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. During the QE era, market multiples worked in tandem with earnings growth to produce historic returns. 12 Of course, not all private credit is created equal, as Jon discusses below.
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