Green

1
Green Gold Fund

• Sell Recommendation The Blackstone Group LP (BX)

2
Current Financials Position

• XLF, ASPS, VRSK, BAC, BX
• Overweight by 3.16--17,000

3
Rationale for Sale (BX)

• Current law suite pending on conspiracy/collusion
  
• Alleged that shareholders lost 1B
• Emails from top executives were revealed last
  week
• James to Roberts--Together we can be
  unstoppable, but in opposition we can cost each
  other a lot of money . . . We would much rather
  work with you.

4
Rationale for Sale (BX)

• Made some bad investments in an Asian fund
  (Senrigan Capital) that lost a ton of
  money--500M
• Put 5 investments worth 40M into a separate
  special purpose vehicle
• Its 2012 record is among worst than other major
  funds
• Invested heavily in real estate, but probably
  will not pay off for a long time due to
  current market conditions

5
BX vs SP 50013.73 ROI
Prev Close 15.36
1y Target Est 17.57
52wk Range 11.1317.25
Avg Vol (3m) 2,643,620
Market Cap 7.96B
P/E (ttm) 22.91
EPS (Est) 1.45
Div Yield 0.40 (3.10)
Forward P/E 10.58
6
Company Profile (BX)

• Sector Financials
• Company Description
• Provides alternative asset management and
  financial advisory services worldwide including
  private equity, real estate, hedge fund
  solutions, and credit businesses
• Original Investment Thesis
• We should own this stock due to guaranteed
  revenue from increasing AUM, call option on
  performance fees, solid dividend, and improved
  valuation

7
Explanation for Sell (BX)

• Due to recent events surrounding the company
• Being run by poor and unethical management
• 2012 record is among worst compared to its
  competitors and other major funds
• Original thesis is being negated due to its fair
  share of problems
• The stock does not have the potential growth as
  other investments we are looking into such Fiserv
  and ACN

8
Portfolio Recommendation
Target Sector Allocation 8.86 Sell 400 Shares
of BX at Price of 15.37 (Approx. 6,148)