Blackstone 2Q17 Earnings Call Notes

Steve Schwarzman – Chairman and Chief Executive Officer

Tony James

A lot of capital sloshing around the world

Okay. Well, it’s Tony. There is – it’s obviously been a good fundraising cycle and particularly for private equity, there is a lot of capital that’s being raised and has been raised. And in general, there is just a whole lot capital sloshing around the world, looking for returns. And I think we are more impacted frankly by the aggregate in the public markets than the amount of private equity capital. Our business is to find needles in haystacks. That’s what we do. We are not really chasing public market values and we are not really that impacted by them. And our business is once we find the needle, it would have to be an asset into which we can intervene and change the course of EBITDA. So we create our own values so to speak as opposed to being slaves to the public market valuations.