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Blackstone back in the news
Location: Blogs Russ Henke |
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| Posted by: Russ Henke |
11/12/2007 6:52 PM |
Faithful readers of this blog space recall previous mentions of Blackstone Group.
If you missed paying $35 per share in the Blackstone IPO in July 2007, you’ll be somewhat gratified by this news.
Shares of Blackstone Group traded as much as 11% lower November 12, 2007, as investors reacted negatively to the private-equity firm reporting a third-quarter loss. The company's quarterly loss amounted to 44 cents a share. On average, analysts had been expecting Blackstone to earn plus 30 cents a share for Q3 2007.
Where did the money go? Surprise! The net loss included the impact of charges totaling $802.6 million, charges associated with the vesting of
equity-based compensation arising from IPO unit awards, etc.
Blackstone's shares ended November 12 at $22.26, down 8.3% for the day, and a whole bunch below the $35 reached on IPO day.
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Re: Blackstone back in the news |
By Greater Fool on
11/13/2007 7:33 AM |
Well I bought BX at $37 on that day because I thought that such smart guys all in one place will find new and innovate ways to drive earnings growth.
So I finally sold today, a bit disgusted that such high profile guys would publicly sell out at the peak.
The greater fool theory lives, unfortunately.
And what did I do with the proceeds? Bought GOOG, of course.
By my calcs, GOOG must reach 1000 for me to break even. lol.
For all the people out there much smarter than I am, you should take note, and sell your GOOG and buy BX today.
:-( |
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