Here are the fucking highlights of Leon Black’s comments during today’s Goldman conference.
“The credit markets, unlike the equity markets, have gone to bubble status,” Black said Wednesday at the Goldman Sachs Financial Services Conference. “The amount of covenant-less debt is more than 2007. You have a thirst for yield that exists on a global basis. So there is true excess.”
“We try to play a more conservative, cautious role in a bubble environment,” said Black, who’s also chairman and chief executive of Apollo.
Black said the firm’s credit and insurance operations offer the most growth potential.
“We are still in the very early innings in both our credit and insurance businesses,” Black said. Credit could become a $300 billion to $400 billion business in the next three to four years, he added.
Black is the CEO of Apollo, one of America’s largest private equity firms. Who knows what this fat fuck is up to? I take what he says, and everyone else, with a grain of salt.
Here is the best contribution Leon Black has ever made to my life — via stand up comedy from the venerable Carl Icahn.
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