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Blackstone CEO Schwarzman Talks Global Real Estate, Mega-Deals & More
I think Blackstone was all about the crown jewels and it ended up being problematic as they were all about looking for those kinds of assets right into the top in 2008. They are still looking for those kinds of assets, but I think it feels like there's been more discipline put into place since the stock was obliterated in 2008. The company has become successful enough and large enough that - as has been said in this article and elsewhere - they are now kind of the "go to" when it comes to something like GE selling assets. I am not adding any further, but I've been impressed with the moves that Blackstone has made in the last several years enough that it is now a larger position than I'd imagined.
Well, combination of gains but also I literally bought more than I originally imagined I would, given that I don't usually care for stocks that have displayed the level of volatility that BX has over the years.
I do kinda wish they'd announce the details of the spin-off already (ratio, etc.)
ICE (which is a very large holding) is another example, although I'm glad I added the other day as that company beat this AM.
Edited to add: I'll throw in one I bought more than I'd initially intended to and wish I hadn't - Marine Harvest (MHG), but I'm definitely not selling.
I'm holding both. I'm just curious what the ratio will be in terms of having an idea of what to expect. I believe this will be a tax-free spin-off.
"We expect that the spin-off will be tax-free to Blackstone’s common unitholders for U.S. Federal income tax purposes, except to the extent of any gain or loss recognized by a common unitholder as a result of any cash received in lieu of fractional shares. The spin-off is conditioned on, among other things, Blackstone’s receipt of an opinion of tax counsel to the effect that certain transactions in the spin-off should qualify as tax-free distributions under Section 355 of the Internal Revenue Code of 1986, as amended (the “Code”), and that a certain transaction in the spin-off should qualify as a tax-free reorganization under Section 368 of the Code."
Comments
That's a nice problem to have.
I do kinda wish they'd announce the details of the spin-off already (ratio, etc.)
ICE (which is a very large holding) is another example, although I'm glad I added the other day as that company beat this AM.
Edited to add: I'll throw in one I bought more than I'd initially intended to and wish I hadn't - Marine Harvest (MHG), but I'm definitely not selling.
"We expect that the spin-off will be tax-free to Blackstone’s common unitholders for U.S. Federal income tax purposes, except to the extent of any gain or loss recognized by a common unitholder as a result of any cash received in lieu of fractional shares. The spin-off is conditioned on, among other things, Blackstone’s receipt of an opinion of tax counsel to the effect that certain transactions in the spin-off should qualify as tax-free distributions under Section 355 of the Internal Revenue Code of 1986, as amended (the “Code”), and that a certain transaction in the spin-off should qualify as a tax-free reorganization under Section 368 of the Code."
https://www.sec.gov/Archives/edgar/data/1626115/000119312515076873/d883787dex991.htm
The spin-off (unless something has changed) is called PJT Partners.
Also, continued solid news for the company.