Apollo's Black on buybacks: Stock price "absurd"

• "To us [the share price] is kind of an absurdity," says Apollo Global (APO +4.9%) CEO Leon Black on the company earnings call yesterday (transcript). Black was speaking after Apollo announced the launch of its first-ever stock repurchase program (for roughly 5% of the float).
• APO is lower by about 13% YTD and nearly 50% Y/Y.
• Asked about funding, Black says the company has $600M in the bank as well as a $500M undrawn revolver.
• Previously: Apollo Global launches buyback alongside Q4 results (Feb. 3)