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Invest Like the Best
Deep conversations with investors, founders, and operators about business quality, capital allocation, strategy, and enduring competitive advantage.
BIDCLUB DESCRIPTION
Investing a $120 Billion Balance Sheet with No Outside Investors
Patrick O'ShaughnessyVlad Barbalat
Liberty Mutual’s $120B balance sheet combines roughly $70–75B of reserves with growth credit and equity, while permanent mutual capital avoids shareholder pressure and supports 7–10% portfolio targets.Barbalat now questions whether AI makes future cash flows—and therefore multiples—structurally less visible, with four-year software credit appearing safer than 30-year Salesforce or Oracle debt and potentially steeper credit curves ahead.
John Zito - Inside Apollo - [Invest Like the Best, EP.426]
Patrick O'ShaughnessyJohn Zito
Apollo’s differentiated model combines third-party asset management with principal capital, using Athene’s more than $300 billion balance sheet and long-duration liabilities to finance infrastructure, compute, defense, and bespoke investment-grade credit.The opportunity expands if public and private assets become more liquid, but 6%-7% leverage costs challenge zero-rate-era return promises, making origination scale, precise credit boxes, and evergreen compounding key variables.