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- bengkoonbengkoon
  ·2021-12-09
  Wow
  非常抱歉，此主贴已删除
  2,330 评论
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- bengkoonbengkoon
  ·2021-11-30
  Wow
  JPMorgan's S&P 500 forecast for 2022 is among the most bullish on Wall Street. Here's the biggest risk it sees for stocks.
  Cue the selling again. Moderna CEO Stéphane Bancel brought the mood down early Tuesday with a predic
  JPMorgan's S&P 500 forecast for 2022 is among the most bullish on Wall Street. Here's the biggest risk it sees for stocks.
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- bengkoonbengkoon
  ·2021-11-10
  Wow
  Blackstone Turns Sluggish Credit Business Into a Winner
  Blackstone Inc.towers over most of its private-equity peers with $731 billion in assets, but the fir
  Blackstone Turns Sluggish Credit Business Into a Winner
  2,491 评论
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- bengkoonbengkoon
  ·2021-11-08
  Wows
  非常抱歉，此主贴已删除
  3,279 评论
  4
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- bengkoonbengkoon
  ·2021-11-06
  $Baidu(BIDU)$Down
  1,861 评论
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- bengkoonbengkoon
  ·2021-11-06
  $Meta Platforms, Inc.(FB)$Wiw
  2,188 评论
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- bengkoonbengkoon
  ·2021-11-05
  $Nike(NKE)$Good
  2,437 评论
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- bengkoonbengkoon
  ·2021-11-05
  $Palantir Technologies Inc.(PLTR)$Fly
  2,730 评论
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- bengkoonbengkoon
  ·2021-11-02
  $Microsoft(MSFT)$Flying
  2,702 评论
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- bengkoonbengkoon
  ·2021-10-31
  $Amazon.com(AMZN)$ Yahoo
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21:32","market":"us","language":"en","title":"JPMorgan's S&P 500 forecast for 2022 is among the most bullish on Wall Street. Here's the biggest risk it sees for stocks.","url":"https://stock-news.laohu8.com/highlight/detail?id=2187352582","media":"MarketWatch","summary":"Cue the selling again.\nModerna CEO Stéphane Bancel brought the mood down early Tuesday with a predic","content":"<p>Cue the selling again.</p>\n<p>Moderna&nbsp;CEO Stéphane Bancel brought the mood down early Tuesday with a prediction that current COVID-19 vaccines will struggle against the omicron coronavirus variant, due to its high mutations, and that it will take months to mass produce new immunizations.</p>\n<p>\"There is no world, I think, where [the effectiveness] is the same level...we had with delta,\" he told the Financial Times, adding that \"all the scientists I've talked to...are like 'this is not going to be good.'\"</p>\n<p>Initial reports of \"mild\" symptoms among some South African patients helped cheer markets on Monday. \"In reality, the evidence is still incredibly limited on this question, and nothing from the Moderna CEO overnight changes that,\" said strategist Jim Reid and his team at Deutsche Bank, whose poll showed just 10% of investors see the variant as a major market threat by year-end.</p>\n<p>Indeed, the show must go on, with Wall Street banks continuing to churn out forecasts for the coming year. In our call of the day, JPMorgan predicts a 5,050 finish in 2022 for the S&amp;P 500 , which matches RBC's forecast and looks among the most optimistic on Wall Street so far.</p>\n<p>A JPM team led by Dubravko Lakos-Bujas, chief U.S. equity strategist, sees further stock upside ahead, albeit more moderate, on better-than-expected earnings growth, easing supply shocks, improved background on China (which JPM upgraded to overweight on expectations for policy easing and as equity risk premiums from regulatory moves are priced in) and emerging markets, normalizing consumer spending habits and, most important, accommodative central banks.</p>\n<p>The team offered some comfort over recent market stress. \"While there have been sporadic setbacks with COVID-19 variants (e.g. delta, omicron), this needs to be seen in the context of higher natural and vaccine-acquired immunity, significantly lower mortality, and new antiviral treatments,\" said the team, which hammered home the important role of central banks.</p>\n<p>\"With this in mind, the key risk to our outlook is a hawkish shift in CB [central bank] policy, especially if post-pandemic dislocations persist (e.g. further delay in China reopening, supply-chain issues, labor shortages continue),\" said Lakos-Bujas and the team.