We would first be careful with a direct comparison, as BN's various stock spin outs are not included in most site's performance comparisons. For example, last year BN shareholders got 0.25 BAM shares for each BN share, and that is worth $11.50+ per share. Over a longer period there have also been several other spin outs which should be included in performance calculations. They are certainly in the same business, though, and subject to the same influences (economy, rates, valuation, sentiment). BX though we think is a solid investment overall in and of itself. It has done well, is poised to make more deals as rates peak, and offers a good dividend. It is not as cheap as BN on a P/E basis, and its earnings can be very volatile depending on whether any assets are monetized. We would be comfortable owning BX, certainly.
5i Research Answer: