A public Blackstone would have to learn to live with fickle small investors, who, unlike the current crop, could sell at the first sign of trouble.

• 做为上市公司，黑石集团必须学会如何和变化无常的小投资者打交道。与目前的投资者不同，如果公司出现任何麻烦的征兆，小投资者会在第一时间抛出股票。