Blackstone’s Investors Want Their Money Back!

[@PBoyle]

Sign up for Morning Brew with this link: morningbrewdaily.com/patrickboyle

[@himoffthequakeroatbox4320]

6:30 Is that "each individual may withdraw up to 2% of his funds", or "2% of the total fund may be withdrawn across all investors, and if the quota's gone then you're too slow and it sucks to be you"?

[@politicalqueso]

Does the daily upside know about this?

[@bjrnhjjakobsen2174]

I follow the advice - uptime, morningbrew and Blinkist😂

[@Windschutzscheibe]

Would love a video about Blackrock ESG investment practices!

[@allanhansen4023]

Love your videos! It would be awesome if you share the links mentioned from studies or articles etc. in the description!

[@WojciechP915]

Hold up. So I can take peoples' money, tell them I invested it, asses that the investment value went up CHARGE THEM A FEE, and then prevent them from withdrawing the money! This is amazing!

[@ccc3]

Just wait till Michael Burry hears about this.

[@thebrowns5337]

And people wonded why bankers and the politicians in their pocket aren't liked.

[@anmolt3840051]

Apparently yes

[@vladimirserpov6773]

You can't. Blackstone can

[@ednafronkelbarger8601]

Yes, if you tell them up front that this is exactly what they will do in this kind of situation. (The policy, which all the rich investors knew right from the start, is that withdrawals can and will be limited during periods of volatility, because otherwise the fund would be forced to sell assets at the worst possible time, thereby significantly damaging the fund and all of its investors.) All those rich investors knew exactly what they were getting into, and now they want to change the rules after the fact. That's what rich investors do, that none of us in the real world can.

[@IronicCliche]

If you're wondering why his usual sarcasm is more subtle than usual: this is the type of firm that would definitely sue him.

[@Zminator1986]

Honestly wouldn't be surprised you'd be sued just for mispronouncing it.

[@klb097]

You can be sued for sarcasm?

[@richardkenan2891]

@@klb097 At least in the United States, you can be sued for almost anything. Now, whether the suit will go anywhere is a different question, but the suit can be filed. I assume other countries have more sane rules, but still, you can be sued for a lot of things that have little or no merit. If you couldn't, it would be essentially impossible to defend yourself against a law suit, since a successful defense shows that the suit had, well, little or no actual merit.

[@ltsBorrowed]

@@klb097 they have lawyers they pay salaries to. They will sue you in their jurisdiction which often times is in NY or Delaware, Cali, somewhere far from you. Now you either need to travel there or hire a lawyer to represent you there, neither of which can be done for multiple years by any normal person. They'll essentially run you broke using the legal system just to prove a point.

[@klb097]

Sarcasm isn't protected in the US. Noted.

[@stephenlight647]

Patrick Boyle is a master. Each of his videos are pure gold…

[@awolffromamongus875]

I love his sarcasm

[@BalkanTimberMan]

Its gold jerry , its gold

[@Pleasekillmysonsdad]

The absolute king of dry humor.

[@piccalillipit9211]

@@awolffromamongus875 He has me laughing out lout every video - thats pretty amazing for economics video's

[@luiul1]

...and humorous. this isn't humorous.

[@HighSchoolNotes]

I hope someone at APRA in Australia sees this. We are rapidly putting an entire nation's pension savings into off-market securities. Magically, they outperform.

[@ms-jl6dl]

Those funds are doomed. Closing time.

[@HughJass-313]

🤣🤣

[@neilfargher8224]

Outperforming and minimal disclosure, what could go wtong?

[@Super_Dan27]

How you would feel being an investor in a fund that allowed redemptions at inflated prices? Industry super, pension payments or rollovers from their funds that have magically produced positive returns over the last 12 months!

[@tomo1168]

until reallity hits :D

[@entropyachieved750]

Patrick has mastered finance and Dry humour. I look forward to his videos each week.

[@strategyfreeman]

So dry, he should sell Patrick Boyle dehydrators. The infomercials would be pure gold.

[@lephtovermeet]

There's a few professionals out there who are not comedians, yet honestly have me in stitches. Patrick Boyle is definitely one of them. The dude is as solid as many geological features.

[@StinkleFresh]

Mastered finance? What you smoking

[@rileymod6541]

Having stumbled upon this it reminds me of the mortgage crisis when a police officer making $60,000 a year was given a loan with no money down for a 2.5 million dollar home and his mortgage was rated A. Must have been a magical mortgage. Comparable real estate dropping 27-32 % but theirs is up 9% . They must be investing in magical real-estate. I wonder if those in charge have a way to get out before the rush to the bottom.

[@platinumsun4632]

Hmm?

