We Are This is my quarterly update on Apollo (NYSE:APO) and its insurance (aka retirement) subsidiary Athene. We will summarize the last quarter, play with valuations, and dive deeper into Athene including its preferred stocks. I would refer to my old articles for those unfamiliar with Apollo's structure. But for convenience, I will explain it briefly below. The company consists of an alternative asset manager Apollo ("old Apollo") and an annuity provider Athene. Apollo charges various fees for managing ...