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Our performance was partially offset by significant declines in both equities and fixed income across major markets as high inflation and rising interest rates weighed heavily on both asset classes. The Canadian dollar depreciated against the U.S. Our operating expense ratio was 28.6 bps and up marginally from 27.1
Blackstone is in the business of investing capital, and earning management and performancefees on that invested capital. One of the most frustrating things that people find out is that even that mile down from the showroom floor, that car is already depreciated in value. Raising capital has become a bit of a struggle.
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