[@crimsonlightbinder]

there's no rush to the bottom.nobody gets out, or they get out one at a time and slowly, even if they wanted to get out faster. It's on them because that's what they signed up for (referring to investors)

[@nicolaschalifour]

Wouldn't posting increasing valuation also increase the fees they charge? Limiting withdrawals, literally refusing to sell assets in order to refund investors , prevents the valuation to actually take place: you can't price what is not for sale. These guys are in charge of setting their own bonuses, and will blame global market conditions for losses.

[@andrewharrison8436]

@@nicolaschalifour Surely not, these are reputable people and that doesn't sound like a conflict of interests at all. ... or you could be spot on.

[@misterbobo8139]

@@nicolaschalifour Exactly. It’s non liquidity shell game.

[@naysay02]

dropped dead laughing at the thought of driving to every property in the portfolio

[@TheSmartLawyer]

Yes, so "exhausting" but why not take the lazy shortcut

[@philbert006]

It's a bit silly to be sure. But the fact is, Google literally has driven to every one of them for you already. It's like a cheat code

[@BA-gn3qb]

If you dropped dead, who wrote the comment?🤔

[@catsnfashion80s]

I'm glad you revived! 😃 I just got a kick out of your comment.

[@rykehuss3435]

@@philbert006 but not in real time. many street views are as old as from 2008

[@AnthonyNomakeo]

What's also concerning is the high exposure that pension funds have to private equity. The average teacher and firefighter has no clue that their future pension payments are becoming increasingly reliant on these "less volatile" and "uncorrelated" assets.

[@Eric1-373]

It’s worse then that Go check wealthons channel. They had a guest on who does evals on them for private investors. All but few states have insolvent pensions. Only places like Wyoming or New Hampshire are solvent.

[@HughJass-313]

Good thing I don't have a Pension!! 😜😜

[@thedwightguy]

back when some northern Norwegian "village" had their funds in NY wrapped up in junk mortgages I was scratching my head.........for awhile. man, I bet that hurt. for me, it just didn't make sense.

[@edwardrhoads7283]

A fraudulent reason for them to intentionally overestimate their value is that they would get more fees as the fees are usually a % of the value of the fund.

[@edwardrhoads7283]

@cheeky43 Sorry I only make investments which lose money.

[@baxoutthebox5682]

I am taking the CFA L1 in February and I was up late last night studying the ‘Alternative Investments’ reading. This is a 1:1 real world application of everything I learned. It’s so helpful to learn real world applications on these topics. I bought all 3 of your books and will be reading 2/3 next month to drill down on these concepts. Thank you for your free course in finance. It’s a true pleasure to watch every single video.

[@pinxtownington4645]

Where ever you invest in remember they have a large share in that company

[@bigkahunaburger5185]

Good luck on the exam!

[@virens1897]

I’m doing level 1 too, lots to learn and really interesting!

[@jp__878]

i used to live in a college apartment owned by American campus communities. They got bought out by Blackstone this year for $13 billion. I’d assume their cash reserves are somewhat strained at the moment and can’t handle redemptions. As for the apartment company, they own practically half the “luxury” student apartments in the city and have a decent number of affordable options like the one I lived at. I wouldn’t be too concerned about their future.

[@appalachiabrauchfrau]

urgh, you brought back a bad memory. They bought our off campus housing in my last semester. When their guy came in to take photos he walked in on me nude just stepping out of the shower, so I refused to be helpful -- we're supposed to get 24hrs notice for entry -- I stuck myself in every one of his pictures looking like a dripping wet cat from hell with mega stank glare and double f-u fingers. Hope someone at blackstone had to see them, because our rents raised by a great deal after they acquired us.

[@sjoerdglaser2794]

The illiquid investment strategy is basically what I use. I own shares of an index fund I could sell at every moment, but I chose to only check every few months. Otherwise I would go crazy at every big drop

[@williamchamberlain2263]

@@thewhitefalcon8539 but the data shows that most investors do the opposite

[@graham1034]

I do the same except that when there is a big drop, if I have some extra cash on hand, I'll increase my contributions for a couple of months.

[@awfm0]

@@williamchamberlain2263 but the data shows the average investor.. and the average investor is as intelligent as the average human being...which is below 50iq in 2022.

[@Kevin_Street]

But there's a difference between limiting your own information and having someone limit your information for you. At least you know that when you check the information you're getting is accurate.

[@Batwal99onUtube]

@@awfm0 the average person will always be 100iq

[@Vooman]

remember when the older generations were *insisting* to the millennials and Gen Z'ers that housing was absolutely, definitely *not* in a bubble?

