Apollo's Harris not so sure about retail and private equity

• “I’ve seen retail come in and out of this asset class at exactly the wrong time for three cycles,” says Apollo Global's (APO +0.9%) Josh Harris. “This is about the time that retail floods in right at peak multiples and gets hammered, and then at the first sign of trouble flees.”
• Presenting today at the Morgan Stanley Financials conference (earlier coverage), Harris isn't buying the pitch of Blackstone's (NYSE:BX) Steve Schwarzman and Carlyle's (CG -1.9%) David Rubenstein that mom-and-pop investors are going to be significant contributors to P-E assets under management.
• "I think some of what you’re seeing is simply a [up] cycle," says Harris, "and it will turn around a bit ... We're going to be disproportionately an institutional platform."
• ETFs: PSP, PEX