Blackstone bucked the negative trend overnight after reporting strongly: Blackstone’s shares were up ~1.5% on Thursday, giving the world’s largest manager of alternative assets such as private equity and corporate credit a market value of about $US165 billion. A 16% increase in distributable earnings in Blackstone’s private equity unit and a 51% jump in its credit arm outweighed the 19% drop in distributable earnings in its real estate division. The result demonstrated the benefit of a diversified earnings stream.
- We liked the Blackstone result and it reinforced our conviction on the stock – MM holds BX in our International Companies Portfolio.
MM is long and bullish BX
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