22 June 2007: Blackstone goes public at the top
On June 22, 2007 private equity giant Blackstone began trading on the NYSE after raising about $4.1 billion in one of the largest IPOs in years. When the people who are experts at buying and selling companies decide to sell their own, it is worth asking about timing. Credit markets started cracking within weeks, and the shares fell well below the IPO price during the financial crisis.
The lesson: When sophisticated insiders rush to sell to the public, it can say a lot about the cycle.
Could you have called it at the time? The wheel picks the year, you pick the position, ten seconds a pick.
Play Sixty-40