1. The author, Tan Chin Hwee, a former Apollo Global Management executive, reviews William Cohan's new 665-page book "Money to Burn," calling it one of the most interesting books he has read on finance, despite provoking strong reactions from some online critics. [para. 1]
2. The book traces Apollo's origins from Mike Milken's era at Drexel Burnham to its founding by Leon Black, Josh Harris, and Marc Rowan. Today, Apollo ranks among the world's largest private equity firms with over $1 trillion in assets under management since its 1990 founding, and employs approximately 5,700 people globally across Apollo and its insurance arm Athene. [para. 2][para. 3]
3. The author notes that calling Apollo a private equity firm is somewhat misleading, as it is fundamentally a credit and cash-flow investor—a distinction Wall Street has often overlooked despite the firm's extraordinary performance and substantial returns for investors. [para. 4]
4. Tan reflects on his nearly decade-long tenure at Apollo, where he helped establish the firm's first Asian office in Singapore with a newly formed team, laying groundwork for what became seven offices and 1,000 employees across the Asia-Pacific region. He joined during the firm's most dynamic growth phase, when assets multiplied twelvefold, fueled by rising allocations to Asia, and recalls marketing trips with the founders, including private jet visits to Chinese cities, as well as Athene's humble beginnings in an unremarkable Los Angeles office. [para. 5][para. 6]
5. The author recounts difficult investment cycles, particularly the stress surrounding troubled deals involving Huntsman and Caesars Entertainment, and how the partnership navigated periods of immense strain while maintaining faith in its core investment thesis. [para. 7]
6. As the first partner from Asia among major private equity firms, Tan never felt out of place, finding common ground with colleagues that Wall Street often viewed as outsiders. He fondly remembers an Apollo T-shirt reading "Contrarian Investor Since 1990" and notes that many took pride in that outsider status, believing that thinking differently and executing boldly was a key competitive advantage. [para. 8][para. 9]
7. Tan explains that Apollo's dominant language was "money" rather than English, which helped him overcome dyslexia and imperfect language skills, pushing him toward clarity and precision. When awarded the Yale Donaldson Fellowships in 2024, he made sure Marc Rowan was among the first to know. [para. 10]
8. At his first welcome meal as a partner, Leon Black candidly shared the story of his father's suicide, revealing the firm's DNA. The author notes the book's interviews with founders similarly expose raw nerves, laying bare personal dynamics and the complexities of building a meritocracy-focused investment culture. [para. 11]
9. The book accurately depicts Apollo's hard, unforgiving culture, referencing the 2020 Bloomberg Businessweek cover story calling Black "Ruthless" and describing Apollo as Wall Street's "apex predator" that bought struggling businesses with heavy debt at bargain prices, imposed austerity, and extracted large dividends and fees. [para. 12][para. 13]
10. Despite this reputation, few firms can match Apollo's investment results. Tan states that while he has worked with brilliant colleagues elsewhere, none matched Apollo colleagues for intellect and grit, and he was mentored by legendary investor Mike Milken, learning the art of risk-taking firsthand. [para. 14][para. 15]
11. The author praises Marc Rowan, Apollo's current CEO, as the sharpest mind he has encountered professionally, and Josh Harris as one of the hardest-working people he knows—both led by example, inspiring intellectual curiosity, discipline, and resilience. Tan remains deeply grateful to the founders and President Jim Zelter for a ringside seat to one of modern finance's remarkable growth stories. [para. 16][para. 17]
12. Those experiences made him a sharper investor and instilled gratitude and responsibility to share lessons learned. After retiring from finance in his early 40s, Tan began paying it forward, starting with his book on forensic accounting in the Asia-Pacific region, and expresses heartfelt thanks to Apollo. [para. 18][para. 19]
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