RE:precurser of more bad resultsCarsT1 wrote: see Blackstone's results in today's announcement-
Blackstone Inc., grappling with higher interest rates and stung by a pullback in dealmaking, reported a 12% decline in quarterly profit available to shareholders.
Distributable earnings for the third quarter totaled $1.21 billion, or 94 cents a share, missing the $1.01 average estimate of analysts surveyed by Bloomberg. That was roughly in line with Blackstone’s second-quarter profit, which was the lowest in two years.
The firm, which oversees $1.01 trillion, is the first major US alternative asset manager to report third-quarter results. The returns laid bare the consequences of the Federal Reserve’s campaign to hike interest rates in its battle against inflation.
Would-be buyers are hesitant to do deals as debt costs rise, and private equity firms are holding on to assets rather than selling them in a shaky market. Blackstone’s fee-related earnings fell 5% as the company took in less from cashing out of deals. The amount of money it deployed for new deals dropped 60%.
And what exactely does Blakstone have to do with the price of tomatoes in Pakistan ?
Try to stay on subject, we are discussing BAM here. .