[@MrEMeat-kk9tc]

Wait. You mean to tell me that I can buy bags of rocks WITHOUT paying these high management fees? Why I’ve been bamboozled by these slick Wall Street firms!

[@thebrowns5337]

We could barter rocks. I'll club a squirell and deliver it for 12 rocks.

[@eoghancallaghy2634]

And a bag of rocks will hold its value.

[@markusgorelli5278]

@@eoghancallaghy2634 Yeah go ahead and tell the flint knappers that. The value of recently knapped flint knives just isn't the same as the price in the good old stone age days. It wouldn't surprise me if even the really old ones in the museums lose value every time there is a new dig and more get found. sigh. 😥

[@philippos5547]

Thanks for the update Patrick. I saw that Starwood REIT (second biggest private REIT in the US) has also reached their redemption gate. In addition Blackstone's Private Credit Fund has as well. People knew upfront what they were getting into. Open-ended real estate funds didn't fair very well in 2008. Not sure why people thought this time would be different.

[@brucewilliams6292]

The scene for the Ark innovation fund was priceless; as is your video. Thank you.

[@brianchris7374]

As someone who recently went into real estate investing, this has been my worst year so far. I lost a lot, including other peoples money. Never going into it again!

[@nielgibson5605]

You shouldn't be quick to conclude. Different markets have their lows every now and then and that's why the most important thing in investing is "diversification". You must never put all your eggs in one basket. Personally, as one who has also been into Real Estates for a very long time, I made my first million earlier this year from stocks alone (used the services of an expert though). I also experiment with a couple of other things. Imagine what the situation would had been given the present housing market if I were solely banking on it. Goodluck!

[@timsherwood7564]

@@nielgibson5605 ...Very sound and realistic. I too have been into this for sometime now and though I won't say I have lost a fortune, I have squandered quite a lot... You mentioned using pros, if its not a problem. do you mind telling who or recommending a good one? I could definitely use the help of one right now... I look forward to you replying...

[@toyko7200]

relax. you may be luckier next time

[@nielgibson5605]

@@timsherwood7564 Funny enough, I can honestly relate. I don't know if I am permitted to go into details on who I worked with but you could look up "Stephen Joseph Kohlhofer". I'm not so sure he takes on new people right now, but you could try.

[@timsherwood7564]

@@nielgibson5605 Thank you...

[@pawelparadysz]

Took me 5 minutes to realise it's about blackstone and not BlackRock I was so confused

[@doctoroctos]

Haha. I didn’t even notice until I read this comment. Stone solid doesn’t even make sense. They should have said hard as stone. A stone statue, etc

[@anselm147]

Blackstone started blackrock

[@ms-jl6dl]

Blackstone > Blackrock

[@Stoneface_]

Blackrock was under Blackstone and it was called "Blackstone financial management" but due to management infighting, they separated. Blackrock is bigger but Blackstone is more profitable.

[@angelheaven377]

Perhaps it’s Patrick’s humor: the firm’s spokesman said they were “rock solid” therefore Blackrock?

[@user-sb3wh3dd4v]

Patrick, this is one of your best snarky sarcastic expositions so far! LOVED it!

[@nateflora732]

in love with the “now yous cant leave”

[@j3i2i2yl7]

In my much-less sophisticated grasp of the market it seem like capitalism is based on free, fair, and transparent markets, and many failures arise out of an abundance of free trade while abandoning the other two principles. Anyway, thank you for another excellent explanation of a complex topic. The use of alegories, often humorous, is very helpful and much appreciated.

[@CJBroonie]

Time to sign up for Morning Brew to keep supporting Patrick. Great to see the channel doing well.

[@wr2382]

I wouldn't be surprised if the investors are looking to cash out in order to pay off margin calls on their other investments. I suspect a lot of this is going on.

[@djackman9746]

Bingo! There's an article in the financial times discussing why investors are pulling out and its for this exact reason. Most redemption requests coming out of Asia. Highly leveraged investors asking for a return of capital to pay off margin calls

[@nastypiglosi1788]

Don't be the last one to panic

[@allwecanseeisaboveusnow]

@@djackman9746 what’s the article?

[@2and20]

That’s exactly what Steve S has been saying. It actually makes sense. I’m a PE investor and have seen this a ton! I discuss some of my analysis here: kzbin.info/www/bejne/fny3n5lnj9ypqpo

[@Agorax_gg]

Blackstone defaulted on another loan and is blocking funds from it's two biggest REIT. No reasons to worry LOL. Who wants to lend to Blackstone now ? I just did a video that goes into the details of this hidden collapse.

[@quentincroft6172]

As an accountant in property, I won't comment in detail. But keep up the good work. Deadpan really works.

