Blackstone Group LP

BX-N

NYSE:BX

53.63
0.54 (1.00%)
The Blackstone Group L.P. is an American multinational private equity, alternative asset management and financial services firm based in New York City.
More at Wikipedia

Analysis and Opinions about BX-N

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
November 22, 2019
A very well-run business. It’s in a competitive space and there are tax changes that could make it more profitable. The limit is the intellectual capital of the people running the business. At these valuations, he wouldn’t be a buyer, and if he had holdings, he would take some profits by selling half.
Blackstone Group LP (BX-N)
November 22, 2019
A very well-run business. It’s in a competitive space and there are tax changes that could make it more profitable. The limit is the intellectual capital of the people running the business. At these valuations, he wouldn’t be a buyer, and if he had holdings, he would take some profits by selling half.
John O'Connell, CFA
Chairman and CEO, Davis Rea
Price
$51.260
Owned
No
BUY
BUY
November 5, 2019

The largest private equity company in the world. BX has raised a ton of money lately, but the trouble is how do they put this money to work? Low interest rates help, because they leverage a lot. They are in real estate, and loans, not just private equity--so well-diversified. Problem is, BX now competes heavily in private markets (with BAM-N, for example), an area which enjoys higher rates of return. There's a lot of money chasing fewer deals. However, BX is an incredibly well-run company.

Blackstone Group LP (BX-N)
November 5, 2019

The largest private equity company in the world. BX has raised a ton of money lately, but the trouble is how do they put this money to work? Low interest rates help, because they leverage a lot. They are in real estate, and loans, not just private equity--so well-diversified. Problem is, BX now competes heavily in private markets (with BAM-N, for example), an area which enjoys higher rates of return. There's a lot of money chasing fewer deals. However, BX is an incredibly well-run company.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$52.790
Owned
Unknown
WEAK BUY
WEAK BUY
October 28, 2019

It has been a fantastic global private equity business. They made a huge play at rolling up a lot of these industrial real estate portfolios across the world. They do all kinds of different asset allocations across the world. They announced they will convert from a partnership into a corp. so the share price increased due to anticipation of this being part of an index, thereby making all kinds of institutions need to own it because it is the index. He prefers ONEX-T to BX-N.

Blackstone Group LP (BX-N)
October 28, 2019

It has been a fantastic global private equity business. They made a huge play at rolling up a lot of these industrial real estate portfolios across the world. They do all kinds of different asset allocations across the world. They announced they will convert from a partnership into a corp. so the share price increased due to anticipation of this being part of an index, thereby making all kinds of institutions need to own it because it is the index. He prefers ONEX-T to BX-N.

Bryden Teich
Portfolio Manager, Avenue Investment Management
Price
$52.790
Owned
No
COMMENT
COMMENT
October 8, 2019
There's been a big sell-off in financials with declining interest rates. BX just converted into a corporation, so funds could now buy it a He sold his shares before the July 1 conversion. A diversified holding.
There's been a big sell-off in financials with declining interest rates. BX just converted into a corporation, so funds could now buy it a He sold his shares before the July 1 conversion. A diversified holding.
Jamie Murray
Head of research, Murray Wealth Group
Price
$45.610
Owned
No
WATCH
WATCH
October 2, 2019
Trade tension exposure? He is not sure how their portfolio is exposed to the China trade tensions. Their success rides off credit availability (more is better for their company) and when they optimize the business before selling out of it (better when markets are weak). Strong markets and widening credit spreads make it tough right now. Keep it on the watch list though.
Trade tension exposure? He is not sure how their portfolio is exposed to the China trade tensions. Their success rides off credit availability (more is better for their company) and when they optimize the business before selling out of it (better when markets are weak). Strong markets and widening credit spreads make it tough right now. Keep it on the watch list though.
David Fingold
VP and Portfolio Manager, Dynamic Funds
Price
$46.660
Owned
No
COMMENT
COMMENT
October 2, 2019

For CG-Q he has concerns about times when asset prices are bid up during strong market times. As an active asset manager, this can make their business more challenging. He would go for best in class in this category and that is BX-N.

