Market Commentary

by Byron Wien

Blackstone is pleased to offer the following Market Commentary by Byron Wien to share his thinking on global economic developments, market insights and other factors that may influence investment opportunities and strategies.

Byron Wien is a Vice Chairman

  • Apr 26, 2018

    Triumphant Equity Returns Are Over

    We are growing accustomed to wide daily swings in the Standard & Poor’s 500 and the Dow Jones Industrial Average. Triple-digit moves in the latter and double-digit changes in the former are no longer reasons for elation or alarm.
  • Mar 23, 2018

    Balancing the Positives

    The first quarter saw volatility return to the United States equity market. At long last, the indexes had their first 10% decline since 2016 and the VIX index of volatility soared to 50 before settling back to around 20.
  • Feb 27, 2018

    More Trouble for the Equity Markets Ahead

    All last year, we were waiting for the 10% correction in the United States equity market that never came. By the fourth quarter, many investors were beginning to think stocks would never go down, especially with real GDP growth picking up to 3% in the U.S. and spreading to other economies globally.
  • Jan 24, 2018

    Another Good Year Ahead

    Many investors think that this bull market and economic expansion have gone on long enough and a bear market and a recession will take place soon. In my view, we have at least a year or two before the next major downturn in either the market or the economy, barring a major geopolitical conflict such as a shooting war with North Korea, Russia or Iran.
  • Jan 03, 2018

    The Ten Surprises of 2018

    In many ways 2017 was one of the most surprising years in recent memory. Back in January there were few optimists around.
  • Nov 27, 2017

    The Upside of Unintended Consequences

    There is no question that there has been a rise in populism around the world during the last two years and it is continuing.
  • Oct 26, 2017

    China’s Critical Role in Technology and Geopolitics

    For some time now I have been concerned about the state of American competitiveness looking out a decade ahead.
  • Oct 03, 2017

    Low Volatility Is Here to Stay

    In my conversations with institutional investors I find a surprising lack of optimism about the outlook for equities.
  • Aug 31, 2017

    Comparing Risk and Opportunity

    Every year in August I organize four lunches for serious investors on successive Fridays in eastern Long Island.
  • Jul 26, 2017

    Some Speed Bumps Slowing the Bull

    I continue to believe that the two most important issues receiving inadequate investor attention are productivity and the role of central bank liquidity in the performance of financial markets.
  • Jun 30, 2017

    A Reluctant Europe Looks at Prosperity

    The mood among investors in Europe is generally positive in spite of mixed cyclical and secular factors influencing the economies and the markets there.
  • Jun 02, 2017

    Asia Is Safe and Mostly Confident

    I spent ten days in May talking with institutional investors in Singapore, Hong Kong, Tokyo and Beijing. There was considerable interest in the various problems the Trump administration was encountering that prevented the implementation of his pro-growth agenda.
  • Apr 28, 2017

    The Message of the Bond Market

    At the beginning of the year, most market strategists were in agreement that interest rates were going to rise in 2017.
  • Mar 29, 2017

    Winning Is Easy; Governing Is Hard

    Donald Trump swept into office on a populist wave. His promise of greater growth for the United States economy resonated with a large part of those disappointed with stagnant wages and a lack of opportunity.
  • Mar 01, 2017

    The Administration Now Faces the Hurdles of Reality

    There has rarely been a new presidential administration in the history of the United States that has tried to get so much done in its first ten days as the current one.
  • Jan 31, 2017

    Counting on Trump to Deliver

    The Ten Surprises of 2017 have a generally constructive tone. President Trump campaigned promising significant change to the American people. He raised expectations, and that’s why he won. Now he has to get his pro-growth agenda implemented.
  • Jan 04, 2017

    The Ten Surprises of 2017

    Each year I make a practice of reviewing The Ten Surprises of the year that has passed. Last year’s list was on its way to being one of my best and then Donald Trump won the presidential election and everything changed.
  • Dec 05, 2016

    Reflections on a Trump Presidency

    Like many others, I was surprised by the results of the election. I guess I was persuaded by the polls that indicated that Hillary Clinton would win, even though the spread had shrunk to something within the margin for error.
  • Nov 01, 2016

    Trying to Balance Good and Evil

    When the presidential election is over, investors can focus on what is going on in the world economy and what future investment opportunities are lurking out there.
  • Oct 06, 2016

    Middle East Investors Having Trouble Finding Value

    With all that is happening in the world – the U.S. election, the Brexit vote, various terrorist incidents, speculation about will she or won’t she raise rates at the Fed and other concerns – oil seems to have been pushed down the priority scale of market-influencing issues.