The Market is Putting the Wrong Company in the Bargain Bin

Initially founded by Stephan A. Schwarzman in 1985 with a balance sheet of $400,000, Blackstone (NYSE: BX) has morphed into a behemoth global investment and advisory firm with total assets under management (AUM) of $279 billion as of June 30, 2014. A publicly traded firm since its 2007 IPO, Blackstone can be broken down conceptually into four investment vehicles: Private …