</p>\n<p>The bank sees \"broadly accommodative\" Federal Reserve policy despite tapering, and especially ahead of next November's midterm elections, with an extra $1.1 trillion in developed market central bank balance sheet expansion through 2022. It expects \"inflation rotation rather than broad-based accelerated in prices,\" and sees record corporate liquidity driving capital investment, shareholder returns and mergers and acquisitions.</p>\n<p>Most of the upside for U.S. stocks should be seen between now and the first half of 2022, \"when monetary and fiscal policy tailwinds will be strongest, followed by sideways action in 2H22,\" when Fed liftoff could drive some de-risking and intra-cycle correction.</p>\n<p>As for stocks and sectors, the bank likes long equity exposure to rising oil prices (the bank predicts oil prices will hit $150 by 2023), financials, consumer services, healthcare and small-caps. The travel, leisure and experiences theme has \"extremely attractive risk-reward, while momentum is \"again getting increasingly correlated and crowded with growth stocks,\" the bank cautioned.</p>\n<p><img src=\"https://static.tigerbbs.com/796e545cf3aa9d6923a076dd661e3c9a\" tg-width=\"700\" tg-height=\"381\" width=\"100%\" height=\"auto\"></p>\n<p>A few stocks that ended up on its charts included a batch of global beneficiaries of easing supply-chain pressures -- Dollar Tree, Tapestry, Johnson Controls, Masco, Under Armour&nbsp;and Tyson Foods. Among those that stand to benefit from a global reopening in services are Disney, Las Vegas Sands <a href=\"https://laohu8.com/S/LVS\">$(LVS)$</a> and <a href=\"https://laohu8.com/S/EXPE\">Expedia</a> (EXPE). Beneficiaries of higher oil prices include Halliburton, Baker Hughes&nbsp;and Occidental Petroleum.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan's S&P 500 forecast for 2022 is among the most bullish on Wall Street. Here's the biggest risk it sees for stocks.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan's S&P 500 forecast for 2022 is among the most bullish on Wall Street. Here's the biggest risk it sees for stocks.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-30 21:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/jpmorgans-s-p-500-forecast-for-2022-is-among-the-most-bullish-on-wall-street-heres-the-biggest-risk-it-sees-for-stocks-11638273921?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cue the selling again.\nModerna CEO Stéphane Bancel brought the mood down early Tuesday with a prediction that current COVID-19 vaccines will struggle against the omicron coronavirus variant, due to ...</p>\n\n<a href=\"https://www.marketwatch.com/story/jpmorgans-s-p-500-forecast-for-2022-is-among-the-most-bullish-on-wall-street-heres-the-biggest-risk-it-sees-for-stocks-11638273921?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IVV":"标普500指数ETF","BK4550":"红杉资本持仓","OEF":"标普100指数ETF-iShares","OXY":"西方石油","BK4534":"瑞士信贷持仓","SPXU":"三倍做空标普500ETF",".SPX":"S&P 500 Index","SPY":"标普500ETF","SH":"标普500反向ETF","OEX":"标普100","UPRO":"三倍做多标普500ETF","SDS":"两倍做空标普500ETF",".DJI":"道琼斯","SSO":"两倍做多标普500ETF","BK4559":"巴菲特持仓","BK4504":"桥水持仓",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/jpmorgans-s-p-500-forecast-for-2022-is-among-the-most-bullish-on-wall-street-heres-the-biggest-risk-it-sees-for-stocks-11638273921?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2187352582","content_text":"Cue the selling again.\nModerna CEO Stéphane Bancel brought the mood down early Tuesday with a prediction that current COVID-19 vaccines will struggle against the omicron coronavirus variant, due to its high mutations, and that it will take months to mass produce new immunizations.\n\"There is no world, I think, where [the effectiveness] is the same level...we had with delta,\" he told the Financial Times, adding that \"all the scientists I've talked to...are like 'this is not going to be good.'\"\nInitial reports of \"mild\" symptoms among some South African patients helped cheer markets on Monday. \"In reality, the evidence is still incredibly limited on this question, and nothing from the Moderna CEO overnight changes that,\" said strategist Jim Reid and his team at Deutsche Bank, whose poll showed just 10% of investors see the variant as a major market threat by year-end.