{"podcast":{"title":"Cold Call","slug":"cold-call-634317","podcast_index_feed_id":634317,"rss_url":"http://feeds.harvardbusiness.org/harvardbusiness/cold-call","website_url":"https://hbr.org/podcasts/cold-call","image_url":"https://hbr.org/resources/images/podcasts/1400-cold-call-lg.jpg","author":"HBR Presents / Brian Kenny (podcasts@hbr.org)","episode_count":287,"summary":"Cold Call distills Harvard Business School's legendary case studies into podcast form. Hosted by Brian Kenny, the podcast airs every two weeks and features Harvard Business School faculty discussing cases they've written and the lessons they impart.","last_synced_at":null,"page_url":"https://stenobird.com/podcast/cold-call-634317"},"episode":{"title":"Apollo Global Management’s Business Model Transformation","slug":"apollo-global-management-s-business-model-transformation","published_at":"2025-11-11T11:10:01+00:00","page_url":"https://stenobird.com/podcast/cold-call-634317/apollo-global-management-s-business-model-transformation","show_page_url":"https://stenobird.com/podcast/cold-call-634317","url":"https://hbr.org/podcast/2025/11/apollo-global-managements-business-model-transformation","audio_url":"https://audio.hbr.org/cold-call/20251110114539-ApolloGlobalManagement_sBusinessModelTransformation.mp3","summary":"Apollo Global Management has transformed itself from a traditional private equity giant into an insurance-fueled credit powerhouse—thanks to its acquisition of life annuity issuer Athene. CEO Marc Rowan makes a bold bet that an asset-heavy model, which is backed by hundreds of billions in long-term insurance liabilities, can drive repeatable, superior returns and propel Apollo’s assets under management to $1.5 trillion. However, public markets award Apollo a multitude on its earnings that is far lower than asset-light peers like Blackstone, which highlights important trade-offs. Harvard Business School professor George Serafeim joins host Brian Kenny to discuss the questions raised by the case, Apollo Global Management, and explore what Apollo’s transformation reveals about business-model innovation and risk management in today’s rapidly evolving private markets ecosystem, and what it means to be a modern investment firm.","meta_description":"Apollo Global Management has transformed itself from a traditional private equity giant into an insurance-fueled credit powerhouse—thanks to its acquisiti…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1756,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/cold-call-634317/episodes/apollo-global-management-s-business-model-transformation/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/cold-call-634317/apollo-global-management-s-business-model-transformation.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}