True, shares of Blackstone Group has been drubbed. One could argue the IPO represented great timing or awful timing. If you work at the company, the offering came just in time. If you own the stock, the offering price came too soon; the stock could have been a lot cheaper if the offering went off a few weeks later. But Fortune suggests there might be a happy ending. The magazine calls management fees the "easy money" of Wall Street, and judging from Blackstone's fund raising, it's going to rake in a lot of it. Throw in the firm's annual distribution and the fact that Blackstone execs cannot sell out until 2010, and the long-term view looks better. But we'll see. We could be at a profound industry turning point.

For more:
- here's the Fortune article