DNY59/E+ via Getty Images In finance, you have to always gauge the risk you take to generate returns. Sure, at the tail end of a long bull market, you can forget that. All sins are washed away (at least temporarily) in the cleansing waters of liquidity. But eventually, you run the risk that things go bad. This is definitely true in high-yield, where you tend to see more brutal downside moves when things turn. Today we will go over Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) and view it from a ...