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The Blackstone Group L.P. (BX) CEO Steve Schwarzman Presents at 2018 Goldman Sachs US Financial Services Conference (Transcript)

Dec. 04, 2018 6:36 PM ETBlackstone Inc. (BX)11 Comments
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The Blackstone Group L.P. (NYSE:BX) 2018 Goldman Sachs US Financial Services Conference Call December 4, 2018 12:40 PM ET


Steve Schwarzman - Co-Founder, Chairman and CEO

Unidentified Analyst

Okay. Great thanks everybody for joining us today. It is my pleasure to introduce Steve Schwarzman, Co-Founder, Chairman and CEO of Blackstone. 2018 marked another successful year for the firm with record $460 billion in assets under management as of the end of last quarter. With over $120 billion in fundraising just over the last 12 months. Growth and accrued incentives, despite $45 billion in realization since a year ago. In addition, Blackstone continues to develop new strategies with expectations for nearly double its AUM over the next five years or so, as we heard from you guys at your Investor Day. So we look forward to getting an update from Steve today on the business and really as well as the economy and where things are going in the market. So as always, thank you so much for being with us today.

To kick things up, I was hoping to just start with your outlook on 2019. Clearly, there are concerns of the marketplace that the pace of growth for the economy is starting to slow, but given your expansive view on the portfolio companies, really across the world, I was hoping we can start off today's session with really your view on what you see is going on in the real economy.

Steve Schwarzman

Well, welcome everybody. You're better off here than actually investing today. So congratulations for a wise choice. In terms of 2019, we see a pretty good momentum with our companies. In real estate, we have and other exposures, it’s slowing a bit, which should not be unnatural. I mean, you were at 4.2% for economic growth two quarters ago. Gee whizz, so we were like a huge developed economy. That's

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