Blackstone's IPO: Top Sign?

Our friend Andy Kessler, once a hugely successful hedge-fund manager himself, thinks so.

He has written recently a piece in Wall Street Journal, that is quite a scorcher !

Juicy quotes:

• The dirty secret is that private equity investors aren't all that good
• Don't mistake financial engineering for company building.
• Borrowers chasing yield tend to forget about risk.
• Ten-year bonds have been backing up, with yields approaching 5.25%.
• This surely means money supply growth is slowing.
• No one can call a top, but there sure are signs of fatigue..
• Lenders are feeling stretched and may dry up their pit of funding.

Elsewhere, Kessler says a one-day, 1,000-point drop in the Dow would not surprise him.

Is such a hiccup imminent?

Does Blackstone's IPO signal the top of the private equity boom?

Public equities, too?

By Rich Karlgurd, from Forbes.com