The Game Plan
How to Accumulate Wealth with Oscar Health and Apollo Global Management
This is not a report about stock tips. This is not a collection of random insights pasted together to make something look smart. This is a game plan. It is a guide for those who choose to walk the concentrated path with conviction. It is written for those who do not want 50 ideas, but only need two good ones. It is for those who understand that the ultimate edge in investing is time, patience, and alignment.
This is the playbook I would use if I were starting today with the goal of turning concentration into capital and capital into freedom. This is what I would do if my portfolio consisted of only Apollo Global Management and Oscar Health. Which it does.
And this is how I think you can build wealth through these two vehicles. Not through speculation. Not through trading. But through thoughtful, staged accumulation and intelligent thesis maintenance. That is the game. And this is the plan.
1. The Philosophy of the Game
Wealth is not built through diversification. It is preserved that way. Wealth is built through concentration, deep research, alignment of incentives, and long-term thinking. Every great fortune was built by owning a few things and owning them well.
The real diversification is not in the number of stocks you hold, but in how you stagger your capital deployment over time. The market changes. The companies evolve. Your insights grow. So does your capital. That is your margin of safety.
At FJ Research, we do not believe in blindly holding. We believe in buying, checking, holding, checking again, and acting based on updated data and logic. The check is as important as the buy. There is no virtue in stubbornness. But there is great reward in patience.
This portfolio is not just a list of two stocks. It is a framework. Apollo and Oscar represent very different instruments in the orchestra of financial independence. Apollo is the compounding machine. Oscar is the asymmetric vehicle. Together, they give us a blend of resilience and upside. One is the backbone. The other is the bet. The plan is to grow both. Slowly. Intelligently. Relentlessly.
2. The Role of Apollo Global Management
Apollo is not a stock. Apollo is a financial operating system. It is a modern Berkshire Hathaway built on the chassis of retirement income, private credit, and permanent capital.
The firm has embedded itself into the infrastructure of financial markets. It benefits from demographic tailwinds, regulatory clarity, and institutional trust. It owns distribution. It owns the engine. It owns the flywheel.
For our purposes, Apollo serves as the anchor. It is the ballast. It is the vehicle you ride when you want a growing base of capital that compounds steadily for the next twenty years. It is the stock I would hold if I wanted to sleep well. And it is the stock I would add to if I wanted to ensure a stable, inflation-resistant foundation.
This does not mean Apollo has no upside. Quite the opposite. The firm could easily triple over the coming decade as Athene scales, margins expand, and private markets continue their secular rise. But the magic is not in the stock price. It is in the machine. The capital allocation engine. The ability to grow book value per share, pay dividends, and still reinvest intelligently.
That is the role of Apollo in the game plan. Steady growth. Dividend income. Long-term security.
3. The Role of Oscar Health
Oscar Health is different. It is not the ballast. It is the lever. It is the asymmetry. It is the misunderstood compounder of tomorrow hiding in the broken insurance sector of today.
It is a company that is building a vertically integrated, technology-first health insurance platform. One that may eventually become the infrastructure layer for health data, AI, and care coordination in America. It is embedded in policy. Embedded in regulation. And built for an ACA world.
Oscar is the bet I am willing to make on the idea that healthcare will not be disrupted from the outside but rebuilt from within. It is a pick for those who believe the right founders, the right technology, and the right regulatory window can create extraordinary outcomes.
But it is also risky. The policy overhang is real. The market does not understand the business. The story is evolving. And this is why we do not go all in at once. This is why we build. Because Oscar, if it works, could 10x or more from here. And if it does not, we need to manage the loss with sizing and timing.
Oscar is not the forever hold yet. It is the watch, buy, recheck, and scale stock. But if it proves itself over time, it could become the single most important position in the portfolio.
That is the role of Oscar in the game plan. Risk. Optionality. Misunderstood compounding.
4. How to Build the Portfolio
We do not throw all our money into these stocks at once. We stage our capital. We accumulate monthly or quarterly. We observe the business. We measure the thesis against execution. And we use time as our hedge.
Here is how I would think about it: