The current bear market is a correction—not the beginning of a new financial collapse, Blackstone CEO Stephen Schwarzman said from the World Economic Forum in Davos, Switzerland.
Economic uncertainty has left markets unsettled since the beginning of the year, with China's financial slowdown fueling the market turmoil. But the Blackstone CEO wants to "take an objective look at things."
China's consumer and service economy are still solid, Schwarzman says, though some aspects of the economy, namely steel, coal and overbuilding of residential, may be overdone.
"If you just take one anecdote you can paint a really bad picture," he says. Even though the volatility could start affecting the behavior of regular people, "we're not there yet," Schwarzman says. [Bloomberg]
)
)
)
)
)
)
)
)
)
)
)
)