For CG-Q he has concerns about times when asset prices are bid up during strong market times. As an active asset manager, this can make their business more challenging. He would go for best in class in this category and that is BX-N.

David Fingold
VP and Portfolio Manager, Dynamic Funds
Price
$46.660
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
September 25, 2019
They should do well long-term. They continue to raise money for their funds in real estate -- the latest was $20 billion to buy DreamGlobal. You probably want to wait for a better entry point. Yield 3.5%
Blackstone Group LP (BX-N)
September 25, 2019
They should do well long-term. They continue to raise money for their funds in real estate -- the latest was $20 billion to buy DreamGlobal. You probably want to wait for a better entry point. Yield 3.5%
John Kim
Portfolio Manager, Aston Hill Financial
Price
$52.840
Owned
Unknown
COMMENT
COMMENT
September 17, 2019
They converted from an LP to a corporation which attracted a different shareholder base (index funds). This shift spiked their valuation. He owns BAM instead, which shares the same drivers as BX: low yields, pension plans and institutional investors. These stocks are essentially synthetic bonds with assets. Trades at 15x forward distributed earnings. BX is a well-run company in a shareholder-friendly space.
Blackstone Group LP (BX-N)
September 17, 2019
They converted from an LP to a corporation which attracted a different shareholder base (index funds). This shift spiked their valuation. He owns BAM instead, which shares the same drivers as BX: low yields, pension plans and institutional investors. These stocks are essentially synthetic bonds with assets. Trades at 15x forward distributed earnings. BX is a well-run company in a shareholder-friendly space.
Christopher Blumas
Vice-President & Portfolio Manager, GlobeInvest Capital Management
Price
$53.520
Owned
No
COMMENT
COMMENT
July 11, 2019
Really good company. Nice yield. Principal problem is it's run right up to fair market value. Earnings forecast has leveled out. Stock's coming to a peak of momentum to drive it higher.
Really good company. Nice yield. Principal problem is it's run right up to fair market value. Earnings forecast has leveled out. Stock's coming to a peak of momentum to drive it higher.
Ross Healy
Chairman, Strategic Analysis Corp
Price
$46.070
Owned
Unknown
BUY
BUY
May 23, 2019
They bought it below $35. He likes the dividend. They are converting to a corporation.
They bought it below $35. He likes the dividend. They are converting to a corporation.
Bruce Murray
CEO & Chief Investment Officer, The Murray Wealth Group
Price
$41.150
Owned
Yes
DON'T BUY
DON'T BUY
February 6, 2019
2-year outlook They may change their corporate structure from a limited partnership to a regular tax-paying corporation. Also, their Q4 was volatile with revenues being only one-third compared to the previous year. Their share price is flat over a long period of time.
Blackstone Group LP (BX-N)
February 6, 2019
2-year outlook They may change their corporate structure from a limited partnership to a regular tax-paying corporation. Also, their Q4 was volatile with revenues being only one-third compared to the previous year. Their share price is flat over a long period of time.
Gordon Reid
President, GoodReid Investment Counsel
Price
$34.570
Owned
Unknown
COMMENT
COMMENT
January 29, 2019
High-yielding stock, but in a tight trading range of $31-36. Get this for steady dividends only. Exit below $31.
Blackstone Group LP (BX-N)
January 29, 2019
High-yielding stock, but in a tight trading range of $31-36. Get this for steady dividends only. Exit below $31.
Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$33.160
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
January 4, 2019
(A Top Pick Sep 06/18, Down 13%) An alternative asset manager -- the biggest in the space. They shell out 5-10% in a yield. He continues to like them.
(A Top Pick Sep 06/18, Down 13%) An alternative asset manager -- the biggest in the space. They shell out 5-10% in a yield. He continues to like them.
Tim Regan
Managing Director, Kingwest & Company
Price
$30.230
Owned
Yes
TOP PICK
TOP PICK
September 6, 2018

They have done a great job. They are raising a lot of money. It is still a limited partnership. When KKR converted to a company, you saw the stock price jump up on conversion because people then buy it because it is part of the index. (Analysts’ target: $41.08).

