Blackstone: 'This Is Our Market Now'

After a rough debut for the private equity firm, it reported strong quarterly results and made the case for optimism about the future

In recent weeks, it looked like private equity giant the Blackstone Group (BX) was going to make its name with the general public as one of the worst-performing initial public offerings of the year. The firm's stock first traded in late June at $31 a share and soared to $35.06 during its first session. But it has been downhill ever since, as troubles in the credit markets have spooked investors into thinking that the glory days of private equity may be over (see BusinessWeek.com, 7/27/07, "Corporate Debt: Dressed Up, Nowhere to Go"). Shares in Blackstone have tumbled about 25% from their peak.

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