Back in the Summer of 2007, we suggested that investors should be cautious about buying whatever Steve Schwartzman was selling, namely shares in his private equity operation, Blackstone Group (BX).
One memorable episode from that time had us sitting across a desk with a prospective client who told us he was going to stick with his advisor at Morgan Stanley (MS) because, hey, that guy had the scratch to get him in on the Blackstone IPO. And now we know the rest of the story.
Here's the Blackstone chart since its June, 2007, IPO:
click to enlarge
And here's Intrepid Potash (IPI), another entry in Wall Street's time-honored late-to-the-party sweepstakes (and another cautionary tale that, if you'll excuse the self-indulgence, we flagged from the get-go back in April):
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This article has 4 comments:
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zenstar666
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4 Comments
Nov 13 07:47 PM-
APEX
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1 Comment
Nov 14 10:39 AM-
bluetick
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3 Comments
Nov 14 11:33 AM-
raytayzmd
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68 Comments
Nov 24 05:19 PM"The Logic of Paying for Good Professional Help"
...where he proclaims:
"With few exceptions, hiring the right kind of professional help makes great sense: You will almost certainly be better off with such help—net of costs—than you would be without it."
...funny but, while rationalizing his fee structure, he neglects to mention any refunds if he loses everything you own...I wonder how well his advice has stood the test of the past few months -- he doesn't say.