\nIndeed, the show must go on, with Wall Street banks continuing to churn out forecasts for the coming year. In our call of the day, JPMorgan predicts a 5,050 finish in 2022 for the S&P 500 , which matches RBC's forecast and looks among the most optimistic on Wall Street so far.\nA JPM team led by Dubravko Lakos-Bujas, chief U.S. equity strategist, sees further stock upside ahead, albeit more moderate, on better-than-expected earnings growth, easing supply shocks, improved background on China (which JPM upgraded to overweight on expectations for policy easing and as equity risk premiums from regulatory moves are priced in) and emerging markets, normalizing consumer spending habits and, most important, accommodative central banks.\nThe team offered some comfort over recent market stress. \"While there have been sporadic setbacks with COVID-19 variants (e.g. delta, omicron), this needs to be seen in the context of higher natural and vaccine-acquired immunity, significantly lower mortality, and new antiviral treatments,\" said the team, which hammered home the important role of central banks.\n\"With this in mind, the key risk to our outlook is a hawkish shift in CB [central bank] policy, especially if post-pandemic dislocations persist (e.g. further delay in China reopening, supply-chain issues, labor shortages continue),\" said Lakos-Bujas and the team.\nThe bank sees \"broadly accommodative\" Federal Reserve policy despite tapering, and especially ahead of next November's midterm elections, with an extra $1.1 trillion in developed market central bank balance sheet expansion through 2022. It expects \"inflation rotation rather than broad-based accelerated in prices,\" and sees record corporate liquidity driving capital investment, shareholder returns and mergers and acquisitions.\nMost of the upside for U.S. stocks should be seen between now and the first half of 2022, \"when monetary and fiscal policy tailwinds will be strongest, followed by sideways action in 2H22,\" when Fed liftoff could drive some de-risking and intra-cycle correction.\nAs for stocks and sectors, the bank likes long equity exposure to rising oil prices (the bank predicts oil prices will hit $150 by 2023), financials, consumer services, healthcare and small-caps. The travel, leisure and experiences theme has \"extremely attractive risk-reward, while momentum is \"again getting increasingly correlated and crowded with growth stocks,\" the bank cautioned.\n\nA few stocks that ended up on its charts included a batch of global beneficiaries of easing supply-chain pressures -- Dollar Tree, Tapestry, Johnson Controls, Masco, Under Armour and Tyson Foods. Among those that stand to benefit from a global reopening in services are Disney, Las Vegas Sands $(LVS)$ and Expedia (EXPE). Beneficiaries of higher oil prices include Halliburton, Baker Hughes and Occidental Petroleum.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"ESmain":0.9,"IVV":0.9,"OEF":0.9,"OEX":0.9,"OXY":0.9,"SDS":0.9,"SH":0.9,"SPXU":0.9,"SPY":0.9,"SSO":0.9,"UPRO":0.9}},"isVote":1,"tweetType":1,"viewCount":2844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847417595,"gmtCreate":1636544939880,"gmtModify":1636545043616,"author":{"id":"4088146696976370","authorId":"4088146696976370","name":"bengkoon","avatar":"https://static.tigerbbs.com/ee8ec0fb6d2ba6a8495d1b92f45a46fe","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088146696976370","authorIdStr":"4088146696976370"},"themes":[],"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847417595","repostId":"1151092697","repostType":4,"repost":{"id":"1151092697","kind":"news","pubTimestamp":1636540850,"share":"https://ttm.financial/m/news/1151092697?lang=&edition=full","pubTime":"2021-11-10 18:40","market":"us","language":"en","title":"Blackstone Turns Sluggish Credit Business Into a Winner","url":"https://stock-news.laohu8.com/highlight/detail?id=1151092697","media":"Wall Street Journal","summary":"Blackstone Inc.towers over most of its private-equity peers with $731 billion in assets, but the fir","content":"<p>Blackstone&nbsp;Inc.towers over most of its private-equity peers with $731 billion in assets, but the firm has had a soft underbelly for years: its sluggish lending business. Now, credit has become one of the firm’s fastest-growing segments, part of a broad shift under the leadership of President Jonathan Gray.