. But I'm sure we'll be active and I'll talk about it on the several times on back here the rest of the year.
Final question, Yes, sir, Texas of Florida.
You know we want to We love New York.
New York has been our home for a long time and we're going to maintain a massive presence in New York.
Still loves to buy New York.
You know, New.
York is a very dynamic place. It will always attract a lot of best in the brightest of young folks, but we want to make sure as we think about our company between New York des Moines El Segundo, we want to make sure we have a spot to create growth and innovation, and we'll see what the process leads us to.
Let's go for a walk together. Sounds great in a moment, Jimsountzer, It's good to see us believe. Thank you, Jim Soounzer of a Parlot Global Management, Jin this was fun.
We appreciate it time, always appreciate. Thank you very much.
A stand defensive as asset class, no doubt expected by many