Watch for APO to test mid-30's before a healthy pull-back and consolidation in the high 20's. If you follow my posts then you will notice that APO has run from 22 to 30.35 (COB 10/4/13) since my early August note. While I am a long term investor and believe in APO's management and business model it is a volatile stock. Morgan Stanley came out with a research report a few weeks ago that projected a Q3 dividend of roughly $1.17 per share and $2.60 for FY 2014. While I think the divided will be closer to Q2 ($1.32) I think MS has it right for 2014. So at $35 this will yield 7.4% in 2014. With low rates foreseeable for the next few years I see APO restocking its private equity deal pipeline, expanding its insurance business and growing and picking-up small managers to fill holes in its fixed income product lines. Check out the Seeking Alpha piece in the lnk below. Its much more articulate than I on some of the points I raise above.