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  "documentTitle": "Apollo Global Management | Investor Presentation Deck | 44 slides",
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  "authorName": "Apollo Global Management",
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  "presentationDate": "2023-08-01 00:00:00",
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  "notes": "The slide uses two charts to argue that active management is failing to provide alpha, leading to a structural shift in capital flows.",
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      "kind": "chart",
      "text": "Equity Market Underperformance: % Managers Underperforming S&P 500 Index",
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      "text": "Cumulative Fund Flows ($TRN)",
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      "text": "1. Active vs. passive investment performance: S&P, December 31, 2022. 2. Bloomberg, Apollo Chief Economist.",
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      "text": "Public Fixed Income and Equities Have Become Beta",
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