1. Blackstone has gained +182% since late December 2022, significantly outperforming the financial/banking sector and S&P 500 index. 2. The stock's valuation has become extreme, with a forward P/E of 44x and price to sales ratio above 15x, indicating investor caution. 3. Blackstone's potential reward proposition is a total failure compared to safer investments like Treasury securities. 4. Today's valuation is unsustainable, especially if a recession hits during 2025, focusing on a more reasonable price target range of $100 to $130 over the next 12 months.