The 10-Point: My Guide to the Day's Top News - btbirkett@gmail.com - Gmail
Crash and Burn
Sky-high valuations are starting to backfire on some Silicon Valley companies that are trying to raise more money or go public. Many U.S.-based companies that went public this year have seen their stock prices suffer, posting a median return of zero compared with their IPO price. The lackluster reception for tech startups in the stock market could ricochet through companies that are still private. And speaking of lackluster reception, the trade that was supposed to carry the year for hedge funds is ruining it instead. Many hedge-fund and private-equity managers are now caught in crude oil’s fall. “People got crushed. They really got destroyed,” said Blackstone Group Chief Executive Stephen Schwarzman.
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