Apollo Global Management's Zelter Sees Delayed Recovery

The video discusses the economic impact of the pandemic, highlighting concerns about the credit cycle, zombie companies, and the Fed's response. It anticipates increased bankruptcies in 2021 due to high debt levels. The video also explores investment opportunities in the airline and commercial real estate sectors, emphasizing the importance of strategic capital placement.

What was the state of the consumer at the beginning of the year despite the credit expansion?

• The consumer was in a worse position than expected.

• The consumer was unaffected by the credit expansion.

• The consumer was in a solid position.

• The consumer was struggling significantly.

What impact did the pandemic have on credit conditions for small businesses?

• Credit conditions remained unchanged.

• Credit conditions became more favorable.

• Credit conditions tightened, making loans harder to obtain.

• Credit conditions were relaxed significantly.

What is expected to happen with company defaults in 2021?

• Defaults are expected to disappear.

• Defaults are expected to increase.

• Defaults are expected to remain stable.

• Defaults are expected to decrease significantly.

How do the current economic challenges differ from those in 2008?

• Current challenges are more visible than in 2008.

• Current challenges are less visible and slower to emerge.

• Current challenges are unrelated to consumer behavior.

• Current challenges are identical to those in 2008.

What was the firm's strategy in dealing with the airline industry during the crisis?

• Focus solely on equity investments.

• Avoid investing in airlines altogether.

• Find value in restructuring and lending opportunities.

• Invest only in high-end business travel airlines.

What was the firm's approach to finding investment opportunities during the crisis?

• Adapt to each industry and company's unique situation.

• Invest only in new startups.

• Avoid any investments during the crisis.

• Focus on a single playbook for all industries.

What industries were identified as having a multi-year opportunity due to the pandemic?

• Technology and healthcare.

• Commercial real estate and aviation.

• Automotive and energy.

• Retail and manufacturing.