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What It Takes: Lessons in the Pursuit of Excellence
NEW YORK TIMES BESTSELLER
From Blackstone chairman, CEO, and co-founder Stephen A. Schwarzman, a long-awaited book that uses impactful episodes from Schwarzman's life to show readers how to build, transform, and lead thriving organizations. Whether you are a student, entrepreneur, philanthropist, executive, or simply someone looking for ways to maximize your potential, the same lessons apply.
People know who Stephen Schwarzman is—at least they think they do. He’s the man who took $400,000 and co-founded Blackstone, the investment firm that manages over $500 billion (as of January 2019). He’s the CEO whose views are sought by heads of state. He’s the billionaire philanthropist who founded Schwarzman Scholars, this century’s version of the Rhodes Scholarship, in China. But behind these achievements is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact, and live a life of consequence.
Folding handkerchiefs in his father’s linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. His grades and athleticism got him into Yale. After starting his career in finance with a short stint at a financial firm called DLJ, Schwarzman began working at Lehman Brothers where he ascended to run the mergers and acquisitions practice. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution.
Building Blackstone into the leading global financial institution it is today didn’t come easy. Schwarzman focused intensely on culture, hiring great talent, and establishing processes that allow the firm to systematically analyze and evaluate risk. Schwarzman’s simple mantra “don’t lose money” has helped Blackstone become a leading private equity and real estate investor, and manager of alternative assets for institutional investors globally. Both he and the firm are known for the rigor of their investment process, their innovative approach to deal making, the diversification of their business lines, and a conviction to be the best at everything they do.
Schwarzman is also an active philanthropist, having given away more than a billion dollars. In philanthropy, as in business, he is drawn to situations where his capital and energy can be applied to drive transformative solutions and change paradigms, notably in education. He uses the skills learned over a lifetime in finance to design, establish, and support impactful and innovative organizations and initiatives. His gifts have ranged from creating a new College of Computing at MIT for the study of artificial intelligence, to establishing a first-of-its-kind student and performing arts center at Yale, to enabling the renovation of the iconic New York Public Library, to founding the Schwarzman Scholars fellowship program at Tsinghua University in Beijing—the single largest philanthropic effort in China’s history from international donors.
Schwarzman’s story is an empowering, entertaining, and informative guide for anyone striving for greater personal impact. From deal making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence. Schwarzman not only offers readers a thoughtful reflection on all his own experiences, but in doing so provides a practical blueprint for success.
From Blackstone chairman, CEO, and co-founder Stephen A. Schwarzman, a long-awaited book that uses impactful episodes from Schwarzman's life to show readers how to build, transform, and lead thriving organizations. Whether you are a student, entrepreneur, philanthropist, executive, or simply someone looking for ways to maximize your potential, the same lessons apply.
People know who Stephen Schwarzman is—at least they think they do. He’s the man who took $400,000 and co-founded Blackstone, the investment firm that manages over $500 billion (as of January 2019). He’s the CEO whose views are sought by heads of state. He’s the billionaire philanthropist who founded Schwarzman Scholars, this century’s version of the Rhodes Scholarship, in China. But behind these achievements is a man who has spent his life learning and reflecting on what it takes to achieve excellence, make an impact, and live a life of consequence.
Folding handkerchiefs in his father’s linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. His grades and athleticism got him into Yale. After starting his career in finance with a short stint at a financial firm called DLJ, Schwarzman began working at Lehman Brothers where he ascended to run the mergers and acquisitions practice. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution.
Building Blackstone into the leading global financial institution it is today didn’t come easy. Schwarzman focused intensely on culture, hiring great talent, and establishing processes that allow the firm to systematically analyze and evaluate risk. Schwarzman’s simple mantra “don’t lose money” has helped Blackstone become a leading private equity and real estate investor, and manager of alternative assets for institutional investors globally. Both he and the firm are known for the rigor of their investment process, their innovative approach to deal making, the diversification of their business lines, and a conviction to be the best at everything they do.
