Now, we turn to the news for more details on the fabulous offer by the Blackstone Group. We say ‘fabulous’ because it is the stuff of fable...a morality tale telling itself.
The facts: The Blackstone Group is the largest private equity firm in the world. According to the report in the Financial Times, Blackstone’s assets have grown from $14 billion to $78 billion in less than six years. That is, it has multiplied its assets under management more than five times in six years.
Even more remarkable has been the incredible profitability of the firm. Its annual rate of return is better than Warren Buffett’s. Since 1987 it has averaged 23% a year,