Smarter than the average bear

Some while ago, I commented to a number of people that the IPOs of Fortress and Blackstone probably signalled the top of the market, given that the people running it were smart enough to know when was a good time to sell.

Sure enough Fortress Investment Group’s share price has plunged more than 50% from its $37 high reached after listing in February,whilst shares of The Blackstone Group tumbled to a record-low $21.30 on Friday, 31% below their offering price.

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