Blackstone Group LP (BX-N)
September 6, 2018

They have done a great job. They are raising a lot of money. It is still a limited partnership. When KKR converted to a company, you saw the stock price jump up on conversion because people then buy it because it is part of the index. (Analysts’ target: $41.08).

Tim Regan
Managing Director, Kingwest & Company
Price
$35.460
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 30, 2018

(A Top Pick June 22/17 - Up 12%.) Up 21% including the dividends. The largest private equity company in the world. They have $100 billion in cash as firepower. In the US there is a big push from pension plans to go to alternative asset classes.

(A Top Pick June 22/17 - Up 12%.) Up 21% including the dividends. The largest private equity company in the world. They have $100 billion in cash as firepower. In the US there is a big push from pension plans to go to alternative asset classes.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$36.890
Owned
Yes
PAST TOP PICK
PAST TOP PICK
July 20, 2018

(A Top Pick May 1/17 - Up 23%.) The largest private equity company in the world. Has a great dividend yield. A great story. They are not a corporation therefore not on the S&P 500. With the tax changes there is a rumor that they will become a corporation and be part of the index and would get a bump. Outside of that, these guys have been very astute.

(A Top Pick May 1/17 - Up 23%.) The largest private equity company in the world. Has a great dividend yield. A great story. They are not a corporation therefore not on the S&P 500. With the tax changes there is a rumor that they will become a corporation and be part of the index and would get a bump. Outside of that, these guys have been very astute.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$35.640
Owned
Yes
PAST TOP PICK
PAST TOP PICK
June 25, 2018

(A Top Pick Aug 10/17, Up 5%) Most of the return is from the dividend. It trades 8-9 times PE and pays a good dividend. If it were not a limited partnership, it would be in the S&P index. KKR-N is considering changing to a corporation for this reason and if it goes well, BX-N might do the same thing.

(A Top Pick Aug 10/17, Up 5%) Most of the return is from the dividend. It trades 8-9 times PE and pays a good dividend. If it were not a limited partnership, it would be in the S&P index. KKR-N is considering changing to a corporation for this reason and if it goes well, BX-N might do the same thing.

Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$31.990
Owned
Yes
DON'T BUY
DON'T BUY
June 18, 2018

He won't comment on this company, but the space instead. In the private equity industry, the best time to buy assets is during economic distress when they're cheap. Those assets go into the company's funds and rise in value. The best times to buy PE companies is during pullbacks like 2008-9 and 2011 which then benefitted from the recoveries. Also, credit spreads are narrow now and if they widen that becomes a problem, because these companies borrow to finance their purchases. He's not involved in private equity.

He won't comment on this company, but the space instead. In the private equity industry, the best time to buy assets is during economic distress when they're cheap. Those assets go into the company's funds and rise in value. The best times to buy PE companies is during pullbacks like 2008-9 and 2011 which then benefitted from the recoveries. Also, credit spreads are narrow now and if they widen that becomes a problem, because these companies borrow to finance their purchases. He's not involved in private equity.

David Fingold
VP and Portfolio Manager, Dynamic Funds
Price
$33.040
Owned
No
PAST TOP PICK
PAST TOP PICK
June 7, 2018

(Past Top Pick on April 13, 2017, Up 24%) The largest private equity company in the world. A catalyst are the changing tax laws in the States. They're grown aggressively. They have $100 billion of cash to buy new deals. It's a good time to exit parts of their operation. Many US pension plans hire Blackstone to handle their private equity.

