I have no idea what “big 5” you’re referring to… but by “top” I mean that this IPO will likely mark the peak in private equity activity (and valuations) and interest for several years, just as Sam Zell’s sale of EOP (to Blackstone!!) probably marked the top for commercial real estate for some time, the Sandlers’ sale of World Savings probably marked the peak in residential real estate, and the massive insider sales by homebuilding executives marked the top for the homebuilders back in 2005. Generally when the smartest people in an industry are selling you probably shouldn’t be buying. There are always exceptions to this rule… but over time it’s better to avoid these situations.