[@antonnurwald5700]

I wish you would comment in detail

[@greenwitch9836]

Hi from Australia! Only recently found you whilst checking out the FTX saga stories. You have a unique presentation of financials and are a joy to watch and listen to. I'm working through your library of works. Great to find you!

[@bencousins7311]

Hello fellow aussie

[@nicholasvinen]

Australians and Irish share a special bond. The bond between the two carbon atoms in an ethanol molecule. Also there are a lot of Irish people here in Sydney's eastern/southern suburbs for some reason...

[@bfourney]

Using real estate for private investment needs to be severely limited. There’s absolutely no way this could end up going well

[@jp__878]

Lmao are you new to America or something? Rent controls and public housing is communism brother. get with the program

[@bfourney]

@@jp__878 communism or three corporations owning all the multi unit housing are both equally terrible prospects

[@appalachiabrauchfrau]

what, something so vulnerable to downturns *shouldn't* be such a bedrock of investment? you don't say lol

[@ivayloivanov8153]

Always look forward to Patrick's new episodes. This one didn't disappoint. The "Fargo" clip in reference to ARKK was priceless!

[@reelreedymusic]

"Is that your buddy in the woodchipper"?

[@joemullally]

Yeah.. cracked me up completely😀😀

[@doctoroctos]

Patrick Boyle. Top commentary with a hint of humor for investments. Also the only guy that reads a teleprompter with his nose and not with his eyes.

[@Alexander-Bunyip]

So funny! He does, doesn't he? Hehehe

[@hardcoreclassicenjoyer]

bruh wht a comment

[@VEVOJavier]

I swear I've read this exact same comment on a previous video

[@Vid_Master]

🤣Poor Patrick LOL

[@markusgorelli5278]

If I had to read teleprompters, I'd probably read them with my nose too. But that is because I am of an age where I have to use so called progressive lenses which never seem to have the right calibration in the spot on the lens where it needs to be. They do have progressive contact lenses. Perhaps he is wearing one. I tried them once and gave them up during the trial period. Every time I blinked, they shifted until they settled again. I found it too tiring to bother with.

[@landonian1223]

the Fargo woodchipper reference (about ARK fund) was so freaking hilarious

[@Artsyca]

Patrick Boyle is the Rod Serling of the financial game

[@christophschwarz2910]

What about the fact that PE valuations often include a buffer to public market peer valuations on their way up valuing them at a discount to overvalued public peers. On the way down PE valuations don't need to be reduced as much as they will simply eat into the buffer (appreciate this may not apply for all fund managers). Only because public markets are volatile and might overreact to market movements it doesn't mean that a PE investor would have to sell their asset at that lower price that day. Just because public markets receive more pricing information on any given day doesn't make public prices more accurate necessarily either as they may include a lot of noise that down the line is not reflected in cash flow development.

[@josemaker5252]

Broke: "Oh no, think of the ramifications! Billions wiped! Recession incoming!!!!1!" Woke: "This will make for a banger Patrick Boyle video"

[@Shreendg]

Bespoke: let's suspend redemption so that Patrick will make a new video.

[@jmitterii2]

No. Those billions just made has mother fuckers who at any given time (besides perhaps are 401K and a IRA and casino stonck day trading account) really don't own any stocks at all. I mean even right now, I have IRA and 401K and several margin accounts and stock brokerage accounts... NONE of it is in stoncks right now. In CD's and some in cash earning smaller sweeps for dabbling whenever stupidity carnival clowns come out to play in various names in the stonck market. But mostly nobody really owns stoncks other than the top 10% and that's tiny portions. Stoncks aren't the economy, they're a gambling financing stupidity method for wanna-be monopolists to get sweet money they never have to repay from rich fucks and scamming retirement accounts particularly 401K holders out of their retirement money.

[@josemaker5252]

@@jmitterii2 My brother in Christ, we're all familiar with that from the SFC models you learn in any decent finance/banking course. Just chill and enjoy the fun and jokes

[@N1njaSnake]

