Hi everyone, I'm Nicola Tangen, the CEO of Norges Bank Investment Management, the Norwegian

Someone Wealth Fund. And today, we are joined by a true visionary in the world of finance,

Mark Rowan, who founded Apollo Global Management, which is one of the most influential

alternative asset management firms in the world. Now, we are the lucky owner of just under 2% of Apollo,

which works out at just under $1.5 billion.

Mark, thrilled to be here.

Great. Thanks for coming, and hopefully you're a happy shareholder.

Mark, in 1984, you said, God, I'm just too late. All the money has been made. You came out of business school. Now, a few years later, you have assets and the management at Apollo of 680 billion, and the market cap is more than 80 billion. So I think we can say that that was not a very accurate statement.

Well, I think it was accurate because it reflected the business at the time.

Because not only did I say it in 84, I said it in 90,

and I said it again in 2001. And the point being, in some ways I was too late for the business

that had been done. But the interesting thing, part of the interesting part of the job,

is it keeps changing. I mean, 2008, we were 40 billion of AUM.

In fact, almost every other large firm in our industry today was roughly the same size.

And then 13, 14 years later, we're now up to over 700 billion of AUM.

Something changed.

It's clearly not as a result of our skill and talent. We had to be in the mainstream.

Well, skill and talent helps, right?

Well, look, the skill and talent is to make sure we're positioned with tailwinds behind us by positioning the business the right way.

But fundamental change is ultimately what powered our business.

But if you go back to your first job, Drexel went bust in 1990 and then you decided to

found Apollo.

...