(Past Top Pick on April 13, 2017, Up 24%) The largest private equity company in the world. A catalyst are the changing tax laws in the States. They're grown aggressively. They have $100 billion of cash to buy new deals. It's a good time to exit parts of their operation. Many US pension plans hire Blackstone to handle their private equity.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$32.660
Owned
Yes
PAST TOP PICK
PAST TOP PICK
June 1, 2018

(January 12, 2018, Down 5%) The fees they earn off their business are consistently rising. BX could convert into a coporate structure from an LLP one; this means more people can own the stock. It trades at 10x earnings and pays an 8% dividend.

(January 12, 2018, Down 5%) The fees they earn off their business are consistently rising. BX could convert into a coporate structure from an LLP one; this means more people can own the stock. It trades at 10x earnings and pays an 8% dividend.

Bryden Teich
Portfolio Manager, Avenue Investment Management
Price
$32.340
Owned
Yes
HOLD
HOLD
May 8, 2018

Owns another company in this space. It's an alternative asset manager. They're raising money to make future investments. You want some stocks in alternative investment companies, but BX is volatile. If you own it, that's fine.

Owns another company in this space. It's an alternative asset manager. They're raising money to make future investments. You want some stocks in alternative investment companies, but BX is volatile. If you own it, that's fine.

Christine Poole
CEO & Managing Director, GlobeInvest Capital Management
Price
$31.640
Owned
No
COMMENT
COMMENT
April 27, 2018

The success of this will be driven by interest rates remaining reasonable and continued growth in the economy. The MLP format changes will likely favour this one on balance.

The success of this will be driven by interest rates remaining reasonable and continued growth in the economy. The MLP format changes will likely favour this one on balance.

David Dietze
Founder, Pres. & Chief Investment Strategist, Point View Wealth Management
Price
$30.830
Owned
No
PAST TOP PICK
PAST TOP PICK
April 26, 2018

(A Top Pick March 8/17 - Up 8%.) The largest private equity company in the world. Has a great dividend yield. A great story. They are not a corporation therefore not on the S&P 500. With the tax changes there are rumors that they will become a corporation and be part of the index and would get a bump.

(A Top Pick March 8/17 - Up 8%.) The largest private equity company in the world. Has a great dividend yield. A great story. They are not a corporation therefore not on the S&P 500. With the tax changes there are rumors that they will become a corporation and be part of the index and would get a bump.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$31.510
Owned
Yes
DON'T BUY
DON'T BUY
March 27, 2018

He never liked this. It's too opaque. They may be a great money manager, but you don't know what they own. They don't disclose well. Yield above 10%.

He never liked this. It's too opaque. They may be a great money manager, but you don't know what they own. They don't disclose well. Yield above 10%.

John Zechner
Chairman, J. Zechner & Assoc
Price
$31.770
Owned
Unknown
COMMENT
COMMENT
March 19, 2018

People love the yield, around 8%. They've done well putting capital to work. A long-term story for 10 years, because that's the cycle they're investing in. He looks at private equity stocks in cycle terms. A Buffett-style holding.

People love the yield, around 8%. They've done well putting capital to work. A long-term story for 10 years, because that's the cycle they're investing in. He looks at private equity stocks in cycle terms. A Buffett-style holding.

Cameron Hurst
Chief Investment Officer, Equium Capital Management
Price
$33.380
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
March 14, 2018

He likes this stock and thinks the dividend is safe. He loves the US financial space. His model price is $54.56. The yield is near 10%.

He likes this stock and thinks the dividend is safe. He loves the US financial space. His model price is $54.56. The yield is near 10%.

Brian Acker, CA
Chief Executive Officer, President and Chief Inves, Acker Finley Inc.
Price
$33.980
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
March 12, 2018

(A Top Pick Feb.23, 2017, Up 23%) The largest private equity company in the world. With $100 billion on hand, they've made astute investments and now, as the markets rise, they can exit on them. (Structured like an LP, so not everyone can own it.) Trades cheaply. It may move into the S&P which will help them.