Patrick pre-heated his grill before clicking 'record' 😂

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Marc De Mesel, Paul Rohrbaugh, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, Patrick T, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Daniel Talero, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Yazan Qaraqish, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. Hicks, Liam, Logan Vrankovic, William Heaton, Paul McCourt, Daniel, Aaryan Koura, Steven, Christopher Boersma, Ulf Lundblad, Dorothy Watson, Greg Blake, Simon Bone, Livermores Quant, The Collier Report, Scott Gardner, The Man Koala, Brian McCullough, Daniel S. Smith, Finance Student, Julie, Mohammad Rehman, James Wallace, Daniel Poellmann, Edosa Odigie, Dixon Yuen, Marek Novák, Stamatis Drepaniotis Michael Smith, Ahmed Hamadto, Chris Davey, Mike Farmwald, Michael A. Mayo, Lachezar Georgiev, Kamet Batra, Bradley Johnson, Sagar Gudi, Michael Chessar, Kate ATL, Tong Cheung, Lady Dje, James Barnes, Chris Hall, Kurt Johnston, ICBM Catcher Juan Valdes, KernelSC, Linn Engström, Veltsh, Konrad P-kala, Pastacat, Adam Vorting, Matthew McQuade, Christopher Lesner, freebird, Kenneth WedMore Lund, erfective, Jason Young, Jonathan Kopnick, Peter Hendrickson, steel, Bastien, Tom Willett, Chris Whitehead, Anil Jason, JOJO, AS7, Greg Thatcher, Ezekiel Templin, MrLuigi1138, Leszek Frankowski, Nam Nguyen, Karim THIBAULT, C, David R. Ingemi, Robert Wave, Dmitri Alexeev, Aaron Rose, Ethan Hernandez, Claude Chevroulet, Adrian, Stephan Marosvary, Louis Julien, Jan Lukas Kiermeyer, Gearoid O Connor, Fredrick Saupe, Subliminal Transformation, Alex McMahon, Adi, Ben, Kurt Mueller, Joaquin Madruga, Janusz Wieczorek, Federico Viscomi, Corgi, Mahdi, Burgerinn, Quinn Cone, QiKaiQian, Stephen, Joshua Rosenthal, Frank Yashar, Michael Smith, Emilian Marius Tudor, Julian Aßmann, Cormac, Ian Shearer, Theodosius the Elder, Michael Kopřiva, Tinni, Goran Milivojevic, chris, Joe Del Vicario, Alexandre Mah, ultima9, Norman A. Letterman, maRiano polidoRi, Stephan Prinz, Gary Yrag, Mattia Midali, Matthew Berry, Ann Williams, Jay T, Gabor, Florian Haas, Shivendra Saklani, Zachary Tu, Jeffrey, Lane Alan Deyoe, Chett Flynn Jonathan Horn, Mo Herbert, Lane Andrews, Justin Thuet, Olaf Thiele, Ivan Ilaev, Todd Gross, Douglas Caldwell, Wade Hobbs, Volodymyr Palii, James Hoctor, Gavotti SGP, Ryne Davis, Jean-Philippe Lemoussu, Keanu Thierolf, Grizzly Grey Bear, Muhammad, Michael Chow, Stefan Alexander, Miroslav Ognyanov, Scott Guthery, Vanya Davidenko, Arto Karhu, James Bache, Jason Harner, Dale Patch, Stefan Penner, Mischa Trunz, Arvid, Eric, Jonathan Metter, Junhong Low, John Way, Maria Baker, Luke Solomon, Sharath Vulupala, Keith Elkin, Chris Nicholl, Luis Carmona, Vinci Chan, Olivier, Yasha, James Yoh, Eduardo Martinez, Adi Blue, Swain Gant, georgejr, hyeora, old gambling art bag, Boussaken, Lukas Braszus, Vik, Chris Albertson, Sprite_tm, Anurag Kumar, matt f, Douglas Caldwell, Adgn, Ronald London, Chris Rock, Tuan Nguyen Minh, Daniel Baak, Jeremy King, Maria, Julien Debache, M1, Dougald Middleton, Tom, Diarmuid Kelly, Subodh Kafle, Gregory Mahoney, Angelo Rauseo, Kirsten Banuelos, Ryne Davis, Era, Anne Molphy, Ekaterina Lukyanets, Alfred, sugarfrosted, Okkie, rswaggs, Larry, Sarah, miilo, EatEmAll, Alexandre GUYAMIER-CROISSANT, Alex C, Tobias Kunkel, Henk S, Noel Kurth, John Tran, Daniel Soderberg, Daniel Ralea, Steve Crotti, Shaun Deanesh, DaFlesh,Nathan McIntosh, Dominique Buri, Florian, B P, Manmeet Sheera, Stephen Walker, Richard Stagg, Bo Grünberger, Justin Sublette, Glasphemy, Zackk, R, Omega Universas, Liam Proctor, Paul Twilley, 인기 김, Dennis Arthur Rose, Louis Görtz, Robert Stewart, Arjun K.S, josef strand, Simon Crosby, Alex Do, Minnah seoh, Ljube Boskovski, Bertrand Barroux, Jacob Snedaker, Edgar De Sola, Izidor Vetrih, WhiskeyTuesday, Vic Tan, Compuart, Felix Goroncy, Nick Top, Anita Mui, C.J. Christie, lazypikachu23, Olivia Ney, Steven, Adam Pomerenke, Jordan Millar, Reagan Glazier, Viki Rebic, Adrian, Adam Kobus, Ryan Law, KoolJBlack, Deborah R. Moore, Alonso Ibarra, sam, Dru Hill, Kirill B, Dean Maurer, Tim Jamison, gavin, Ultramagic, HEWHOSHALLNOTBENAMED, Nigel Knight, Hector Quintanilla, Asen Popstefanov, Daniel Winroth, Paul Niekamp, Job Zamora, Zhnjy, Brian K. Lee, Tony Bianucci, storm, scott johnson, joevan burke, Suzy Maclay and Yoshinao Kumagai