Schwarzman is also an active philanthropist, having given away more than a billion dollars. In philanthropy, as in business, he is drawn to situations where his capital and energy can be applied to drive transformative solutions and change paradigms, notably in education. He uses the skills learned over a lifetime in finance to design, establish, and support impactful and innovative organizations and initiatives. His gifts have ranged from creating a new College of Computing at MIT for the study of artificial intelligence, to establishing a first-of-its-kind student and performing arts center at Yale, to enabling the renovation of the iconic New York Public Library, to founding the Schwarzman Scholars fellowship program at Tsinghua University in Beijing—the single largest philanthropic effort in China’s history from international donors.
Schwarzman’s story is an empowering, entertaining, and informative guide for anyone striving for greater personal impact. From deal making to investing, leadership to entrepreneurship, philanthropy to diplomacy, Schwarzman has lessons for how to think about ambition and scale, risk and opportunities, and how to achieve success through the relentless pursuit of excellence. Schwarzman not only offers readers a thoughtful reflection on all his own experiences, but in doing so provides a practical blueprint for success.
400 pages, Audio CD
First published January 1, 2019
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October 4, 2019
Despite several insightful reflections on sound principles and values on building a healthy company culture, it was hard to interpret the remaining parts of the book as more than continuous self-promotion that didn’t really provide much value. I learned a lot about Schwarzman though - so I guess it’s as always about what you are seeking.
Want to read
August 28, 2024The Economist review
https://www.economist.com/business/20...
25 rules for work & life:
1. It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2. The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3. Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4. There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5. Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6. Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7. When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8. When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9. No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10. People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11. Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12. Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13. Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14. Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15. Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16. If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17. Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18. Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19. Don’t lose money!!! Objectively assess the risks of every opportunity.
20. Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21. Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22. Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23. Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24. Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25. Everyone has dreams. Do what you can to help others achieve theirs.
https://readwhatittakes.com/25-rules/
Interview on Farnam Street
https://fs.blog/stephen-schwarzman/
The US, China and Wall Street’s new man in the middle - FT Nov 2018
https://www.ft.com/content/2b72ef10-e...
https://www.economist.com/business/20...
25 rules for work & life:
1. It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2. The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3. Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4. There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5. Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6. Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7. When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8. When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9. No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10. People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11. Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12. Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13. Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14. Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15. Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16. If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17. Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18. Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19. Don’t lose money!!! Objectively assess the risks of every opportunity.
20. Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21. Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22. Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23. Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24. Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25. Everyone has dreams. Do what you can to help others achieve theirs.
https://readwhatittakes.com/25-rules/
Interview on Farnam Street
https://fs.blog/stephen-schwarzman/
The US, China and Wall Street’s new man in the middle - FT Nov 2018
https://www.ft.com/content/2b72ef10-e...
January 2, 2020
Summary: A lot of great take aways that are then fully summarized in the list in the back. I would read the book though for the same reason one reads the underlying story behind a parable, i.e. to gain more meaningful insight into the wisdom of the advice.
When I give a book five stars, I typically read the views of those that do not agree. This is to get a sense for whether this book is just reconfirming my biases. What I gathered is that those that hate this book would likely have a tough time with any autobiography (vs biography) where someone highly achieved has to talk about themselves. There is definitively a genre of books written by people who's excellence began later in life or have become successful despite being slackers. If that's the only type of person you can relate to, this book is going to be hard for you. Schwarzman isn't relatively successful like a Tim Ferris (no offense to the extremely successful Tim Ferris), he's extremely in the top area successful. He worked really hard at it. And it is what it is.
Chapter 1: I think this is where some people speak of White Man's privilege. In today's world, I can see why this might come up and often times fairly. However, Schwarzman is Jewish born in 1947. His family wasn't poor, but also not uber-wealthy. At that time, the US was more WASP. Jews would have been considered a minority in his day and treated as thus, despite some very notable business success among the new immigrants to the US post-WWII.
In that regard, I read this chapter the same way I read Buffett's autobiography. Schwarzman was a hustler. I don't mean this in the derogative way of common vernacular. This is a high complement in biz. I've sometimes had it applied to me be before (though I got a long way to go to achieve SAS's success). But what I think this chapter provides is a definition. That's rare. I have never bothered to think of one or been told one. Hustlers are able to make something out of nothing out of their own effort. They start doing it before they are even in business and once given a shot and mentored and trained to direct it in area, they create tremendous value. Thank you for that definition. I actually needed that at this particular moment of what I'm thinking through in my life.