</p>\n<p>Assets under management in the unit, which makes corporate loans backing leveraged buyouts for other private-equity firms, jumped 22% to $188 billion this year through Sept. 30. Private-equity assets under management rose 17% to $231.5 billion over the same period.</p>\n<p>Blackstone is expanding in the space by launching low-fee funds and selling them to wealthy individuals who might not qualify for products tailored to institutions like pension plans. The strategy replicated a move that Mr. Grayused to turbocharge the growthof the firm’s real-estate investment trust, called BREIT.</p>\n<p>It also marks a culture shift, as the hedge-fund operations that once lent Blackstone its Wall Street cachet fall out of favor. And large money managers that traditionally focused on private equity see a bigger opportunity in debt, where the addressable market could be as large as $40 trillion.</p>\n<p>The resurgent credit business should help Blackstone in the race for investor dollars against its principal competitors, includingApollo Global ManagementInc.,Ares ManagementCorp.and KKR &amp; Co.</p>\n<p>Debt specialists Apollo and Ares have pledged to boost assets to $1 trillion and $500 billion, respectively, in coming years, while KKR more than doubled its credit business this year, primarily by purchasing insurer Global Atlantic Financial Group Ltd. Only Ares grew its own credit business as fast as Blackstone this year.</p>\n<p>Several large credit firms vied to win the lead role providing $2.6 billion of loans this year for private-equity firm Thoma Bravo LP’s leveraged buyout of Stamps.com Inc. Blackstone walked away with the top spot by offering to backstop the entire amount, Dwight Scott, head of Blackstone Credit, said.</p>\n<p>The firm historically operated in debt markets through GSO Capital Partners, a hedge-fund manager it acquired in 2008 that was known for large, aggressive and lucrative trades. GSO’s founders— Bennett Goodman, Tripp Smith and Doug Ostrover —all left Blackstone in recent years. The credit business jettisoned the GSO name last year and has shut its hedge funds.</p>\n<p>Blackstone’s separate hedge-fund solutions business has shrunk in importance to 11% of total assets, down from 19.4% five years ago, according to earnings reports. John McCormick, co-head of Blackstone’s funds-of-hedge-funds business, told colleagues last month thathe plans to resign.</p>\n<p>The hedge-fund solutions unit’s “revenues and earnings have doubled in the last three years and the business will continue to expand through new offerings and senior hires,” a Blackstone spokeswoman said.</p>\n<p>The rebranded Blackstone Credit is aggressively marketing less-risky, cheaper funds to individual investors.</p>\n<p>“It’s all about de-risking the portfolio,” said Mr. Scott. Blackstone believes the lower-fee products allow it to deliver attractive returns to investors without reaching for yield by purchasing debt with a higher chance of default, he said.</p>\n<p>The credit revamp is part of Blackstone’s aim to achieve $1 trillion in assets by 2026. To get there, Mr. Gray has encouraged Blackstone’s business headsto embrace a thematic investing approachfocused on fast-growing industries. In credit, this translates into more loans to sectors such as technology and life sciences.</p>\n<p>Blackstone earlier this year launched BCRED, a business development company, or BDC, which makes direct loans to medium-size companies. BCRED raised $9.4 billion through share sales this year, primarily to individual investors.</p>\n<p>Blackstone made its first big foray into credit whenit bought GSOfor about $1 billion. GSO hedge funds excelled at big risky bets on distressed debt thatreturned as much as $100 million each.</p>\n<p>The firm also joined with Franklin Square Holdings LP, which launched a BDC in 2009. GSO made the loans and split management fees with Franklin Square, which raised money from individual investors. Upfront broker and management fees averaged 9.4% in the BDC’s early days, high enough toattract scrutiny from regulators.</p>\n<p>Credit assets jumped about fivefold to $128 billion in the decade after the GSO acquisition as the business built a mixture of BDCs, hedge funds and securitized bundles of low-rated debt known as collateralized loan obligations.