If you held on to the recent IPO of private equity plays such as Blackstone, you'll be down in the double digits. It's something I would rather avoid. Their reporting is not always forthcoming and they rely on cheap credit to make it work. If the insiders are selling, it's time to get out.

The investment bankers must be crying buy now. There goes their downpayment for their summer place in the Hamptons.

There is always a fool ready to buy someone else's junk.