{"id":4319,"date":"2024-01-30T14:46:35","date_gmt":"2024-01-30T14:46:35","guid":{"rendered":"https:\/\/pws.blackstone.com\/apac\/?post_type=insight&#038;p=4319"},"modified":"2024-08-02T01:23:00","modified_gmt":"2024-08-02T01:23:00","slug":"the-connection-january-2024","status":"publish","type":"insight","link":"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/the-connection-january-2024\/","title":{"rendered":"The Connection"},"content":{"rendered":"\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/pws.blackstone.com\/wp-content\/uploads\/sites\/5\/2024\/01\/JZ-The-Connection-BANNER.png?w=1024\" alt=\"\" class=\"wp-image-5834\"\/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\t<nav\n\t\tclass=\"wp-block wp-block-blackstone-navigation is-style-lowercase is-sticky border-bottom sticky-dark-mode\"\n\t\trole=\"navigation\"\n\t\titemscope\n\t\titemtype=\"http:\/\/schema.org\/SiteNavigationElement\"\n\t\taria-label=\"In-page Navigation\"\n\t\taria-hidden=\"false\"\n\t>\n\t\t<div class=\"menu-mode\">\n\t\t\t<div class=\"menu-contain\">\n\t\t\t\t<ul class=\"menu js-wp-block-blackstone-navigation\" aria-hidden=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\n<li class=\"menu-item\"><a href=\"#investment-strategy\" data-gtm-category=\"Page Engagement\" data-gtm-action=\"Navigation Click\" data-gtm-label=\"Deep Link Nav | Investment Strategy\" data-gtm-component_type=\"Navigation Item\" data-gtm-click_url=\"#investment-strategy\" data-gtm-click_text=\"Investment Strategy\">Investment Strategy<\/a><\/li>\n\n<li class=\"menu-item\"><a href=\"#private-market-lens\" data-gtm-category=\"Page Engagement\" data-gtm-action=\"Navigation Click\" data-gtm-label=\"Deep Link Nav | Private Market Lens\" data-gtm-component_type=\"Navigation Item\" data-gtm-click_url=\"#private-market-lens\" data-gtm-click_text=\"Private Market Lens\">Private Market Lens<\/a><\/li>\n\n<li class=\"menu-item\"><a href=\"#guest-column\" data-gtm-category=\"Page Engagement\" data-gtm-action=\"Navigation Click\" data-gtm-label=\"Deep Link Nav | Guest Column\" data-gtm-component_type=\"Navigation Item\" data-gtm-click_url=\"#guest-column\" data-gtm-click_text=\"Guest Column\">Guest Column<\/a><\/li>\n\n<li class=\"menu-item\"><a href=\"#from-insights-to-practice\" data-gtm-category=\"Page Engagement\" data-gtm-action=\"Navigation Click\" data-gtm-label=\"Deep Link Nav | From Insights to Practice\" data-gtm-component_type=\"Navigation Item\" data-gtm-click_url=\"#from-insights-to-practice\" data-gtm-click_text=\"From Insights to Practice\">From Insights to Practice<\/a><\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/nav>\n\t\n\n\n<div id=\"investment-strategy\" class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"is-style-footnote has-black-color has-text-color\">INVESTMENT STRATEGY<\/p>\n\n\n\n<h3 class=\"wp-block-heading is-style-h3\">A Virtuous Cycle Takes Shape<\/h3>\n\n\n\n<h5 class=\"wp-block-heading is-style-body-2 is-style-h5  mt-minus-small\">by Joe Zidle, Chief Investment Strategist, Private Wealth Solutions<\/h5>\n\n\n\n<p class=\"is-style-body-2\">I keep a fun book on my desk: \u201cWrong: The Biggest Mistakes and Miscalculations Ever Made by People Who Should Have Known Better\u201d. I browsed through it recently, seeking reassurance for my 2023 recession call. I take some solace in that last year presented a remarkable tale of economic resilience. Defying the looming shadow of rising interest rates, the economy didn\u2019t merely stabilize\u2014it accelerated.<\/p>\n\n\n\n<p class=\"is-style-body-2\">In 2024, the debate about a hard, soft, or non-existent landing should reach a resolution. With real rates (adjusted for inflation) positive for about a year and the depletion of excess savings in household balance sheets, the economy\u2019s now feeling the full impact of the Fed\u2019s policies. Indicators such as the yield curve, Institute for Supply Management surveys, and Purchasing Managers Indices point towards a growth slowdown, the extent of which we should better understand by the second half.