When a master of the universe speaks, you listen. It’s not just that the New York-based private-equity firm Apollo Global (US:APO) names itself after Greek mythology’s most important god; it’s more that the $250bn (£192bn) fund manager was founded by a real ‘master of the universe’ – Leon Black, a legendary figure in the US finance industry, although certainly not a mythical one, who was the right hand of Michael Milken, the 1980s junk-bond king. While Mr Milken ended up in prison, Mr Black founded Apollo and became even more fabulously wealthy than his one-time mentor.
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Mr Bearbull
Against the flow
When profits and cash flow move in opposite directions it is generally time to worry
Mr Bearbull