(A Top Pick Feb.23, 2017, Up 23%) The largest private equity company in the world. With $100 billion on hand, they've made astute investments and now, as the markets rise, they can exit on them. (Structured like an LP, so not everyone can own it.) Trades cheaply. It may move into the S&P which will help them.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$34.430
Owned
Yes
COMMENT
COMMENT
February 13, 2018

This company does private equity and is similar to Brookfield Asset Management, which is what she owns in Canada. They are the leader in their space. They are raising cash for new funds, which is usually a good time to get into a stock like this. She is considering buying but has not yet decided whether to buy it.

Blackstone Group LP (BX-N)
February 13, 2018

This company does private equity and is similar to Brookfield Asset Management, which is what she owns in Canada. They are the leader in their space. They are raising cash for new funds, which is usually a good time to get into a stock like this. She is considering buying but has not yet decided whether to buy it.

Christine Poole
CEO & Managing Director, GlobeInvest Capital Management
Price
$33.550
Owned
No
PAST TOP PICK
PAST TOP PICK
February 1, 2018

(A Top Pick January 16/17. Up 20.8%.) The largest private equity company in the world. Continue to do well. Numbers came out today and they were very good. Pays a high dividend yield of 6.5%. They have been very good at buying good companies when the market was difficult. The problem he sees is that the space is too crowded. The other aspect is that they get paid through carried interest, so they are not a corporation, so they are not in the S&P. If they convert to a corporation because of the tax changes, they could maybe be included in the S&P and get a valuation bump. He would hold it to the high 40s.

Blackstone Group LP (BX-N)
February 1, 2018

(A Top Pick January 16/17. Up 20.8%.) The largest private equity company in the world. Continue to do well. Numbers came out today and they were very good. Pays a high dividend yield of 6.5%. They have been very good at buying good companies when the market was difficult. The problem he sees is that the space is too crowded. The other aspect is that they get paid through carried interest, so they are not a corporation, so they are not in the S&P. If they convert to a corporation because of the tax changes, they could maybe be included in the S&P and get a valuation bump. He would hold it to the high 40s.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$36.350
Owned
Yes
WEAK BUY
WEAK BUY
January 25, 2018

It is a little bit rich. He is into the sector through KKR-N. The valuation is a bit better there and they have a nice yield. As the M&A frenzy takes hold, the whole group will be better positioned.

Blackstone Group LP (BX-N)
January 25, 2018

It is a little bit rich. He is into the sector through KKR-N. The valuation is a bit better there and they have a nice yield. As the M&A frenzy takes hold, the whole group will be better positioned.

Don Lato
President, Padlock Investment Management
Price
$36.350
Owned
No
TOP PICK
TOP PICK
January 12, 2018

This is sort of a quasi-financial name. Just announced they are acquiring Pure Industrial REIT (AAR.UN-T). They are really in the sweet spot of the cycle. All their underlying funds are doing well. There is a huge opportunity for them to grow their infrastructure fund. Dividend yield of 6.7%. (Analysts' price target is $40.)

Blackstone Group LP (BX-N)
January 12, 2018

This is sort of a quasi-financial name. Just announced they are acquiring Pure Industrial REIT (AAR.UN-T). They are really in the sweet spot of the cycle. All their underlying funds are doing well. There is a huge opportunity for them to grow their infrastructure fund. Dividend yield of 6.7%. (Analysts' price target is $40.)

Bryden Teich
Portfolio Manager, Avenue Investment Management
Price
$35.390
Owned
Yes
COMMENT
COMMENT
December 13, 2017

This is really focused in private equity. He prefers to invest in companies that are in public securities. In 2000, when the stock market rolled over, investors slowly stopped investing in public markets and started making private equity investments because they weren't priced every day, and were not subject to the same kind of compliance and regulations that you were in public companies. In 2013, we began a new bull market in public market equities, so he would rather invest in companies that manage public market equities rather than private equities.

