Apollo International Administration (APO) CEO Marc Rowan has a distinct tackle tariffs than the Oracle of Omaha. (Disclosure: Yahoo Finance is owned by Apollo International Administration.)
“I do not [agree with Warren Buffett on tariffs being a weapon],” Apollo International Administration chair, co-founder, and CEO Marc Rowan instructed Yahoo Finance on the Milken Institute International Convention on Monday.
Buffett spoke out aggressively on tariffs on the Berkshire Hathaway annual assembly over the weekend, calling them a “weapon.” The billionaire investor made a case free of charge commerce.
“I feel there are sensible tariffs and there are silly tariffs. Tariff is only a device. A weapon provides it a political context or different issues,” Rowan defined.
He added, “They [tariffs] will definitely trigger an abrupt adjustment.”
Apollo’s first quarter outcomes mirrored the extra unstable backdrop for danger belongings.
Learn extra: What Trump’s tariffs mean for the economy and your wallet
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Complete fee-related income rose 16.6% from the year-ago interval to $978 million, and adjusted earnings rose 8% to $1.85.
However the unfold earnings Apollo earned from managing insurance coverage belongings clocked in at $804 million, barely in need of analyst estimates. Efficiency-based earnings of $14 million had been additionally shy of estimates because the market backdrop made it harder to promote investments for earnings.
The corporate mentioned it put some $25 billion to work after the “Liberation Day” dislocations, largely in public debt markets.
Rowan mentioned on traits he is seeing in Apollo’s huge portfolio of companies, “We do not consider our portfolio as a US-centric and, to a lesser extent, a European-centric portfolio. On steadiness, tariffs are sort of a nonissue. There are winners and losers throughout the portfolio. What we do see, although, is uncertainty. When you do not know what the foundations of the sport are, you cease investing, you cease hiring, you cease making strikes.”
Brian Sozzi is Yahoo Finance’s Govt Editor. Observe Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips about tales? E mail brian.sozzi@yahoofinance.com.
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