Moving Markets

Can investors uncover opportunity where others see complexity? As higher interest rates and greater market uncertainty reshape the private equity landscape, disciplined investing, value creation, and a focus on realising and returning capital are becoming increasingly important drivers of returns.
In this episode, Bill Fong, Head of the Alternatives Specialists Team for Asia and the Middle East at Julius Baer, speaks with Matt Nord, Partner and Co-Head of Private Equity at Apollo Global Management. Together, they discuss Apollo's value-driven investment philosophy, drawing on examples of complex corporate carve-outs, take-private transactions, and business transformations to illustrate how value can be created throughout the investment lifecycle. They also explore the role of AI in enhancing operations, the importance of disciplined capital deployment and distributions, and the opportunities emerging across today's global private markets.
Note:
This podcast is for informational and educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security, product or service.

(00:00) - Introduction: Private equity in today’s market

(01:03) - How volatility creates opportunities

(01:40) - Finding value beyond market valuations

(08:21) - Identifying value in misunderstood businesses

(11:57) - Driving value through operations and scale

(17:22) - AI as a tool for operational improvement

(20:52) - The importance of capital returns and exit discipline

(27:15) - Emerging opportunities across global markets

US technology stocks were in the spotlight yesterday following the sudden resignation of Nvidia CEO Jensen Huang, which prompted a broader sell-off in AI-linked shares even as competitors and hyperscalers attracted dip-buyers. Escalating tensions in the Middle East pushed oil prices sharply higher, while hawkish Federal Reserve commentary and surging inflation expectations drove Treasury yields back above 5% and lifted the dollar to its highest level since April 2025. European equities outperformed, touching record highs before closing slightly lower. In today's show, Tim Gagie, Head of FX Advisory in Geneva, shares his insights on gold, the US dollar, and the Brazilian real.

(00:00) - Introduction: Jan Bopp, Product & Investment Content

(00:45) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(07:00) - FX & metals update: Tim Gagie, Head of FX & Precious Metals Sales Geneva

(12:47) - Closing remarks: Jan Bopp, Product & Investment Content

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Markets are firmly focused on one firm and one leader this morning as Nvidia’s board meets to decide the fate of Jensen Huang. After US markets ended higher yesterday and Europe’s Stoxx 600 notched its highest ever close, reports that Nvidia’s board might move to change their leader sent the company’s shares down 10% and futures markets tumbled too. Most of Asia traded lower today although Japan’s Topix provided a small green window. After bouncing back last week, precious metals have come under pressure again. Carsten Menke, Head of Next Generation Research, joins the podcast to explain what’s behind the latest moves, and what he expects in both the short and longer-term now.

(00:00) - Introduction: Helen Freer, Product & Investment Content

(00:28) - Markets wrap-up: Bernadette Anderko, Product & Investment Content

(05:16) - Precious metals: Carsten Menke, Head of Next Generation Research

(09:23) - Closing remarks: Helen Freer, Product & Investment Content

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Stubborn US inflation has revived talk of a jumbo Fed rate hike, unsettling bonds and weighing on equities. Yet sentiment has rebounded, led by strong results from neocloud and semiconductor names, while Anthropic's potential USD 1.5 trillion debut underscores both the promise and the capital intensity of the artificial intelligence boom. Dario Messi, Head of Fixed Income Research, discusses whether a December jumbo hike is realistic and what higher-than-expected US inflation means for bond markets.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:26) - Bond Markets this week: Dario Messi, Head of Fixed Income

(10:48) - Closing remarks: Bernadette Anderko, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Global equities staged a powerful comeback led by technology and semiconductors, even as an FBI investigation into Nvidia's CEO unfolded with all the intrigue of a James Bond plot. Broader market resilience, Anthropic's bold IPO plans, sliding oil prices on easing geopolitical tensions, and today's crucial US inflation data round out a packed agenda for investors navigating elevated volatility. Enrico Chinello from our Next Generation Research team dives deeper into what has changed for the AI-buildout after the fallout from last week’s US midterm elections and what it means for investors going forward.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:34) - Markets wrap-up: Jan Bopp, Product & Investment Content

(07:05) - Making sense of the AI selloff: Enrico Chinello, Next Generation Research

(12:25) - Closing remarks: Bernadette Anderko, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.