It came as no surprise that Blackstone's IPO opened 20% or so higher than the original pricing. This was a much anticipated debut and 20% may in fact be a bit cheap for day one. I'm interested to see how this stock fares in the current market condition, but I am not a buyer.

I realize that there is some serious demand out there for a piece of a monster private equity firm, but the water is a bit too murkey for me to dip my toe in. Don't get me wrong. I've made serious money buying potential takeover candidates and cashing in on buyouts, but to actually put a stake in a private equity firm IPO is a bit too risky for my blood.

I expect I'lll have a fair amount to say as the Blackstone story plays out, but for now, I'm keeping my money away.