Chapter 2
For those that think he's purely self-promotional, I would say Chapter 2 is the opposite. SAS clearly talks about failures and lessons learned and then attempted differently. The whole story on early day naivity in asking someone to give earnings projections is huge. Subsequently what he does is great. There are other chapters where he talks about very aggressive feedback on mistakes. Much, later on, he also speaks to a cultural failure that had to be addressed at Blackstone.
Chapter 3 (on Interviews)
This is a great chapter whether you are interviewing or being interviewed. I hate that the world is moving toward search algos, b/c this is the real stuff that gets you a 10 player vs. a 7 player. Subsequently, I found it insightful about what he had to say about 9/10 players.
P. 73 - On doing the right thing: "The third thing is that you now have a responsibility to speak out in public. You will need to speak up when you see something wrong that can be corrected. Don't fear doing that because certain people have an obligation to society to do that. I'm one of those people. You are now one of those people." Nothing but empathy for the personal backlash he then talks about. I've gotten into trouble on this one in the past for speaking up, so it's good to see that it was, still the right call for anyone who is playing a long game. The hardest thing you'll ever learn though.
P. 87 - The idea is a good one to have iterated. Summarizing, I think he's saying that lost in the way of doing things at a push of a button is the intricacy of what each number/word meant. That short cut affects business judgment.
P. 99 - Love the Why not? question.
P. 100 - This statement about having 2 tailwinds, IMO is a lot of humility. He still had a pretty difficult battle, which he describes. But I like the whole framework about timing, nonetheless.
P. 110-111 - Very cool to hear about this deal and how you might use structure to get this sorted. I had no idea that this is where the Fairness Opinion derived. Very cool trivia.
P. 117 - Again, amazing insight. It takes character to believe in yourself despite the no shows and the bad meetings.
Chapter 14 -This whole chapter is like a massive and highly important appendix that underlines Chapter 3. 10s are a hugely valuable asset. When people are talking about human capital, they are talking about 10s. They are not talking about "people in general." SOOOO massively misunderstood.
P. 173 - In my rewording.... this story about Larry's bond business is so illustrative of intangible assets you lose when great people walk out the door. Finance and other businesses where you're making money off a person's mind, ultimately are based on the mind. Departures can hugely impair a biz. (here again for those that think he's just self-promoting is a place where they admit to failure.)
P. 335 - The honesty is so key. I think what is not said is that most people cannot take honesty. It's actually a skill to both give and receive it.
P. 351, This is the summary of 25 points that a few others have just copied outright. It's great.
If you give this anything less than the full 5 stars either you are already a high 8-digit millionaire or you might want to add it to the re-read list at a later date, IMO.
When I give a book five stars, I typically read the views of those that do not agree. This is to get a sense for whether this book is just reconfirming my biases. What I gathered is that those that hate this book would likely have a tough time with any autobiography (vs biography) where someone highly achieved has to talk about themselves. There is definitively a genre of books written by people who's excellence began later in life or have become successful despite being slackers. If that's the only type of person you can relate to, this book is going to be hard for you. Schwarzman isn't relatively successful like a Tim Ferris (no offense to the extremely successful Tim Ferris), he's extremely in the top area successful. He worked really hard at it. And it is what it is.
Chapter 1: I think this is where some people speak of White Man's privilege. In today's world, I can see why this might come up and often times fairly. However, Schwarzman is Jewish born in 1947. His family wasn't poor, but also not uber-wealthy. At that time, the US was more WASP. Jews would have been considered a minority in his day and treated as thus, despite some very notable business success among the new immigrants to the US post-WWII.
In that regard, I read this chapter the same way I read Buffett's autobiography. Schwarzman was a hustler. I don't mean this in the derogative way of common vernacular. This is a high complement in biz. I've sometimes had it applied to me be before (though I got a long way to go to achieve SAS's success). But what I think this chapter provides is a definition. That's rare. I have never bothered to think of one or been told one. Hustlers are able to make something out of nothing out of their own effort. They start doing it before they are even in business and once given a shot and mentored and trained to direct it in area, they create tremendous value. Thank you for that definition. I actually needed that at this particular moment of what I'm thinking through in my life.
Chapter 2
For those that think he's purely self-promotional, I would say Chapter 2 is the opposite. SAS clearly talks about failures and lessons learned and then attempted differently. The whole story on early day naivity in asking someone to give earnings projections is huge. Subsequently what he does is great. There are other chapters where he talks about very aggressive feedback on mistakes. Much, later on, he also speaks to a cultural failure that had to be addressed at Blackstone.
Chapter 3 (on Interviews)
This is a great chapter whether you are interviewing or being interviewed. I hate that the world is moving toward search algos, b/c this is the real stuff that gets you a 10 player vs. a 7 player. Subsequently, I found it insightful about what he had to say about 9/10 players.
P. 73 - On doing the right thing: "The third thing is that you now have a responsibility to speak out in public. You will need to speak up when you see something wrong that can be corrected. Don't fear doing that because certain people have an obligation to society to do that. I'm one of those people. You are now one of those people." Nothing but empathy for the personal backlash he then talks about. I've gotten into trouble on this one in the past for speaking up, so it's good to see that it was, still the right call for anyone who is playing a long game. The hardest thing you'll ever learn though.
P. 87 - The idea is a good one to have iterated. Summarizing, I think he's saying that lost in the way of doing things at a push of a button is the intricacy of what each number/word meant. That short cut affects business judgment.
P. 99 - Love the Why not? question.
P. 100 - This statement about having 2 tailwinds, IMO is a lot of humility. He still had a pretty difficult battle, which he describes. But I like the whole framework about timing, nonetheless.
P. 110-111 - Very cool to hear about this deal and how you might use structure to get this sorted. I had no idea that this is where the Fairness Opinion derived. Very cool trivia.
P. 117 - Again, amazing insight. It takes character to believe in yourself despite the no shows and the bad meetings.
Chapter 14 -This whole chapter is like a massive and highly important appendix that underlines Chapter 3. 10s are a hugely valuable asset. When people are talking about human capital, they are talking about 10s. They are not talking about "people in general." SOOOO massively misunderstood.
P. 173 - In my rewording.... this story about Larry's bond business is so illustrative of intangible assets you lose when great people walk out the door. Finance and other businesses where you're making money off a person's mind, ultimately are based on the mind. Departures can hugely impair a biz. (here again for those that think he's just self-promoting is a place where they admit to failure.)
P. 335 - The honesty is so key. I think what is not said is that most people cannot take honesty. It's actually a skill to both give and receive it.
P. 351, This is the summary of 25 points that a few others have just copied outright. It's great.
If you give this anything less than the full 5 stars either you are already a high 8-digit millionaire or you might want to add it to the re-read list at a later date, IMO.
Read
June 10, 2021A career in business is one of the greatest learning experiences a person can have, and the lessons Stephen A. Schwarzman shares about working hard for success are extraordinarily valuable regardless of your ambitions, personal or professional. Stephen’s experience proves that it isn’t just industry expertise or raw talent that makes a good leader, but rather an enduring commitment to personal growth.
November 4, 2019
Working in the commercial real estate industry, you can't go long without hearing about Blackstone. During grad school I remember constantly hearing about the "the biggest transaction in (somewhere)" or "the worlds most (something) in real estate"... and nine times out of ten, Blackstone was at the heart of it. For that reason alone, I wish I had read this book years ago. But since it only came out a few months ago, here we are, and I guess late is better than never.
I don't know what to make of Steve Schwarzman as a person. At different times while reading this book I both admired and despised him. He certainly toots his own horn a lot, but I guess that's to be expected when anyone has the audacity to write a book about himself. That said, I appreciate how he wrote about not just his successes, but also some of his failures. (And some of those were pretty embarrassing.) He tries to make the point that we must not bury our failures. Instead we should talk about them openly and analyze what went wrong. This is what happened to him while trying to raise Blackstone's first fund and for 6 months straight he got nothing but rejections. Through it all, he persevered, learned from his mistakes, and now has more money than he knows what to do with.
Below are a few nuggets of insight gleaned from his life that Schwarzman shares in his book. Though somewhat cliche, I still found them noteworthy.
- It is important to only pursue a goal that is truly worthy of the focus that will be required to ensure your success.
- One of the costs of ambition is that you are going to fall short sometimes.
- It's as easy to do something big as it is to do something small. Both will consume all of your available time and energy.
- Excellence follows enthusiasm.
- The purpose of formal education is to teach you how to think. Once you learn that, you can learn a vocation.
- It is important to be open to new experiences, even if they don't fit your agenda.
It was fascinating to me to learn about the history of Blackstone and particularly about some of the deals they have done. I've heard many times about the Equity Office Properties transaction (the largest private equity deal in history), but in this book you get to learn about it from the inside out. You get to see how the mind of a master deal maker works and how unimaginable wealth can be created and lost in a matter of minutes. I also appreciate how Schwarzman has made an effort to tackle some of the toxic culture of Wall Street. Though, I don't know how effective those efforts have been, since he only hires "10's" (14,000 applicants for 468 spots).
It was interesting to hear about the collapse that started the Great Recession from an insider's point of view. That said, Schwarzman tries desperately to paint a picture of himself as the savior of the U.S. economy because of the advice he gave to politicians and others in positions of power. Maybe he was, I don't know... but it seemed a little far-fetched to me. I also wasn't a big fan of the last part of the book when he talks about all of his philanthropy efforts. The whole Schwarzman Scholars thing just rubs me the wrong way. I'm glad he is giving back (because it would be a jerk move to spend $16 billion on just yourself), but he definitely feels the need to attach his name in big, bold letters to all of his contributions. If this guy discovered a new type of dinosaur, I'm 100% certain that he would name it a Schwarzmanadon or a Schwarzmanosaurus. More power to him I guess.
I'll just finish with my favorite part of the entire book. Schwarzman shares the story about how at one point in his life he hired a private chef named Chang, and for two years Chang prepared meals for him that he loved. Eventually though, he discovered that Chang was just warming up Stouffer's frozen dinners and taking home a huge paycheck. It just goes to show that even the smartest guy in the room gets duped sometimes. I kind of want to give Chang a high five for having the guts to pull that off.
I don't know what to make of Steve Schwarzman as a person. At different times while reading this book I both admired and despised him. He certainly toots his own horn a lot, but I guess that's to be expected when anyone has the audacity to write a book about himself. That said, I appreciate how he wrote about not just his successes, but also some of his failures. (And some of those were pretty embarrassing.) He tries to make the point that we must not bury our failures. Instead we should talk about them openly and analyze what went wrong. This is what happened to him while trying to raise Blackstone's first fund and for 6 months straight he got nothing but rejections. Through it all, he persevered, learned from his mistakes, and now has more money than he knows what to do with.
Below are a few nuggets of insight gleaned from his life that Schwarzman shares in his book. Though somewhat cliche, I still found them noteworthy.
- It is important to only pursue a goal that is truly worthy of the focus that will be required to ensure your success.
- One of the costs of ambition is that you are going to fall short sometimes.
- It's as easy to do something big as it is to do something small. Both will consume all of your available time and energy.
- Excellence follows enthusiasm.
- The purpose of formal education is to teach you how to think. Once you learn that, you can learn a vocation.
- It is important to be open to new experiences, even if they don't fit your agenda.
It was fascinating to me to learn about the history of Blackstone and particularly about some of the deals they have done. I've heard many times about the Equity Office Properties transaction (the largest private equity deal in history), but in this book you get to learn about it from the inside out. You get to see how the mind of a master deal maker works and how unimaginable wealth can be created and lost in a matter of minutes. I also appreciate how Schwarzman has made an effort to tackle some of the toxic culture of Wall Street. Though, I don't know how effective those efforts have been, since he only hires "10's" (14,000 applicants for 468 spots).
It was interesting to hear about the collapse that started the Great Recession from an insider's point of view. That said, Schwarzman tries desperately to paint a picture of himself as the savior of the U.S. economy because of the advice he gave to politicians and others in positions of power. Maybe he was, I don't know... but it seemed a little far-fetched to me. I also wasn't a big fan of the last part of the book when he talks about all of his philanthropy efforts. The whole Schwarzman Scholars thing just rubs me the wrong way. I'm glad he is giving back (because it would be a jerk move to spend $16 billion on just yourself), but he definitely feels the need to attach his name in big, bold letters to all of his contributions. If this guy discovered a new type of dinosaur, I'm 100% certain that he would name it a Schwarzmanadon or a Schwarzmanosaurus. More power to him I guess.
