Down 41% in This Bear Market, Can Blackstone Recover in 2023?
Last year was a brutal one for investors. After peaking on Jan. 3, the S&P 500 spiraled lower, ending 2022 20% below its peak.
The bear market in stocks weighed heavily on Blackstone (NYSE: BX). Its shares tumbled 41.4%, according to data provided by S&P Global Market Intelligence. The market turbulence caused investors in some of Blackstone's funds to pull their money out even though those vehicles were outperforming. That induced fears that it might face some liquidity issues.
Last year was like something out of a Charles Dickens novel for Blackstone. On the one hand, it was the best of times for the company. Investors continued to pour money into its funds. Inflows came in at $44.8 billion in the third quarter and were $337 billion over the trailing-12-month period. These inflows increased its total assets under management by 30% to over $950 billion. That helped boost its fee-related earnings by 51% in the third quarter to $1.2 billion.
Source Fool.com
