I shorted FIG (Fortress) for the same reason. Smart money sold out enormously on the IPO; resulting in a levered and opaque shell of something or who knows what?
It paid off today and I closed out—there is some talk of changing tax rules of these private equity to be equivalent to ordinary corporations.
Also think: Sam Zell selling out EOP, and his web ditty, “Capital is falling on my head.”
Blackstone seems to be the opposite of Google.
Google has hypernerds and an impossible-to-replicate-or-overcome product. And their advantages keep on compounding: more money, more revenue, and more alpha geeks to keep their algorithms even better than the next. Read the latest NYT article about their technology to see how much damn work they put in to The Google. Contrary to glib commentators, this is not at all something easy to replicate in a garage.
What advantages will post-IPO Blackstone have now?
They were financially naive and left money on the table. You think Blackstone will be the same?
(PS: I get Blackrock confused with Blackstone frequently! Both are NYC financial something or other companies, but different.)