[@shadeitplease7383]

Damn my dude got a shitload of patreons lol

[@maxwell5081]

Literally the funniest fintuber. Great stuff Mr B.

[@romainlrx5603]

this hasn't started but it's already gold

[@aharonsidorov5145]

Wut

[@basfinnis]

Gold member

[@1OTDM]

Patrick didn't mention that (according to the Financial Times) about 70 percent of redemption requests have come from Asia. Considering non-US investors account for only about 20 percent of BREIT’s total assets, that's a pretty big story he glossed over.

[@lanagrossman489]

It is funny how Patrick tailoring his videos to be entertaining but not accurate and make people sign up and patrick making money on KZbin! Hilarious.

[@anthonyyoung6489]

I bought the $81 puts before thanksgiving for $1.01. I sold them last week for A LOT more than that last weeek. I think it was $4.84. Maybe a little bit less. Great trade.

[@thebrowns5337]

Was that last week?

[@UserUser-hx1qu]

So funny @ 2:16 ....When Patrick said .. a cynical view... which of course I would never take....I almost fell out off bed 😂😂😂

[@WilsonLee123]

I literally just watched A Bronx Tale for the first time. What a great movie.

[@theseusblackwell5252]

I had to check, apparently the ppi for cut stone is up just over 15% since last year.

[@Robiel416]

Such a great channel. I've been watching for a while and it's refreshing to see well-researched and concise videos that aren't filled with fluff just to reach the 10-minute mark. Thanks.

[@noneyabeeswax3200]

Just found him he’s excellent

[@rdubitsk]

Of course people want to redeem. As you suggested they get a free put to Blackstone at inflated prices.

[@lildic0146]

Love everything you do Patrick thanks for giving us retail investors hope

[@lildic0146]

@NewTube Channel be positive pal i know their's alot of bull out their ,they got us by the balls but us poor people will make it ,we always have

[@me0101001000]

Also the dry jabs at crypto bros are a plus

[@lildic0146]

@NewTube Channel @New Tube Channel Jesus christ aren't you a joy to be around? yes stay positive pal sorry if that offended you? How miserable are you? Whatever it is, it's gonna get better pal

[@JohnDoe-ph6if]

@Newtube_Channel what do you considers the best investment for lower class folks then? Realty?

[@lildic0146]

@@JohnDoe-ph6if Exactly if this is bad for this guy? imagine if he would've been around in the great depression ? He would've killed himself like many did 😔 💀

[@kamilo4989]

I'm still chuckling from that whole rocksolid diatribe. Please never change Patrick.

[@JimmyDeLocke]

"Now, a cynical view, which of course I would never take..." I love this guy.

[@thiele.banana]

This Channel is a gem, i was just searching for company histories and now im staying for the comedy :) i want those rocks.

[@benocallaghan701]

I love your shows.I am fascinated that our lives,economy and worth are in the hands of such financial institutions and the obscure accounting practices and financial instruments used to manage wealth.

[@morebrokethaneven4788]

5:55 "I'm sure they're right, because why would they mislead us?" Never laughed so hard!

[@rrshse6704]

Cynicism is a lost art, Patrick is THE maestro !

[@rockychristakes951]

Wow! I fell for this same trick with First National Realty Partners out of New Jersey. Beware! Their sales pitch was that the targeted back end profits would be 18% and distributions would be around 8%. Distributions were actually never better than 4%, and a month before they sold one of my investments they excersized an option to purchase my share at about 5%. They made 50% on the sale according to their numbers.

[@FPoP1911]

The vibe of this episode and how it ties into the subject... patrick is becoming a great director.

[@michaelwen9337]

10:26 Not correct. Hedge funds only need to mark their long positions monthly to public. When comes to short sell, they only notified SCE not the public, this only happened because “Meme stocks” . Prior 10/15/2022, hedge funds never disclosure short sells.

