{
  "docId": "019de074-ce23-773d-a303-cedd8b323c7c",
  "docSlug": "b0e4a293f548e1f87aff899ab6405df7",
  "documentTitle": "Apollo Global Management | Investor Presentation Deck | 43 slides",
  "authorId": "apollo-global-management",
  "authorName": "Apollo Global Management",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 16,
  "pageCount": 43,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "why_now",
  "function": "argue_timing",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses a dual-axis chart to show the divergence between total bond supply and market-making capacity.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-ce23-773d-a303-cedd8b323c7c/16",
  "deckHref": "/decks/019de074-ce23-773d-a303-cedd8b323c7c",
  "deckJsonHref": "/decks/019de074-ce23-773d-a303-cedd8b323c7c.json",
  "deckAnchorHref": "/decks/019de074-ce23-773d-a303-cedd8b323c7c#slide-16",
  "components": [
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Total stock of US corporate bonds vs Primary dealer inventory",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4d1ff8b-987b-4979-94c3-29ab2a66e842",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "Reflects the views and opinions of Apollo Analysts. Subject to change at any time without notice. Sources: Bloomberg, Apollo Chief Economist; chart data reflects period from January 1, 2012 through December 31, 2021.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6705019-099a-49de-b76a-5f7638f0a7e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.4,
        "x": 0.55,
        "y": 0.15
      },
      "kind": "list",
      "text": "Dow Plummets Nearly 3,000 Points as Virus Fears Spread; Coronavirus Triggers the Worst Market Crash Since 1987; UK equities no longer a 'must own' asset class; U.K. LDI funds sold $28 billion of gilts",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2bbbb7e-e3e9-4f6d-9a66-690ca7d25f11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "title",
      "text": "IS SEMI-LIQUID, INVESTMENT GRADE CREDIT EVEN AN ALTERNATIVE?",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bd13032-c86c-4df3-8f9e-df00108af782",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "Liquidity is Overvalued: It Only Exists on the Way Up",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b846dc82-d97a-47a4-9e51-464630a0c793",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "384bdb55-84eb-4dd9-b196-ec17b357a6cf",
      "evidence": "list/bullet: Dow Plummets Nearly 3,000 Points as Virus Fears Spread; Coronavirus Triggers the Worst Market Crash Since 1987; UK equities no longer a 'must own' asset class; U.K. LDI funds sold $28 billion of gilts",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "argument-from-analogy",
      "slug": null,
      "matchId": "9025e145-1a0b-4179-b4e8-72e392a2a997",
      "evidence": "Uses historical market crashes to argue against the value of liquidity.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}