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"When private equity works, it really works," says Stephen Schwarzman on the Blackstone (BX...
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Thursday, January 31, 11:23 AM ET"When private equity works, it really works," says Stephen Schwarzman on the Blackstone (BX +7.2%) earnings call. Indeed. Once high-water marks are hit, carried interest goes right to the bottom line ... and they're getting hit. For Q4, RCI in P-E was $45.5M vs. -$28.4M a year ago, in Real Estate, $91.1M vs. $3.5M, in Hedge-fund solutions, $76.3M vs. $4.1M.
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And set up the SPVs in tax-haven jurisdictions
And streamline all processes so there is a very small team managing the portfolio of assets and thus the fortunes and lives of thousands. So the operational costs are pretty much the hedges you need to put in place to protect your fat bonuses if you get them in a non-USD currency.
And having a presidential ex-candidate formed in the industry thinking that he is very clever because he made a fortune in an industry with this dynamic. Well, with the latter it could have worked even better had he won.
S&P 500 (SPY) is a good leading indicator.....