ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. And David and I moved over to do the private equity stuff. Mr. Baratta also worked at Morgan Stanley in its mergers and acquisitions department. And so, you know, my base case was that it wouldnt and youd have like called it wonkily like mean reversion in global cost of capital, which means rates would go up, market risk premiums would go up, you know, PE multiples would come down, credit spreads would probably gap out. So I said, well, what kind of deals worked in the U.S. in the early 90s, in my experience? How often does a new business model come along thats really notably different from what preceded it? Im assuming that all these different names all come from different work products, different strategies, different funds, or is just everybody getting this wrong? Joseph Baratta on the Future of Private Equity - Apple Podcasts Joe reflects on what the end of easy monetary policy and near-term growth headwinds mean for investors. The music is great. By Andrew Ross Sorkin . But, like, really, our preference is to do it just by ourselves. To view recent press releases, click here. RITHOLTZ: So youre anticipating one of the questions Im going to ask you, which I might as well bring it up now. Were always on the 10:00 a.m. game and it was Americas team. How ChatGPT is Roiling 13 Software Companies, By Kevin McLaughlin, Aaron Holmes and Anissa Gardizy, Apples AI Chief Struggles With Turf Wars as New Era Begins, In Google Founders Shadow, CEO Pichai Discovered the Limits of His Power, IRLs CEO Steps Down After Allegation of Inflated User Numbers, Former IRL Employee Alleges Company Inflated User Count. Since joining Blackstone in 1998, Mr. Baratta has been involved in the execution of Blackstone's investments in Universal Orlando, Nycomed Pharmaceuticals, Houghton Mifflin, Spirit Group and was responsible for Blackstone's investments in First Eagle Investment Management . Im not saying were clairvoyant and we handled everything perfectly. 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: So you end up at Blackstone in 1998, at a time when public equity prices became a little unmoored and were on the way up to a real bubble. RITHOLTZ: I dont want to suggest that thats what we hear. RITHOLTZ: You want to control and be able to set how youre going to exit or how the firm is going to be run? 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. We have been speaking with Joe Baratta. RITHOLTZ: I was waiting for you to say, and it was 10:00 a.m. and they broke open the bottles of Bordeaux. And there are thousands of companies in the U.S. . There werent that many firms. The Tate Foundation is the private philanthropic arm of the Tate that helps fund special projects, whether its exhibitions or building new buildings, you know, the big Tate Modern gallery was, in large part, funded by private donations. We dont spend too much time thinking about like when that might end and the ramifications of it. In addition, he makes $0 as Global Head of Private Equity and Director of the Company at Blackstone Inc. Joseph has made over 11 trades of the Blackstone Inc stock since 2020, according to the Form 4 filled with the SEC. And so, in the early 90s, analysts had these big investment banks, Morgan Stanley, Goldman Sachs, had sort of two or three options, you can stay there and become an investment banker and do that for a career, you could go into the emerging fields of investing in private equity or in hedge funds, or you go to business school, or maybe go to business school later. Previously, Mr. Baratta served as the Senior Managing Director at the Blackstone Group, Private Equity Group. Focus now turns to Lionel Assant, the man widely expected to replace him at the helm of the firm's European division. RITHOLTZ: To say nothing of two people separated by a common language, right? The first deal we looked at was in France. And now, the rate of change is much more quick with the advent of technology, ubiquitous broadband, which really enabled the internet, changed the way we . RITHOLTZ: We take for granted totally that youre out in a car, you can pull over anywhere and tank up with gas. I had no language skills. I havent gotten into the second season yet, and people said . High-yield junk bonds still 'frothy': Blackstone - Yahoo BARATTA: Yeah. We had actually two investments in Germany in telecom infrastructure that in that moment, were doing that great. I think were 4,500 , BARATTA: or something like that. Im Barry Ritholtz. This week, we speak with Joseph Baratta, who since 2012, has served as Global Head of Private Equity at Blackstone the worlds largest alternative asset manager, with $975 billion in assets under management. BARATTA: Yeah. I would be remiss if I did not thank the fine team who help put this conversation together each week. We hired an Italian for the firm, Andrea Valeri. It sounds like a good background for someone who eventually ends up buying companies. It took a year for all those local currencies, literally paper and coin currencies, to come out of circulation and have euro bills. I mean, his family dates back to like Louis Quatorze. Blackstone's Baratta Buys Townhouse - Business Insider And enjoy the journey. And I met the director one day and, you know, they asked me to get involved. But, you know, when I moved, you didnt have the single currency in circulation until January of 02. It does this by using extraordinary people and flexible capital to help companies solve problems. You go to D.C. You go to New York. Ive been following that series . You werent taken seriously. Thats another in market that were investing in today, that maybe a decade ago, we wouldnt have been. Baratta said his Blackstone unit had invested $1 billion to $1.5 billion in company buyouts the first half of 2015, a rate that is "a lot slower" than in previous years. 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 so, weve pursued, in the last decade, a control strategy, and largely where we are an outsourcing partner, providing a critical component or service to Western companies. Well, if you do this if youve been doing this long enough, which fortunately, I have, since really 1095, you see different cycles, and you see what happens when capital becomes cheap and money becomes easy, and interest rates are lower, not really a factor. Joseph Baratta Age : 51 Public asset : 567,113,101 USD Country of residence : Unknown Linked companies : Blackstone Inc. - Merlin Entertainments plc Biography of Joseph Baratta Joseph Patrick Baratta is Director & Head-Global Private Equity at Blackstone, Inc. and on the board of 13 other companies. He is also a member of the Board of Trustees of Georgetown University; is a trustee of the Tate Foundation; and serves on the board of Year Up, an organization focused on youth employment.
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