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Schwarzman Says Blackstone Sold Long Fixed-Rate Holdings

Bloomberg – Blackstone Group LP co-founder Steve Schwarzman said his firm sold most long-dated fixed-rate investments and moved to floating-rate investments as interest rates start to rise.

“We exited almost all of our long-duration fixed-rate investments probably four or five months ago,” Schwarzman said at Goldman Sachs Group Inc.’s financial services conference today in New York. “It’s probably a better bet that interest rates will be going up rather than down and we don’t want to give back profits from loss of principal.”

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