Matt Levine’s Money Stuff: Blackstone Is for Everyone

Blackstone

If you work in financial markets and are very smart and diligent, you might occasionally notice something weird. Some stock is trading at too high a price, or too low. Some company is being run inefficiently, and if you take it over you can make it worth more. Some company has violated the terms of its bonds, and if you buy up the bonds you can put the company into bankruptcy and extract a lot of value. Some asset is trading at a tiny discount to some economically equivalent asset, and if you buy one and sell the ...