There are few surer financial warnings than Stephen Schwarzman, co-founder of the private equity group Blackstone, throwing a big party. His 60th birthday celebration a decade ago marked the pre-crisis peak for the industry, so the 70th he held last month in Palm Beach, Florida, featuring fireworks, camels, and a cake in the shape of a Chinese temple, is worrying.
Private equity entered a slump after his 2007 party, with the huge debt-financed deals struck at the peak looking stupid with hindsight. Ten years later, it is doing extremely well for itself.
As hedge funds stumble and public stock markets are increasingly dominated by passive index funds, veterans such as Mr Schwarzman and Leon Black of Apollo are masters of thei universe.
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