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. With slower bank and leveraged loan growth, demand for partners in private credit is high. Today, nearly 20% of the private credit market has an ICR below 1.0x

Leveraging 52

Leveraging Banks Debt Leveraged Buyouts 52

The Big Picture

AUGUST 20, 2024

00:15:26 [Speaker Changed] So the passive component of that, which we’ll feed into a discussion we’ll have later on, had just become so large that it relied on liquidity that was not necessarily gonna be there. That’s amazing leverage. Which is the idea that passive investors hold every security.

Asset Management 69

Asset Management Assets Mutual Funds Bidding 69

The Big Picture

MARCH 14, 2023

BERNSTEIN: You know, if you go back to Jack Bogle and the whole idea, and always in my career, I have tremendous respect for Jack, both as a businessman and as an investor. And Jack’s whole thing was you want to be a passive investor. Okay, we could argue whether that’s right or wrong. Is that true? RITHOLTZ: Right.

Banks 64

Banks Portfolios Investment Banking Investment Banks 64