- Amid a big run for his stock and the private-equity industry in general, Blackstone (BX) President (and putative successor to CEO Stephen Schwarzman) Tony James sold 3.25M shares last week, netting him and his family $88.6M.
- James began the year owning over 10M common shares of Blackstone, but a big sale in February and a smaller divestiture this summer combined with this week's exit to leave him with 3M.
- Up 71% YTD, the stock - needless to say - has cruised right through his earlier sales. Insider buys are always more interesting as execs have any number of reasons to sell, but buy for just one reason.
- Blackstone has made plenty of headlines of late for prepping exits from a number of high-profile real estate deals, and is near bringing to market an ABS backed by rental payments from part of its now-$7B empire of single-family properties.
- "We're in the middle of an epic credit bubble ... the likes of which I haven't seen in my career," said Blackstone global head of P-E Joe Baratta last month. "Valuations we have to pay relative to the growth prospects are out of whack right now."
- Up and to the right would how be how one well-known trend-following wag would describe a chart of P-E (BX, KKR, FIG, OAK, APO) performance over the last year.