But first, they say it's lonely at the top in whatever you do.
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1. To the victor, go the spoils.
It's not for the faint of heart, the weak, or the easily discouraged. But if you make it, you will be rewarded.
That, in a nutshell, is life at Apollo Global Management.
The private-equity firm, which manages more than half a trillion dollars in assets, is known for being an intense workplace that's not for everyone. But for those who survive and advance, there is the potential for compensation in the tens of millions of dollars.
Their story includes details on three executives — Robert Kalsow-Ramos, Reed Rayman, and Aaron Sobel — who all started as Apollo associates and reached the level of partner before turning 40.
And while it's true life on Wall Street is never a walk in the park, Apollo is known for being particularly grueling.
The catch? Recipients of the bonus needed to stay at Apollo until at least September 2022.
That delayed gratification approach to comp is somewhat core to Apollo's strategy.
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The firm works on a points system that could most easily be described as a profit-share system, Casey told me. As one rises from associate to principal to partner they accrue more points. To cash in those points, you need to stay at the firm longer. Walk away and you're leaving money on the table.
That being said, the points haven't stopped some of its young talent from deciding to join hedge funds instead.
But while Apollo might not be everyone's cup of tea, it's tough to argue with the results. In a difficult year for public companies, Apollo, whose stock price is down roughly 14% year-to-date, has outperformed Blackstone (-29%) and KKR (-29%) during the same period.
3. The guy who got money from MF Global after its blowup isn't hopeful for FTX customers. James Koutoulas, who won more than $6 billion for people burned by MF Global, doesn't see FTX customers recouping much from the bankrupt exchange. Here's how he thinks it will play out.
4. Sam Bankman-Fried won't stop talking. The FTX founder didn't hold back in a conversation with a Vox reporter, which he later said wasn't meant to be public. These are the highlights.
5. Enough about crypto. Let's just bet on the robots. Top VCs helped us identify the most promising early-stage artificial intelligence startups. Here's the 13 that stood out.
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6. A top executive in Pimco's special situations unit has taken a personal leave of absence. Harin de Silva took leave beginning in October "for personal reasons" and will be on leave "at least through the end of the year," a spokesperson said. Here's what we know.
7. JPMorgan could be your new landlord. JPM's asset management arm is teaming up with Haven Realty Capital to invest $1 billion to develop build-to-rent single-family homes. These are all the details on the new partnership.
8. Here's a story about the ultrarich having lots of kids so their offspring will "become the new dominant leading classes in the world." This is not a sci-fi story. Read it to believe it.
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