Blackstone Group LP (BX-N)
December 13, 2017

This is really focused in private equity. He prefers to invest in companies that are in public securities. In 2000, when the stock market rolled over, investors slowly stopped investing in public markets and started making private equity investments because they weren't priced every day, and were not subject to the same kind of compliance and regulations that you were in public companies. In 2013, we began a new bull market in public market equities, so he would rather invest in companies that manage public market equities rather than private equities.

David Burrows
President & Chief Investment Strategist, Barometer Capital Management
Price
$31.990
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
November 28, 2017

A very well-managed investment group, doing all kinds of different things. He’s a bit concerned about the impact of rising rates on them. Feels the dividend is secure. Higher prices were paid for a lot of their assets, and he wonders how that responds in a higher rising rate environment. Wouldn’t be a buyer here, but would wait for it to be 20% lower before considering it.

Blackstone Group LP (BX-N)
November 28, 2017

A very well-managed investment group, doing all kinds of different things. He’s a bit concerned about the impact of rising rates on them. Feels the dividend is secure. Higher prices were paid for a lot of their assets, and he wonders how that responds in a higher rising rate environment. Wouldn’t be a buyer here, but would wait for it to be 20% lower before considering it.

Lorne Steinberg
President & Portfolio Manager, Lorne Steinberg Wealth Management Inc
Price
$31.490
Owned
No
COMMENT
COMMENT
November 10, 2017

Has done well, but not sure this is the time in the cycle when you want to own a company that looks for opportunities in a quasi-distressed market. This is a limited partnership, and for Canadians owning Limited Partnerships, there are tax repercussions. Before going into a limited partnership, you should get tax advice.

Blackstone Group LP (BX-N)
November 10, 2017

Has done well, but not sure this is the time in the cycle when you want to own a company that looks for opportunities in a quasi-distressed market. This is a limited partnership, and for Canadians owning Limited Partnerships, there are tax repercussions. Before going into a limited partnership, you should get tax advice.

Gordon Reid
President, GoodReid Investment Counsel
Price
$32.130
Owned
Unknown
DON'T BUY
DON'T BUY
November 7, 2017

An amazing time in the cycle to buy things like this. A little more hedged to equity focus in its mandate mix. As a result of their portfolio blend, you want to buy an asset manager when markets are doing well. However, when markets are going well, they are not necessarily going to shine, because they have unhedged equities, and returns aren't the "shoot the lights out" kind of returns. They are the "protect well" type of returns. There is never a sweet spot for something like this in your portfolio. Alternatively, private equity has a really robust cycle. There is 1) an investment cycle, 2) a waiting period while they are growing and 3) a harvesting period. This is not the time when he would necessarily be jumping onto this. You want to get into these when we have had a pretty tough cycle.

Blackstone Group LP (BX-N)
November 7, 2017

An amazing time in the cycle to buy things like this. A little more hedged to equity focus in its mandate mix. As a result of their portfolio blend, you want to buy an asset manager when markets are doing well. However, when markets are going well, they are not necessarily going to shine, because they have unhedged equities, and returns aren't the "shoot the lights out" kind of returns. They are the "protect well" type of returns. There is never a sweet spot for something like this in your portfolio. Alternatively, private equity has a really robust cycle. There is 1) an investment cycle, 2) a waiting period while they are growing and 3) a harvesting period. This is not the time when he would necessarily be jumping onto this. You want to get into these when we have had a pretty tough cycle.

Cameron Hurst
Chief Investment Officer, Equium Capital Management
Price
$33.040
Owned
No
COMMENT
COMMENT
November 6, 2017

(Market Call Minute). Has played this in the past but it is pretty opaque as to what you own. You don't know what the assets are.