</p>\n<p>The growth stalled out in mid-2018 when the venture with Franklin Square dissolved over the profit-sharing split and differing growth strategies. Blackstoneexited from the businessin exchange for a $640 million breakup fee. The last of the GSO founders resigned shortly afterward.</p>\n<p>Credit assets under management rose by 3.1% to $144.3 billion from April 2018 to the end of 2019 even as Blackstone’s overall assets swelled by 27%, according to company earnings reports. Apollo’s credit assets grew 30.4% over the same period to $215.5 billion and Ares’s surged 43% to $110.5 billion.</p>\n<p>Blackstone spent that time designing the terms and sales engine for its new BDC, from which it earns all of the management fees, said Brad Marshall, co-head of performing credit at the firm. BCRED uses the same brokers that sell BREIT for marketing and charges a 1.25% management fee and a 12.5% performance fee. Most big competitors charge 1.5% and 17.5%-20%, respectively, according to Securities and Exchange Commission filings.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Blackstone Turns Sluggish Credit Business Into a Winner</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackstone Turns Sluggish Credit Business Into a Winner\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-10 18:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/blackstone-turns-sluggish-credit-business-into-a-winner-11636540201?siteid=yhoof2><strong>Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Blackstone Inc.towers over most of its private-equity peers with $731 billion in assets, but the firm has had a soft underbelly for years: its sluggish lending business. Now, credit has become one of ...</p>\n\n<a href=\"https://www.wsj.com/articles/blackstone-turns-sluggish-credit-business-into-a-winner-11636540201?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BX":"黑石"},"source_url":"https://www.wsj.com/articles/blackstone-turns-sluggish-credit-business-into-a-winner-11636540201?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151092697","content_text":"Blackstone Inc.towers over most of its private-equity peers with $731 billion in assets, but the firm has had a soft underbelly for years: its sluggish lending business. Now, credit has become one of the firm’s fastest-growing segments, part of a broad shift under the leadership of President Jonathan Gray.\nAssets under management in the unit, which makes corporate loans backing leveraged buyouts for other private-equity firms, jumped 22% to $188 billion this year through Sept. 30. Private-equity assets under management rose 17% to $231.5 billion over the same period.\nBlackstone is expanding in the space by launching low-fee funds and selling them to wealthy individuals who might not qualify for products tailored to institutions like pension plans. The strategy replicated a move that Mr. Grayused to turbocharge the growthof the firm’s real-estate investment trust, called BREIT.\nIt also marks a culture shift, as the hedge-fund operations that once lent Blackstone its Wall Street cachet fall out of favor. And large money managers that traditionally focused on private equity see a bigger opportunity in debt, where the addressable market could be as large as $40 trillion.\nThe resurgent credit business should help Blackstone in the race for investor dollars against its principal competitors, includingApollo Global ManagementInc.,Ares ManagementCorp.and KKR & Co.\nDebt specialists Apollo and Ares have pledged to boost assets to $1 trillion and $500 billion, respectively, in coming years, while KKR more than doubled its credit business this year, primarily by purchasing insurer Global Atlantic Financial Group Ltd. Only Ares grew its own credit business as fast as Blackstone this year.\nSeveral large credit firms vied to win the lead role providing $2.6 billion of loans this year for private-equity firm Thoma Bravo LP’s leveraged buyout of Stamps.com Inc. Blackstone walked away with the top spot by offering to backstop the entire amount, Dwight Scott, head of Blackstone Credit, said.\nThe firm historically operated in debt markets through GSO Capital Partners, a hedge-fund manager it acquired in 2008 that was known for large, aggressive and lucrative trades. GSO’s founders— Bennett Goodman, Tripp Smith and Doug Ostrover —all left Blackstone in recent years. The credit business jettisoned the GSO name last year and has shut its hedge funds.