Every major "alternative investment manager" that has gone public in the past few years is well below its IPO price: Blackstone (BX): -65% Fortress (FIG):

Every major "alternative investment manager" that has gone public in the past few years is well below its IPO price: Blackstone (BX): -65% Fortress (FIG): -90% Apollo (APO): -35% Och-Ziff (OZM): -75% Think about it for a second. These are some of the most successful traders in the world; they aren't going to undervalue their own company. Likewise, the only reason a firm should go public is if (1) they need capital, (2) they want a "currency" for acquisitions, or (3) they fell the firm is so overvalued by the public that it makes sense to sell shares. The first scenario is likely false for YC, the second wouldn't make sense either, and the third is exactly what we have above. Here's my response when a similar question to this one was asked last month: http://news.ycombinator.com/item?id=3893952 http://news.ycombinator.com/item?id=3893952