[@shephusted2714]

how far are we from banks and hedge funds burning to ground - the recent events hint that the system (and not just cc) need better regs and auditing and stress tests

[@samsonsoturian6013]

Anyone notice that as soon as stock markets became available to everyone, private equity markets exploded in size?

[@Maximocow]

I mean that was bound to happen just by the nature of business. If anyone can buy into the regular market and make market returns, then how do investment professionals charge investors money? They need to outperform the market, thus they went out and found another source that “can” outpace the market.

[@Heyu7her3]

The system, my dear Watson.

[@dark_fire_ice]

Everyone enjoys a good gamble (well those who are capable of feeling pleasure, at least)

[@ZeromuS_]

@@Maximocow easy to outpace the market when you have market power and can bid up the market when times are good for paper gains and then assess your values yourself to boot!

[@gladlawson61]

Havent stock markets always been open to eveyone?

[@matthewludivico1714]

Imagine marble and granite countertops as an emoji representing a rock solid 10% annual ROE.

[@joelchan6827]

I’ve heard that the demography of BREIT investors withdrawing are mostly East Asian, “due to the drawdown in Asian Markets hence they withdraw to compensate for losses/ portfolio balancing in Asia due to more likely use of leverage by Asian investors when buying assets like BREIT.” Says source. What do you think?

[@Havoc1019]

We reached out BlackStone for comment, and Sam B F called us back and said " Everything is fine bc I was paying attention "

[@RushingRussianify]

Here’s a tip, create a brokerage account and buy low cost total market index. Change the password to a random one that you don’t remember. Sign out. Voila bash through password reset if you ever want to see your performance

[@marcgerges1380]

Your work is informative, entertaining and consistent. Thank you Patrick!

[@SchwaAlien]

As far as I can tell ‘private equity’ is mostly a ‘hidden’ financial system that actually underwrites government spending from the creation of birth certificates and the borrowing of money into a trust account (security of the person) in our CAPITALIZED names. That money is invested (private equity) and then when you die the loan and interest are repaid and all your debt that you repaid but did not discharge is discharged from the account and then the rest is legally frozen for claims of lawful heirs but the government is allowed to collect the interest that accrues on the frozen amounts and that’s what funds the day to day spending, not actual banks ‘lending’ trillions of dollars. Our taxes are funneled into this system by way of paying the imaginary interest on the imaginary loans to international bankers but the real purpose is to limit our ability to be independent since virtually everyone is forced to enslave themselves to pay the government’s ransom. It is possible to take control of the trust account in your name while alive but it requires knowledge of old equity laws which is a hidden legal system that sits above the commercial legal system we normally deal with... a few folks are doing this but they are basically required to keep it private since you’re moving from the public realm to the private.

[@mariusalexandrutrifa1309]

Thank you twice! Plainly said: right on the point! Please keep going man, you make the world a better place!

[@fabioq6916]

Most large cap PE funds use listed comps to value holdings but only produce a quarterly NAV. That alone smooths apparent volatility which many (wrongly) associate with risk. Not clear at all that many managers knowingly overstate NAVs and in the bigger funds secondary pricing is quite tight. A 15% discount could be mostly the lag effect between listed and NAV intra quarter plus a small liquidity premium. Bottom line, no funds investing in illiquid assets should give liquidity to their investors without a gate and a long notice period, doing that is asking for a run on the bank sooner or later

[@gargamelandrudmila8078]

The classic 'last money in, first money out' mantra is there for a reason.

[@CoffeeForAll]

You have quite the talent for sarcasm. It is much appreciated.

[@Kevin_Street]

Thanks for another fascinating video! The idea of an "illiquidity premium" sounds crazy (and from your video it seems the name was proposed as a joke), but it looks like there may be something to it. It kind of makes sense as a way for the fund managers to buy themselves time to make a long term profit without having to deal with panicked investors. But it goes against the principle that more information and greater accuracy in pricing is always better. By allowing inaccuracy (or even borderline fraud) in their reports, the investors are giving the fund managers much more leeway than a public fund will get. That means the managers have a greater opportunity to screw up. I don't think I'd put my money in a fund that works that way.

[@LoveClassicMusic0205]

A bank CD is a perfect example of an illiquidity premium. You can't withdraw it early without paying a penalty as stipulated in the agreement. In exchange, you get paid a higher interest rate than a simple savings account.

[@trainer0075]

Private Equity funds are Hedge Funds in all intents and purposes. For both types of funds, the risks are above average and therefore the investors must qualify (accredited), meaning they have to be HNW individuals and institutions. For both types of funds, the Investment Managers earns a mgmt fee and potentially a performance fee.

