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Text size [+][-]  Saturday November 21 2009GLOBAL EDITION

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13 Nov 2007 21:26

The lesser of evils



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Fortress said that its pre-tax distributable earnings were up 66% in the third quarter, as compared to the same quarter last year, to $111m, or $0.26 a share. Analysts were expecting pre-tax distributable earnings of $0.27 a share.

The private equity and hedge fund group missed earnings estimates a day after rival Blackstone did. But investors took it in stride. That’s partly because Fortress has been public longer. But it also presents its complex business more clearly. Blackstone could learn a thing or two.

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