I admit that I have no idea why BX stock has declined. It makes no sense to me. These guys have a clear path to increased earnings and distributions. When these cognitive dissonance times occur, and the price moves against the value proposition, it requires patience. I have it. Stock $25 by end of year!!!
I did not get you. I am long BX too, recently bought more - shares and some options (Risk Reversals) and happy with it.
In one year it is up 60% strongly outperforming S&P (and don't forget 4%+ dividend!)
In two years it is again 80% up.
Yes, it was higher at IPO point; but that was before famous 2008-2009 dip - and everything before it should not be considered. Too ancient history. Y. 2009 crossed it away.
I also think BX will go higher - but it will not sky-rocket. Do not forget about rising Interest rates - this is a very unfriendly environment for Private Equity.
Good Luck to everybody!