[@Mark_Kiwi]

I'm here for the rap - I heard this was a rap channel

[@eduardoanonimo3031]

Best rap channel ever!!!1!1

[@stingererscale5193]

Enjoying content and Videos, Thank You !

[@ttkddry]

Hotel Black Rock: You can check out any time you like But you can never leave

[@rosesacks7430]

great pop culture reference

[@AaronALAI]

It's not equal both ways, effectively private equity duplicates money because there is no limit on investment into the private equity system.

[@onedrop7967]

Just found your channel... love the delivery.

[@chinashorts1491]

Your sense of humor is sharp and witty. Love it.

[@douglasx6915]

Cathie Wood’s Ark Innovation Fund with the scene from Fargo. This is simply the finest. My god, I’m still laughing.

[@douglaswallace7680]

Publicly Traded vs Privately Traded REITs . Public you buy shares The price is based on the NAV . Accounting is squeaky clean and all data is completely accessible . Buy in is the price of the shares . Private = much higher buy in {$50K +) . The investor is presenting a loan offer to the REIT .

[@pezzaman4582]

Patrick wins the internet. Again.

[@Yepper1234]

Since inflation is a thing. Why does net worth have any real value. Wouldn't a better meteic be the individuals % of the whole? Great video as always☮️

[@manicsurfing]

Fleece vest suggests fleecing.

[@frankd8957]

Don't the private equity funds set their fees based on profits? The more profits, the higher the fees? So the pressure is the overstate profits or ignore losses.

[@flaviusjustinianus]

Well said, so similar to what my Accounting Professor said regarding financial asset management. Artificially smoothing of earnings and profit growth by accounting and management decisions has been discussed in academia for long.

[@ivanpivan4105]

It’s amazing how you manage to be hilarious and extremely serious 100% if the time

[@edijalaufuoma5014]

Calm and hilarious while giving quality information for life time use. Great job @patrickBoyle

[@maicolc7216]

The point of Blackrock I reckon, is that when an investor wishes to redeem, or sell his shares back to the firm, Blackrock is paying them based on Blackrock's own inflated value of the real estate fund. A redemption therefore is a winning proposition for the shareholder and a losing proposition for Blackrock.

[@Stoneface_]

This is about Blackstone, not Blackrock

[@maicolc7216]

@@Stoneface_ thanks. I'm an idiot!

[@shakeypudding6563]

Amazing commentary on the psychology of investing. Absolutely love the peek-a-boo analogy 😂

[@NickPeters-zc2ms]

Think they ended up in hospital in the ICU....

[@jimvrla6666]

Thanks!

[@PBoyle]

Thank You!

[@craiggillett5985]

Hello from New Zealand 🇳🇿. Fantastic content and the best use of sarcasm I’ve heard in years. How I wish you were my professor at University. You are inspiring.

[@patrick247two]

People want their houses back.

[@Obetv01]

What time is the morning brew usually delivered? Does it come with milk or.......?

[@KPutubing]

Howdy from Sacramento! Great content. Subbed...

[@bobbydig2011]

420k subscribers, noice 😁 thank you for all the videos you've put out to keep us informed!

[@randyturner8466]

Right to the point and honest truth. Thanks

[@doublewidemotorsports7217]

Industrial is down much more, it can easily be 20% depending on the market more than anything else. Typically in these downturns the secondary and tertiary markets take the first beating along with sites with hair on them such as ground leases, short lease term and/or Tenants with bad credit. This has already happened. There is also no light at the end of the tunnel yet, the market will need to do significant price discovery next year and the Lenders will need to do the same. First though, there needs to be light at the end of the tunnel. There is no light visible at the moment.

[@profdc9501]

This is a great business. It's the most expensive, exclusive theater ticket you can buy. You get to watch a show explaining how rich you are while watching tenants being turned out onto the street due to exorbitant rent hikes. It's a front row seat to the erotic snuff porn of capitalism!

[@steeldriver5338]

This man cracks so many jokes and I haven’t seen him smile once. I like the cut of his jib

[@lustgarten]

interesting new look. kinda too dark. I'd bring up the fill side half a stop and cut the top light a stop and soften it. cheers

[@tonydemaria3386]

"Now Yous Ain't Leaving!" 😂

[@AmnesiaFX]

That hint of comedy in excellent commentary is just gold. Bravo.

[@canada2648]

Lol! I'm so glad Patrick's going to be my professor next semester

[@andrewvare3173]

I am reminded of the Prudential's RE private equity LPs from the early '80s. By 1987 they had acquired the distinct aroma of old fish in the back of the refridgerator.