I'll just finish with my favorite part of the entire book. Schwarzman shares the story about how at one point in his life he hired a private chef named Chang, and for two years Chang prepared meals for him that he loved. Eventually though, he discovered that Chang was just warming up Stouffer's frozen dinners and taking home a huge paycheck. It just goes to show that even the smartest guy in the room gets duped sometimes. I kind of want to give Chang a high five for having the guts to pull that off.
February 12, 2021
OK I'm calling it quits. Not bc the book is bad, bc it's pretty good. But I just can't let it sit on my shelf until it gets finished totally. I'm about 2/3 thru at this point... Will get to it when I get to it.
It was good. See updates below. Schwarzman is the type of corp rockstar I don't even understand, but the tale is written in a common lingo practical kind of way that I followed. So kudos for that!
The star himself has a compelling (if not relatable) personality, so that was nice.
Would rec it for anyone in this space or anyone interested in business stars.
It was good. See updates below. Schwarzman is the type of corp rockstar I don't even understand, but the tale is written in a common lingo practical kind of way that I followed. So kudos for that!
The star himself has a compelling (if not relatable) personality, so that was nice.
Would rec it for anyone in this space or anyone interested in business stars.
December 3, 2019
Great takeaways from the book.
Good read about the remarkable rise of Schwarzman and Blackstone.
His 25 rules for work and life:
1) It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2) The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3) Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4) There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5) Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6) Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7) When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8) When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9) No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10) People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11) Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12) Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13) Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14) Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15) Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16) If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17) Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18) Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19) Don’t lose money!!! Objectively assess the risks of every opportunity.
20) Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21) Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22) Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23) Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24) Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25) Everyone has dreams. Do what you can to help others achieve theirs.
Good read about the remarkable rise of Schwarzman and Blackstone.
His 25 rules for work and life:
1) It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2) The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3) Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4) There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5) Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6) Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7) When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8) When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9) No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10) People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11) Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12) Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13) Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14) Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15) Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16) If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17) Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18) Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19) Don’t lose money!!! Objectively assess the risks of every opportunity.
20) Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21) Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22) Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23) Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24) Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25) Everyone has dreams. Do what you can to help others achieve theirs.
November 23, 2019
SS has had an unimaginably successful career as a financier, and now political powerbroker and philanthropist. The story is fairly engaging, going over big moments chronologically in his rise from college to the helm of Blackstone. His rise is just so epic, I enjoyed the narrative more than I expected going in. Main takeaways are go big (raising a small fund and investing is similar levels of work to raising a big fund), work hard, and relationships/reputation are critical. Bit crazy some of his stories from Lehman and his responsibilities so early in his career. Reinforced the ideas that timing is tremendously important - being early in private equity enabled him to find the lower hanging fruit and build the track record.
Found the book lacking in examining conflict or thoughtful lessons. Mentions minor things like getting denied by some investors on his way to raising 1B first fund, or firing a partner who was abusive to jrs, but where were the real trials? Seems like it was success after success. We should all obviously follow a playbook of going big, not losing money, and hiring 10s.
Found the book lacking in examining conflict or thoughtful lessons. Mentions minor things like getting denied by some investors on his way to raising 1B first fund, or firing a partner who was abusive to jrs, but where were the real trials? Seems like it was success after success. We should all obviously follow a playbook of going big, not losing money, and hiring 10s.
December 18, 2019
Good color on some of the deals (Equity Office Properties, Hilton) but zero introspection about extreme wealth and not much on the criticisms of private equity, plus a heap of humble-bragging and name-dropping. Of course, this all comes with the territory (in a business ‘memoir’ you must mention at least once the names of all your friends so they can look themselves up in the index - except a billionaire can never be sure if he has any real friends or whether people just like him for his money.
