Leon Black spoke for the first time and was joined by Josh Harris. They described a very robust, multi-faceted alternative management investment platform that should grow well into the future. I recommend you listen to it, especially the piece about Athene which is one of their key strategic initiatives. If I heard them right, they are only managing/sub-advising 17% of the 100bn? Athene platform. So there is significant growth to come from this entity, excluding the eventual IPO of it could pay-off handsomely. Don't forget that they also have an interesting mix of other companies (Sprouts, Hostess, to name two) to fuel future realizations. A few analysts recently commented that APO is 50% undervalued. From what I heard on this call, they may be right.