So you move to the U.K. RITHOLTZ: Youre an hour to hop from all the key places . RITHOLTZ: tell us about Blackstones boss. Clearly, there was a ton of hype in crypto. Im not saying were clairvoyant and we handled everything perfectly. So Im watching the Cowboys like every Sunday. He is also a member of the Board of Trustees of Georgetown University, is a trustee of the Tate Foundation, serves on the board of Year Up, an organization focused on youth employment, and serves on the Board of Trustees of Trinity School in New York City. I remember completely empty plane flying over to London , BARATTA: with my then girlfriend, moving to London. You know, I sort of looked at, well, the industry in Europe is a good decade or two behind the U.S. Most recently he sold 85,000 units of BX stock worth $7,337,200 on 1 April 2023. And, you know, Ive lived in great places. I mean, inflation is higher than normal, but thats going to come down. So lets talk about your mentors who helped shape your career. BARATTA: Yeah. ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. We had actually two investments in Germany in telecom infrastructure that in that moment, were doing that great. What is . We talked earlier about inflation and rising rates. BARATTA: I mean, with all respect to the Joneses who run that team, you know . Joe Baratta, Blackstone Group LP's top private equity dealmaker, can't be too cautious right now. Anything with the patents or copyright and algorithm . April 18, 2023 8:00am by That was our first deal in Europe, which was actually a U.S. deal, but we probably wouldnt have done it had we not been there . And I think if you add it all up, we have about $40 billion of funds that were currently investing in their investment period. To me, this world is normal, not abnormal, with, you know, positive real interest rates. And I think thats, right now, a little bit plus, the financing markets are less liquid, and theres less quantum available. Joe Baratta, The Blackstone Group: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Surveillance: Early Edition Bloomberg Surveillance: Early Edition with Francine Lacqua. So, yeah, theres a few companies where Im closely involved, and I sit on the board and I help their management teams plot strategy and deal with important strategic issues. And, yes, if Jerry needs some help, you know, he knows who to call. You want to be able to ensure that youre bringing in best-in-class management thats really perfectly aligned with you. My friend and former Morgan Stanley analyst, colleague, Chad Pike, ran our European real estate stuff. I mean, I was in my mid-20s and, you know, looking to build a career in private equity. RITHOLTZ: Really quite fascinating. You know, the blockchain, when it came people like, hmm, Im always like, whats the use case? And the cost of financing and the quantum isnt the biggest driver of our returns. He also shares how Blackstone's approach backing companies in sectors with secular. Were seeing full employment. Yes. When Baratta led private equity giant Blackstone Group's 102 million ($136 million) deal to buy Merlin Entertainments in 2005, the U.K. theme park group was best known for the macabre London. So thats been a really important book Ive read recently, and I think hes great. RITHOLTZ: And today, private equity has become immense compared to . how to check soundcloud notifications on mobile; shadows of london dress up time princess walkthrough; bill de blasio wife missing money; I think they were operating at the really top of the industry, really smart people, good track record. RITHOLTZ: Well, so far, youre pretty interesting. We combined it with another one. RITHOLTZ: So Joe Montana, Jerry Rice didnt suck you in. I was supposed to go over you know, in November, I ended up doing that. Am I exaggerating that at all or . Elon Musk May Yet Meet Twitter Executives in Court. RITHOLTZ: in The Atlantic. Joseph Baratta net worth, bio and Blackstone Inc insider trades. RITHOLTZ: I wonder, do fundamentals matter more, or is it really just a question of how far away from fundamentals can public equities get, either to the upside or the downside where it creates some form of opportunity, which kind of raises the question, how closely do private market fundamentals track whats going on in the public markets? Since Sundar Pichai became CEO of Googles parent company, Alphabet, in 2019, he has been honest with colleagues about the difficulties of overseeing a sprawling conglomerate thats under constant strain from internal power struggles, regulators and rebellious employees. Thats just because . BARATTA: I think private credit has filled the hole for these smaller businesses, but really not on the full banking suite. I think its really important for people who are workaholics, who are high achievers to put, you know, everything that were doing every day into context and define happiness kind of outside that box. The firm had had , RITHOLTZ: Do you need language skills in England, or is it . Is there a ceiling, or at what point you look at something and say, hey, thats just too big to try and take a bite on? I mean, at least, it was back then. Mr. Baratta has been with Blackstone for 22 years, including ov But, like, really, our preference is to do it just by ourselves. RITHOLTZ: And so you guys are expanding in the 2000s in Europe. And so, we began to hire local people who were young in their careers. its $619 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. RITHOLTZ: So really a period of transition and . Not to say like we executed on that vision perfectly, I mean, we would have made some mistakes, but we definitely became much more cautious when the bull market really ramped up, in particular, post COVID, when not only did you have the low rates which the Fed double down on, you had this huge transfer payment from the federal government . Now, the firm had assets. Calhoun will lead Blackstone's private equity portfolio management group, which basically means that he will aid CEOs with various operational challenges. You had a longer period of time to figure out if you were right or not. Matthew Delly on LinkedIn: Areas of thematic investing focus from Its a solution and source of a problem, sort of. There werent that many people. We all wanted to get there fast, but I think its entered a new level. Its attracted a lot of capital. And so, yeah, there was a lot of volatility. Sebastian Escobar is my audio engineer. This seems to really be a potential sea change. BARATTA: So there were still French francs and, you know, lira, and German Deutsche Marks. Our final question, what do you know about the world of investing today you wish