“Our analysis of Blackstone’s [assets under management] leads us to conclude that the future performance of existing funds will be excellent … After evaluating 120 public comparable entities vs. Blackstone’s private holdings … we estimate that on a combined basis the funds have over $13 billion of gains.”

–Citi analyst Prashant Bhatia in a recent report, titled “There’s a Diamond Inside This Blackstone.” (via TheStreet)