<\/p>\n\n\n\n<p class=\"is-style-body-2\">We believe that 2024 could mark the end of the COVID-era recovery, with the U.S. economy emerging from a liquidity trap, a pivotal shift that not only redefines our current economic understanding but also alters our future expectations.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/pws.blackstone.com\/the-connection-january-2024-brochure\" target=\"_blank\" rel=\"noreferrer noopener\">Read More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div id=\"private-market-lens\" class=\"wp-block-group has-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"is-style-footnote has-black-color has-text-color\">PRIVATE MARKET LENS<\/p>\n\n\n\n<h3 class=\"wp-block-heading is-style-body-2\">Insights from Blackstone Portfolio Companies<\/h3>\n\n\n\n<h5 class=\"wp-block-heading is-style-body-2 is-style-h5  mt-minus-small\">by Prakash Melwani, Global Chief Investment Officer, Private Equity<\/h5>\n\n\n\n<p class=\"is-style-body-2\">Based on Blackstone\u2019s survey of 83 portfolio company CEOs, it appears that labor market pressures are easing and inflation is increasingly in the rear-view mirror.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/pws.blackstone.com\/the-connection-january-2024-brochure\" target=\"_blank\" rel=\"noreferrer noopener\">Read More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div id=\"guest-column\" class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"is-style-footnote has-black-color has-text-color\">GUEST COLUMN<\/p>\n\n\n\n<h3 class=\"wp-block-heading is-style-body-2\">Private Equity in a Changing Landscape<\/h3>\n\n\n\n<h5 class=\"wp-block-heading is-style-body-2 is-style-h5  mt-minus-small\">by Joseph Baratta, Global Head of Private Equity<br>Christopher James, Chief Operating Officer of Tactical Opportunities, Chairperson of Blackstone Private Equity Strategies (BXPE)<\/h5>\n\n\n\n<p class=\"is-style-body-2\">The opportunity set in private equity appears especially attractive in this market environment. Our focus is high-quality businesses that are growing faster than the overall economy, which is critical to driving strong returns.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/pws.blackstone.com\/the-connection-january-2024-brochure\" target=\"_blank\" rel=\"noreferrer noopener\">Read More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div id=\"from-insights-to-practice\" class=\"wp-block-group has-gray-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"is-style-footnote has-black-color has-text-color\">FROM INSIGHTS TO PRACTICE<\/p>\n\n\n\n<h3 class=\"wp-block-heading is-style-body-2\">Challenging Times Require More Tools<\/h3>\n\n\n\n<h5 class=\"wp-block-heading is-style-body-2 is-style-h5  mt-minus-small\">by Anders Nielsen, Managing Director, Private Wealth Solutions<\/h5>\n\n\n\n<p class=\"is-style-body-2\">We believe that private assets are well suited for this type of environment, yet individual investors continue to have much lower allocations to them than their institutional counterparts. In our view, now is the right time for that to change.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/pws.blackstone.com\/the-connection-january-2024-brochure\" target=\"_blank\" rel=\"noreferrer noopener\">Read More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:75px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"is-style-footnote\">The views expressed in this commentary are the personal views of the authors and do not necessarily reflect the views of Blackstone Inc. (together with its affiliates, \u201cBlackstone\u201d). The views expressed reflect the current views of the authors as of the date hereof, and neither the authors nor Blackstone undertake any responsibility to advise you of any changes in the views expressed herein.