Blackstone Group LP (BX-N)
November 6, 2017

(Market Call Minute). Has played this in the past but it is pretty opaque as to what you own. You don't know what the assets are.

John Zechner
Chairman, J. Zechner & Assoc
Price
$33.030
Owned
No
COMMENT
COMMENT
November 2, 2017

He still owns this and likes it. It isn’t trading at a very high multiple, about 10X earnings. The tax structure of these companies is kind of weird. Not many people in the US can own them effectively. If tax rates actually fall, they may actually become corporations as opposed to the present structure. This company has been very astute at gathering assets. They have well over $100 billion that they can put to work. Unlike Canada, many US pension funds don't have the ability to actually do private equities. Great dividend yield which he thinks goes up over the next little while. 8.3% dividend yield.

Blackstone Group LP (BX-N)
November 2, 2017

He still owns this and likes it. It isn’t trading at a very high multiple, about 10X earnings. The tax structure of these companies is kind of weird. Not many people in the US can own them effectively. If tax rates actually fall, they may actually become corporations as opposed to the present structure. This company has been very astute at gathering assets. They have well over $100 billion that they can put to work. Unlike Canada, many US pension funds don't have the ability to actually do private equities. Great dividend yield which he thinks goes up over the next little while. 8.3% dividend yield.

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$32.510
Owned
Yes
HOLD
HOLD
October 17, 2017

Hold or Sell? He doesn’t consider the market is high. If you went back to the market highs of 2000, and if the S&P 100 was at that valuation, the S&P 100 would be at 5000. This is not the most expensive market ever. This closed at $33.26, and his model prices $53.87, a 61% upside. He likes financials.

Blackstone Group LP (BX-N)
October 17, 2017

Hold or Sell? He doesn’t consider the market is high. If you went back to the market highs of 2000, and if the S&P 100 was at that valuation, the S&P 100 would be at 5000. This is not the most expensive market ever. This closed at $33.26, and his model prices $53.87, a 61% upside. He likes financials.

Brian Acker, CA
Chief Executive Officer, President and Chief Inves, Acker Finley Inc.
Price
$33.220
Owned
Unknown
DON'T BUY
DON'T BUY
October 13, 2017

Private equity works by you having to put capital in, but after a period of time, they have to give it back. A lot of money owned by companies like this, can effectively be under risk of having to return it. If they can’t raise additional capital, their sustainability longer-term of the dividend, is somewhat in question. The 2nd issue is that you have a business that really makes all its money by buying when there is a recession and selling when there are frothy markets. At this point, we have very frothy markets. Anything that needs to be sold probably has been sold, and moving forward, the likelihood of performance improving may be modified lower. This is a kind of company you want to buy during a recession.

Blackstone Group LP (BX-N)
October 13, 2017

Private equity works by you having to put capital in, but after a period of time, they have to give it back. A lot of money owned by companies like this, can effectively be under risk of having to return it. If they can’t raise additional capital, their sustainability longer-term of the dividend, is somewhat in question. The 2nd issue is that you have a business that really makes all its money by buying when there is a recession and selling when there are frothy markets. At this point, we have very frothy markets. Anything that needs to be sold probably has been sold, and moving forward, the likelihood of performance improving may be modified lower. This is a kind of company you want to buy during a recession.

Darren Sissons
Vice President and Partner, Campbell Lee & Ross
Price
$32.930
Owned
Unknown
COMMENT
COMMENT
August 16, 2017

There are 4 or 5 key themes that have legs in front of it over the next number of years. The most important one, beyond tech and industrials, is probably financials. Within financials, you have insurance, banks, regional banks and asset managers and capital market companies. If you believe we are in a long-term bull market for stocks, you want to own asset managers. It is an area that has growth and has not been highly priced. Prefers Blackrock (BLK-N) over this, and an active manager over a passive manager.

