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Steve posts his annual love letter about Blackstone.

Eleven years ago at the time of our IPO, few people would have believed that we could grow our assets under management five-fold — from $88 billion then, to $472 billion today — particularly across a period that included the worst downturn since the Great Depression. We’ve done so by delivering outstanding performance for our clients, serving them in a unique way across asset classes and geographies, and thus making it easier for them to invest with one highly integrated firm. Over more than thirty-three years, we’ve established powerful recognition globally with our limited partners, a deep bond of trust and an enduring sense of partnership.

Alas, the stink of the vomitorium where traditional publicly traded asset manager firms hang out may have latched onto Blackstone. Like that episode of Seinfeld when Elaine's hair and Jerry's Beemer stunk horribly despite intense washing.

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