​Today, we are breaking down the  global alternative asset manager, Apollo. I reflected on my personal experiences with Apollo for this episode, and there's a saying that hard work can beat talent when talent doesn't work hard. Well, Apollo has talent, and Apollo works really damn hard. They will do everything they can to protect their capital, so if you're on the other side of the table from them, you never feel fully comfortable. I am joined by Hunter Hopcroft, a financial analyst and writer based in New York. We get into what makes Apollo, Apollo, and Hunter share the backstory of how it was born out of Drexel Burnham and Michael Milkin’s DNA. We get into some of the early deals, the theme of craving complexity, how they differ from the KKRs or Blackstones, and the future of the industry. Please enjoy this Breakdown of Apollo. Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. —-- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to Business Breakdowns (00:02:49) Apollo's Current Landscape (00:07:45) Apollo's Founding and Early Days (00:10:39) Key Deals and Strategies (00:17:09) The 2000s and Financial Crisis (00:22:10) IPO and Public Transition (00:25:47) Leadership Transition to Mark Rowan (00:31:20) Rowan's Vision and Athene Merger (00:35:12) Investment Strategies of Alt Managers (00:36:28) The Athene Merger and Its Implications (00:38:30) Rowan's Breakthrough in Spread Generation (00:39:49) Innovative Asset Origination Platforms (00:44:42) Private Credit and Market Dynamics (00:46:49) The Future of Apollo and Private Credit (00:52:09) Evaluating Apollo's Business Model (01:05:33) Reputation and Evolution of Apollo (01:08:50) Lessons from Apollo

Today, we are breaking down Rolls-Royce. A fair warning to those expecting to hear about luxury automobiles, that division was split from this business in the 1970s. But as we discuss the history of Rolls-Royce on this episode, you will hear how the DNA of this company still ties together from its early 1900s origins. Our guest is Graeme Forster from Orbis Investments. Graeme walks us through the core business of Rolls-Royce in the aerospace market, the evolving duopoly of the wide-body aircraft engine manufacturers, and the ups and downs of properly capturing the economic opportunity. I really appreciated Graeme's intellectual honesty in discussing Rolls, and I expect you will, too. Please enjoy this Breakdown on Rolls-Royce For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Learn About Finley (00:04:54) Overview of Rolls-Royce (00:08:35) History and Evolution of Rolls-Royce (00:10:44) Rolls Royce's Aerospace and Defense Ventures (00:11:57) Challenges and Nationalization (00:14:43) Current Business Segments and Market Position (00:20:57) Service Agreements and Profitability (00:27:41) Engineering Excellence vs. Commercial Strategy (00:31:26) The Aerospace Business Ecosystem (00:33:11) Rolls-Royce's Margin Profile (00:35:13) Challenges and Changes in Management (00:37:28) Cost Structure and Revenue Optimization (00:38:32) Engine Performance and Development (00:40:04) Market Dynamics and Competition (00:49:13) Future of Nuclear Reactors (00:52:46) Capital Allocation and Management (00:56:08) Lessons from breaking down Rolls-Royce