Muddy Waters sticks a pin in Blackstone’s rump
08/12/2023 16:51
(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
By Jonathan Guilford
NEW YORK, Dec 8 (Reuters Breakingviews) - The
short-seller says a mortgage fund run by Steve Schwarzman’s firm
is doomed by struggling office properties. The reality may be
more nuanced. But Muddy Waters is challenging a fundamental
Blackstone selling-point: its ability to outrun the market, in
real estate or elsewhere.
Full view will be published shortly.
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CONTEXT NEWS
Hedge fund Muddy Waters Research said on Dec. 6 that it has a
short position in Blackstone Mortgage Trust, a $3.6 billion
real-estate investment trust that lends to commercial real
estate owners and developers across the world.
Muddy Waters typically bets that companies’ shares will
fall, and publishes reports outlining perceived flaws in the
company’s finances or business model. Its previous targets
include French supermarket group Casino and Chinese timber
producer Sino-Forest.
(Editing by John Foley and Aditya Sriwatsav)
((For previous columns by the author, Reuters customers can
click on GUILFORD/
Jonathan.Guilford@thomsonreuters.com; Reuters Messaging:
Jonathan.Guilford.thomsonreuters.com@reuters.net))