Private Credit, Meet “Higher for Longer”
Blackstone
NOVEMBER 16, 2023
From March 2009 when the S&P 500 traded at 13x earnings to August 2020 when it peaked at 23x, a passive investor in the market earned 16% per annum. 8 Breaking down the total returns by source from December 2009 to December 2020 shows that 44% of the index’s average total return was from multiple expansion.
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