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Strategies & Market Trends : Value Investing
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To: Sergio H who wrote (48639)7/8/2012 10:28:23 PM
From: Spekulatius2 Recommendations  Read Replies (1) of 78705
 
Re BX- looks like you have to deal with a K-1 tax form if you buy BX units? One thing thatirks me about these asset managers is the dilution (unit count increased mor than 10% YOY) that seems to be inherent with these private equity asset managers. The unit issue seems to be nothing than disguised compensation to me, and I noted that in some cases, the unit count increases faster than assets under management.

It's hard to create value for the unit holders with a framework like that. The dilution is the reason why I am taking a pass on them, I looked at BX, FIG and OZM. I noticed that some value investors seem to like them but I think most of them seem to ignore the dilution, or believe this is due one off items. I think it is inherent and create a big headwind for the unit holders.
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