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  "documentTitle": "Apollo Global Management | Investor Presentation Deck | 43 slides",
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  "notes": "The slide uses two charts to argue that active management is failing to beat the market, leading to a massive shift toward passive investment vehicles.",
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      "text": "Equity Market Underperformance: % Managers Underperforming S&P 500 Index",
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      "text": "Sources: Active vs. passive investment performance: S&P, December 31, 2022; fund flows: Bloomberg, Apollo Chief Economist.",
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      "text": "Public Fixed Income and Equities Have Become Beta",
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