I listened to the earnings call yesterday and would say the following:
1) Apollo did a great job disclosing key financial facts about its Q3 results and more importantly discussing how to think about their business going forward. I remain very bullish in the company for reasons I will disclose when I complete my more detailed "Looking Ahead #2" post ( a few days away). So take advantage of this pull-back, as I have suggested in my previous posts, and add to your positions.
2) I am very disappointed by the job done by the many analysts that cover this stock. Their questions are 10,000 feet above what's relevant, they did not (and have not traditionally) attempt to get management to discuss key financial drivers of the numbers (other than basic revenue and expense questions). Quite frankly, they either a) don't really understand the "real" drivers of this business or b) they do understand because they get their information "off-line", as one analyst actually suggested when discussing the Athene business (some things never change).
3) So in a nutshell, Citi lowers APO to hold (from buy) which shows their absolute cluelessness and short-term thinking.