There are 4 or 5 key themes that have legs in front of it over the next number of years. The most important one, beyond tech and industrials, is probably financials. Within financials, you have insurance, banks, regional banks and asset managers and capital market companies. If you believe we are in a long-term bull market for stocks, you want to own asset managers. It is an area that has growth and has not been highly priced. Prefers Blackrock (BLK-N) over this, and an active manager over a passive manager.

David Burrows
President & Chief Investment Strategist, Barometer Capital Management
Price
$32.170
Owned
Unknown
TOP PICK
TOP PICK
August 10, 2017

They are launching infrastructure and real estate funds. They have done a great job of gathering assets. They have also had the ability of disposing of assets they bought previously through IPOs. They are able to pay out a lot of their cash as a high level of distribution. (Analysts’ target: $38.00).

They are launching infrastructure and real estate funds. They have done a great job of gathering assets. They have also had the ability of disposing of assets they bought previously through IPOs. They are able to pay out a lot of their cash as a high level of distribution. (Analysts’ target: $38.00).

Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$32.300
Owned
Yes
TOP PICK
TOP PICK
June 22, 2017

This is a private equity firm, one of the biggest in the world. They’ve just did a deal for an infrastructure fund for Saudi Arabia. Trading at about 10X on earnings. They are good asset accumulators. Dividend yield of 7.2%. (Analysts’ price target is $36.)

This is a private equity firm, one of the biggest in the world. They’ve just did a deal for an infrastructure fund for Saudi Arabia. Trading at about 10X on earnings. They are good asset accumulators. Dividend yield of 7.2%. (Analysts’ price target is $36.)

Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$33.060
Owned
Yes
COMMENT
COMMENT
June 9, 2017

He is constructive on financials. There is a little bit more risk on this one because of their private equity holdings, their hedge fund holdings, etc. It is not as transparent or leveraged to the basic US consumer the way other financials are, but distributions are quite strong. That murkiness is reflected in the valuation. If you are constructive on the markets and like high dividend payouts, this could be a good holding for you.

He is constructive on financials. There is a little bit more risk on this one because of their private equity holdings, their hedge fund holdings, etc. It is not as transparent or leveraged to the basic US consumer the way other financials are, but distributions are quite strong. That murkiness is reflected in the valuation. If you are constructive on the markets and like high dividend payouts, this could be a good holding for you.

David Dietze
Founder, Pres. & Chief Investment Strategist, Point View Wealth Management
Price
$33.370
Owned
Unknown
HOLD
HOLD
June 6, 2017

A very attractive name, and still feels confident that it will do well. It has a very high yield. He doesn’t see why it shouldn’t do well in the future, being a good segment of the market, if capital markets remain strong, which he feels they will.

A very attractive name, and still feels confident that it will do well. It has a very high yield. He doesn’t see why it shouldn’t do well in the future, being a good segment of the market, if capital markets remain strong, which he feels they will.

John Stephenson
President & CEO, Stephenson & Company Capital Management
Price
$33.110
Owned
Unknown
COMMENT
COMMENT
May 23, 2017

Within the financial sector, asset management is a sector that he really likes. Once you are managing the assets, you get recurring revenue for a long period of time. This company has about 25% of the money they manage in the hedge funds, with the balance largely been in private equity and alternative assets. A great business. This is something you can own.

Within the financial sector, asset management is a sector that he really likes. Once you are managing the assets, you get recurring revenue for a long period of time. This company has about 25% of the money they manage in the hedge funds, with the balance largely been in private equity and alternative assets. A great business. This is something you can own.

David Burrows
President & Chief Investment Strategist, Barometer Capital Management
Price
$32.470
Owned
Unknown
BUY
BUY
May 19, 2017

He is looking at this. People are looking for some kind of alternative investments, and this is the biggest private equity firm out there. The dividend yield is upwards of 8% right now, and that is just because you get that lumpiness of deals being bought and sold. If you look at their stock price long-term growth, it has risen about 30% a year on average for about the last 10-20 years. He is quite interested in this.