Watch CNBC's full interview with Blackstone CEO Stephen Schwarzman at Davos
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- Опубліковано 20 січ 2020
- Stephen Schwarzman, founder, CEO and Chairman of Blackstone Group, joins "Squawk Box" at the World Economic Forum in Davos to discuss sustainable investing, the role of capitalism, the "phase one" China trade deal, the 2020 election and much more.
Steve Schwarzman, billionaire co-founder of private equity powerhouse Blackstone, told CNBC on Tuesday he sees fewer buying opportunities because markets and assets have become so expensive.
“All markets have gone up pretty dramatically,” the Blackstone chairman and CEO said on “Squawk Box” from the World Economic Forum in Davos, Switzerland.
Schwarzman said the moves were partly justified by expectations for further economic growth as interest rates remain low. But that’s led to higher purchase prices of assets.
“Everything is up. You have to see something reasonably remarkable in terms of your ability to improve the operations of a company,” he said.
General Atlantic CEO Bill Ford, appearing on CNBC shortly after Schwarzman, agreed that valuations are getting lofty. “The only way you can justify these valuations is company quality and company growth.”
In 2019, General Atlantic invested $4.5 billion in 31 new companies. General Atlantic is a private equity firm with about $35 billion in assets under management.
Blackstone, with $554 billion in assets under management, was also on a tear last year. In late 2019, it acquired U.S. industrial warehouse properties from Singapore-based logistics provider GLP for $18.7 billion, acquired shares of TallGrass Energy for roughly $3 billion, and took over the real estate assets of the Bellagio casino from MGM Resorts International for $4.25 billion.
However, Schwarzman said, finding value in 2020 may be more difficult.
“I wouldn’t say stepping back,” he said. “This is like a hockey game where you used to have 35 shots on goal, of things you could buy. Now, it’s like five.”
“You have much fewer things that are worth your time to analyze, but that doesn’t mean those things won’t happen,” he added. “But your opportunity set is significantly reduced.”
Schwarzman, who led the now-disbanded Strategic and Policy Forum, which was a group of CEOs who advised President Donald Trump, also said the “phase one” trade agreement between the U.S. and China is an “important deal.”
“When these two don’t have it right, it’s a big deal,” Schwarzman said. “I think it’s in China’s interest as well as in the U.S.’s to do a phase two deal.”
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Value is in Eastern Europe.
"We're not a one-person reform bureau." In English, this means they're not responsible for their actions. So, in a nutshell, the disgusting policies of the CCP don't matter as long as it doesn't affect the bottom line. It's in the interest of the future of the USA to not help build up the CCP.
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companies will figure out how to make money on both sides and actually make more money with decoupling.
Serious question though, why are they all wearing coats lol? Have they set up their studio in the actual outdoors lol?
Courtney Hackshaw uh yes. They’re in Switzerland.
@@GreekOrthodox7 I know they are in Switzerland. I just thought they were in a studio with the background from green screen or something
I was surprised to hear the phrase "Human Organ Trafficking" mentioned in relation to China in this video. It looks like this is really happening.
Stock market gets ahead of real economy too much. Overvaluation reaches a point that the market will unavoidably get back to its reality. With interest so low and bond price is so high, where the money can go? Every country is competitively devalue its current by lowering interest rate and pumping more money into the system. We have to go back to the oldest trick in the human history， that is GOLD. GLD and GDX.
Barry Tsao will never happen, stupid idea.
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Davos....all the richest oldest white men in the world gathering to figure out how to keep the pie to themselves.
Mostly Jewish actually.
You simply don't understand the pie, its far too grey for you :)
@@roguetrader33 zamp it again
A true genius