TGIF! It's $4 in NYC. Cheers to the weekend and, hopefully, another New York Jets win on Sunday.
Today's slate $4, a financial firm not named Blackstone $4, and $4.
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.
Insider's Casey Sullivan and Hayley Cuccinello $4.
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.
In March of last year, Casey and Daniel Geiger wrote about how private-equity associates at the firm were burning out at a rapid rate, $4. A few weeks after Insider's report, Casey and Daniel broke the news that Apollo was offering six-figure "retention"$4.
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.
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.
In other news:
2. The FTX bankruptcy filing just dropped, and it's a doozy. FTX's new CEO John J. Ray, who knows a thing or two about bankruptcy having worked on the liquidation of Enron, didn't mince words in the filing, $4 The filing also claims some FTX affiliates $4. While I'm not one to suggest reading bankruptcy filings for fun, $4.
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. $4$4$4
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. $4.
5. Enough about crypto. Let's just bet on the robots. Top VCs helped us identify the most promising early-stage artificial intelligence startups. $4.
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. $4.
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. $4.
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. $4.
9. Take the equity, they said. It'll be great, they said. Working at a startup can come with a big payday following an exit event. But it doesn't always work that way. $4.
10. You're not just watching the World Cup. You're looking for alpha! Turns out there are some sound trading strategies tied to the beautiful game's big tournament, according to Bloomberg. $4.
Keep updated with the latest business news throughout your day by checking out $4, a dynamic audio news brief. $4
Edited by Jeffrey Cane (tweet @jeffrey_cane>$4) in New York and Hallam Bullock (tweet @hallam_bullock>$4) in London.