you knew back in the 90s when you were first getting started? RITHOLTZ: By the way, there are a lot of different names for Blackstone. Please click here if you would like more information about the cookies used on this website and how to change your cookie settings. A former employee of SoftBank-backed messaging app IRL alleged in a legal filing that the company has inflated its user count and retaliated against him and other employees who raised concerns about the accuracy of its user numbers. The most recent stock trade was executed by Joseph Baratta on 1 April 2023, trading 85,000 units of BX stock currently worth $7,337,200. Blackstone secured $8.2 billion for a second long-life offering, 70 percent more than the strategy's 2016-vintage debut fund. And today, the clear direction of travel is toward weaning ourselves or these big economies off of hydrocarbons for power. When did Blackstone start to look at Asia? Theres real inflation. You have your way. Its obvious in the public markets, things get frothy. Blackstone (NYSE:BX) today announced that Joe Baratta, the firm's Global Head of Private Equity, will join its board of directors. For office-specific contact information, please visitour offices page. Off-duty: Blackstone's Joe Baratta on gravel biking, Cloud Cuckoo Land and the Dallas Cowboys Baratta's shares his New Year's resolution, books he's reading and high and low career moments, as well as his fantasy management role in the NFL. The goal: to help bring brand . What was that like going over to the EU and England during that period? RITHOLTZ: At what point does size become the enemy? Mr. Joseph Patrick Baratta, also known as Joe, has been the Global Head of Private Equity at The Blackstone Group, Private Equity Group since July 2012. So its a whole broad spectrum of investing in the energy complex focused on the transition from hydrocarbons to renewable sources. RITHOLTZ: Post Brexit, is that the driver? RITHOLTZ: Really intriguing. His current reading is here; A transcript of our conversation is available here Tuesday. RITHOLTZ: You see that on the private market? I think because the private equity investing model has been really good for our clients, which are state pension plans, sovereign wealth funds, you know, ensuring the retirement safety of many tens of millions of people. But I cant explain it. In the long run. I guess you kind of forget, hey, when stock prices come down enough at a certain point, that valuation becomes really attractive, if the assets themselves are productive enough. BARATTA: No. I think the one thing Ive seen in this generation of people, like me and you, is we all were impatient. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. So its been really significant growth. RITHOLTZ: Let me ask you about India because it feels like, at least, in the public markets, India is always on like a year or two away from being the next big thing and it just hasnt seemed to happen. You can see the complete history of Mr. Baratta stock trades at the bottom of the page. That sounds quite fascinating. Elon Musk May Yet Meet Twitter Executives in Court - New York Times What are you reading right now? You know, we bought Hilton in June of 2007. We recently announced to take private of a technology company called Cvent, which is publicly traded. RITHOLTZ: So before we let you go, were going to jump to our favorite questions that we ask all of our guests, starting with you mentioned streaming, tell us what youve been watching, what keeps the family entertained? What is energy transition? What are some of your favorites? Im Barry Ritholtz. Meaning, your team, your group would be a Fortune Top 20 Company. BARATTA: Well, yeah, the private credit market I think is really attractive, and its actually been around a long time. Atika Valbrun is our project manager. Transcript: Joe Barratta of Blackstone - The Big Picture BARATTA: And I think they nailed it. RITHOLTZ: And have done a pretty nice job, right? RITHOLTZ: So its not like the public markets where you could say sell here, buy there, because you have such obvious prints . Joe Baratta - Private Equity - Blackstone | LinkedIn The Fed was saying, no, its transitory or whatever adjective they used. It is a rapidly growing economy, with a highly educated workforce, that with supply chain dynamics now moving toward Southeast Asia and India. April 15, 2023 10:00am by RITHOLTZ: So how much of this is a function of a trend we sort of began in the 1990s? And enjoy the journey. RITHOLTZ: I never would have guessed that. So lets talk a little bit about the state of PE investing today. It feels like were very early stages of transitioning to being able to pull up somewhere and spend 10 minutes charging the car to get you another 100 miles or so. Kirk Falconer - January 10 2022 + We dont spend too much time thinking about like when that might end and the ramifications of it. Were always on the 10:00 a.m. game and it was Americas team. BARATTA: Yeah. We bought some more, and that was a pretty successful investment. Thursday July 19, 2012 11:50 pm. Is this just part of the life cycle of business, or do you go through these periodic spasms where everything changes? I would be remiss if I did not thank the fine team who help put this conversation together each week. RITHOLTZ: You could just access everything online as well , BARATTA: Fewer of them. Ive been hearing recession chatter it seems like for six months, at least. Private equity was still, Id say, in the first phase of its existence, and Blackstone was one of them. BARATTA: Like, it probably isnt going to happen forever. So taking advantage of the currency declining, a lower cost base in India, but revenues denominated in dollars or euros. But for listeners, you know, you dont have the same capital costs. We never have to sell, only when we want to because we control the companies. For information on our privacy practices see our Privacy Policy. I havent gotten into the second season yet, and people said . BARATTA: Its a real thing in Europe. And for the last six or seven years, the way weve been expressing investing in energy is an energy transition, so in companies that are helping accelerate the transition from burning hydrocarbons to produce electricity and energy, to renewable sources. RITHOLTZ: Right. RITHOLTZ: Thats very interesting because we typically think of private equity as looking at these mature non-public companies. And then at Blackstone, you know, Steve Schwarzman changed my life; and Tony James, who when I was about four years into Blackstone, really helped transform the firm and make it what it is today.
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