Blackstone Group LP

BX-N

NYSE:BX

54.14
0.22 (0.41%)
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
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
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