\nBlackstone’s separate hedge-fund solutions business has shrunk in importance to 11% of total assets, down from 19.4% five years ago, according to earnings reports. John McCormick, co-head of Blackstone’s funds-of-hedge-funds business, told colleagues last month thathe plans to resign.\nThe hedge-fund solutions unit’s “revenues and earnings have doubled in the last three years and the business will continue to expand through new offerings and senior hires,” a Blackstone spokeswoman said.\nThe rebranded Blackstone Credit is aggressively marketing less-risky, cheaper funds to individual investors.\n“It’s all about de-risking the portfolio,” said Mr. Scott. Blackstone believes the lower-fee products allow it to deliver attractive returns to investors without reaching for yield by purchasing debt with a higher chance of default, he said.\nThe credit revamp is part of Blackstone’s aim to achieve $1 trillion in assets by 2026. To get there, Mr. Gray has encouraged Blackstone’s business headsto embrace a thematic investing approachfocused on fast-growing industries. In credit, this translates into more loans to sectors such as technology and life sciences.\nBlackstone earlier this year launched BCRED, a business development company, or BDC, which makes direct loans to medium-size companies. BCRED raised $9.4 billion through share sales this year, primarily to individual investors.\nBlackstone made its first big foray into credit whenit bought GSOfor about $1 billion. GSO hedge funds excelled at big risky bets on distressed debt thatreturned as much as $100 million each.\nThe firm also joined with Franklin Square Holdings LP, which launched a BDC in 2009. GSO made the loans and split management fees with Franklin Square, which raised money from individual investors. Upfront broker and management fees averaged 9.4% in the BDC’s early days, high enough toattract scrutiny from regulators.\nCredit assets jumped about fivefold to $128 billion in the decade after the GSO acquisition as the business built a mixture of BDCs, hedge funds and securitized bundles of low-rated debt known as collateralized loan obligations.\nThe growth stalled out in mid-2018 when the venture with Franklin Square dissolved over the profit-sharing split and differing growth strategies. Blackstoneexited from the businessin exchange for a $640 million breakup fee. The last of the GSO founders resigned shortly afterward.\nCredit assets under management rose by 3.1% to $144.3 billion from April 2018 to the end of 2019 even as Blackstone’s overall assets swelled by 27%, according to company earnings reports. Apollo’s credit assets grew 30.4% over the same period to $215.5 billion and Ares’s surged 43% to $110.5 billion.\nBlackstone spent that time designing the terms and sales engine for its new BDC, from which it earns all of the management fees, said Brad Marshall, co-head of performing credit at the firm. BCRED uses the same brokers that sell BREIT for marketing and charges a 1.25% management fee and a 12.5% performance fee. Most big competitors charge 1.5% and 17.5%-20%, respectively, according to Securities and Exchange Commission filings.","news_type":1,"symbols_score_info":{"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":2491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844937847,"gmtCreate":1636382572785,"gmtModify":1636382573050,"author":{"id":"4088146696976370","authorId":"4088146696976370","name":"bengkoon","avatar":"https://static.tigerbbs.com/ee8ec0fb6d2ba6a8495d1b92f45a46fe","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088146696976370","authorIdStr":"4088146696976370"},"themes":[],"htmlText":"Wows&nbsp;","listText":"Wows&nbsp;","text":"Wows","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/844937847","repostId":"1173434003","repostType":4,"isVote":1,"tweetType":1,"viewCount":3279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842151366,"gmtCreate":1636157705360,"gmtModify":1636157705607,"author":{"id":"4088146696976370","authorId":"4088146696976370","name":"bengkoon","avatar":"https://static.tigerbbs.com/ee8ec0fb6d2ba6a8495d1b92f45a46fe","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088146696976370","authorIdStr":"4088146696976370"},"themes":[],"htmlText":"<a 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