<\/p>\n\n\n\n<p class=\"is-style-footnote\">Blackstone and others associated with it may have positions in and effect transactions in securities of companies mentioned or indirectly referenced in this commentary and may also perform or seek to perform services for those companies. Blackstone and others associated with it may also offer strategies to third parties for compensation within those asset classes mentioned or described in this commentary. Investment concepts mentioned in this commentary may be unsuitable for investors depending on their specific investment objectives and financial position.<\/p>\n\n\n\n<p class=\"is-style-footnote\">Tax considerations, margin requirements, commissions and other transaction costs may significantly affect the economic consequences of any transaction concepts referenced in this commentary and should be reviewed carefully with one\u2019s investment and tax advisors. All information in this commentary is believed to be reliable as of the date on which this commentary was issued, and has been obtained from public sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy or completeness of the information contained herein.<\/p>\n\n\n\n<p class=\"is-style-footnote\">This commentary does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities. This commentary discusses broad market, industry or sector trends, or other general economic, market or political conditions and has not been provided in a fiduciary capacity under ERISA and should not be construed as research, investment advice, or any investment recommendation. Past performance is not necessarily indicative of future performance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From our unique private market vantage, we can draw lines between macro, market and investment trends and help investors see how it all connects.<\/p>\n","protected":false},"author":259,"featured_media":4833,"template":"","meta":{"_bx_attestation_id":0,"post_featured_image_dam":"","post_featured_image_dam_alt":"","bx_enable_eltif_gating":false,"bx_eltif_gating_id":0,"notice_alert_page_override":false,"notice_alert_id":0,"notice_alert_region_enabled":false,"notice_alert_region_id":0,"insight_article_url":"","insight_check_override":false,"exclude":true,"hide_featured_image":true,"subtitle":"","byline":"","download_attachment":"","display_download_icon":false,"display_download_button":false,"disable_related_posts":true,"exclude_from_related_posts":true,"hide_excerpt":true,"bx_current_theme_version":"","custom_category_news":"","insight_article_hide_from_search":""},"insight-category":[],"content-type":[],"class_list":["post-4319","insight","type-insight","status-publish","has-post-thumbnail","hentry"],"query-item-markup":"\t\t<!-- we need to wrap the tr element in a table so that DomPurify allows the markup -->\n\t\t<table>\n\t\t\t<tr class=\"wp-block-blackstone-query__table-row\" id=\"wp-block-blackstone-query-insight-4319\">\n\t<td class=\"wp-block-blackstone-query__table-column wp-block-blackstone-query__date-column\">\n\t\t<time class=\"wp-block-blackstone-query__date\">January 30, 2024<\/time>\n\t<\/td>\n\t<td class=\"wp-block-blackstone-query__table-column wp-block-blackstone-query__title-column\">\n\t\t<h3 class=\"wp-block-blackstone-query__title\"><a href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/the-connection-january-2024\/\"  data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"The Connection\">The Connection<\/a><\/h3>\n\t<\/td>\n\t<td class=\"wp-block-blackstone-query__table-column wp-block-blackstone-query__button-column\">\n\t\t<a href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/the-connection-january-2024\/\" class=\"bs-button bstn-icon wp-block-blackstone-query__button\"  data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"The Connection\">\n\t\t\t<svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"312.728px\" height=\"285.456px\" viewBox=\"106 113.272 312.728 285.456\" enable-background=\"new 106 113.272 312.728 285.456\" xml:space=\"preserve\">\n<polygon fill=\"currentColor\" points=\"406,243.272 406,243.272 276,113.272 263.272,126 384.272,247 106,247 106,265 384.272,265\n\t263.272,386 276,398.728 406,268.728 418.728,256 \" \/>\n<\/svg>\n\t\t<\/a>\n\t<\/td>\n<\/tr>\n\t\t<\/table>\n\t\t","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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