When Blackstone bought EOP from Sam Zell, many commentators theorized that it marked the top in REITs. The performance in the public real estate sector has in fact declined 20% since then, but that is not evidence of anything.  Defining it as a “top”? - I am not so sure.  Now that BX is public, the media is lampooning how easy market timing is and says that Blackstone is once again signaling a top in the Private Equity world and I guess, the market as a whole.  Hey, isn’t this the same crowd that says no one can time the market?  I am a big Barron’s fan but found their cover story “Top of the Market” to be a stretch.  AHHHH - investing is so easy under this scenario - just wait to see what Blackstone does and call it a top.   Of course, this is absurd.   Investing is not easy and no one, not even Blackstone, defines a top.