: Apollo market value has fallen to a level that "to us is kind of an absurdity" but offers "an opportunity, clearly, in terms of repurchasing shares," co-founder Leon Black said on an earnings call with analysts, according to Market Watch. Apollo reported a steep drop in fourth-quarter profit, partly due to fewer sales of its older investments. The New York private-equity firm said Wednesday it plans to purchase up to $250 million of its stock, which has fallen more than 60% from an all-time high in January 2014 on investor concerns that volatile markets will hinder the firm ability to continue delivering big payouts to shareholders. Apollo planned buyback follows KKR & Co. KKR also overhauled how it distributes profits to shareholders in a bid to boost its stock, which is down about 46% over the past year. October announcement that it would purchase up to $500 million of its own shares.
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