As some have already said, the second half is a lot of promotion of his eponymous charitable causes, which seem more about new wings of fancy universities that already have heaps of money (ironically thanks to their endowment allocating funds to Blackstone)...personally I’d be more impressed if he was really helping the poor kids of Harlem and the Bronx or helping NYC solve some of its manifold societal problems (public housing disaster is one that comes to mind)...or getting some of those hungry kids in Africa into Harvard (?) It must be great to be mega-rich and be able to fund your pet causes and get the deduction. By the way, is it really charity if you put your name on something? And if he’s giving $100m to this cause or that, it kind of begs the question: How much money has he got? Maybe a bit more than I thought. Seems like a lot of it is in a liquid form too. But not discussed in this book of course...I could go on...
Judging by the heavy marketing spend on social media, he and his fellow billionaire friend Ray Dalio have to have bestsellers since the money isn’t enough...saying all that, SS is a business freak and Blackstone is an amazing institution that just dominates the Street these days and can kick around the likes of Goldman Sachs and Morgan Stanley, which is fun.
An independent biography of Schwarzman would be much more interesting though same goes for all of these types of books. For all that, I kind of liked it...
As some have already said, the second half is a lot of promotion of his eponymous charitable causes, which seem more about new wings of fancy universities that already have heaps of money (ironically thanks to their endowment allocating funds to Blackstone)...personally I’d be more impressed if he was really helping the poor kids of Harlem and the Bronx or helping NYC solve some of its manifold societal problems (public housing disaster is one that comes to mind)...or getting some of those hungry kids in Africa into Harvard (?) It must be great to be mega-rich and be able to fund your pet causes and get the deduction. By the way, is it really charity if you put your name on something? And if he’s giving $100m to this cause or that, it kind of begs the question: How much money has he got? Maybe a bit more than I thought. Seems like a lot of it is in a liquid form too. But not discussed in this book of course...I could go on...
Judging by the heavy marketing spend on social media, he and his fellow billionaire friend Ray Dalio have to have bestsellers since the money isn’t enough...saying all that, SS is a business freak and Blackstone is an amazing institution that just dominates the Street these days and can kick around the likes of Goldman Sachs and Morgan Stanley, which is fun.
An independent biography of Schwarzman would be much more interesting though same goes for all of these types of books. For all that, I kind of liked it...
April 7, 2020
25 rules for work & life:
1. It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2. The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3. Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4. There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5. Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6. Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7. When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8. When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9. No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10. People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11. Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12. Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13. Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14. Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15. Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16. If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17. Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18. Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19. Don’t lose money!!! Objectively assess the risks of every opportunity.
20. Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21. Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22. Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23. Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24. Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25. Everyone has dreams. Do what you can to help others achieve theirs.
1. It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort.
2. The best executives are made, not born. They never stop learning. Study the people and organizations in your life that have had enormous success. They offer a free course from the real world to help you improve.
3. Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.
4. There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to good ideas provided you are thoughtful.
5. Every business is a closed, integrated system with a set of distinct but interrelated parts. Great managers understand how each part works on its own and in relation to all the others.
6. Information is the most important asset in business. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.
7. When you’re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don’t take a job just because it seems prestigious.
8. When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.
9. No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.
10. People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else’s.
11. Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.
12. Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what’s right when you don’t have to write a check or suffer any consequences. It’s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.
13. Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.
14. Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.
15. Sales rarely get made on the first pitch. Just because you believe in something doesn’t mean everyone else will. You need to be able to sell your vision with conviction over and over again. Most people don’t like change, so you need to be able to convince them why they should accept it. Don't be afraid to ask for what you want.
16. If you see a huge, transformative opportunity, don’t worry that no one else is pursuing it. You might be seeing something others don’t. The harder the problem is, the more limited the competition, and the greater the reward for whomever can solve it.
17. Success comes down to rare moments of opportunity. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If you’re not prepared to apply that kind of effort, either the opportunity isn’t as compelling as you think or you are not the right person to pursue it.
18. Time wounds all deals, sometimes even fatally. Often the longer you wait, the more surprises await you. In tough negotiations especially, keep everyone at the table long enough to reach an agreement.
19. Don’t lose money!!! Objectively assess the risks of every opportunity.
20. Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, “I think I need a little more time to think about this. I’ll get back to you.” This tactic is very effective at defusing even the most difficult and uncomfortable situations.
21. Worrying is an active, liberating activity. If channeled appropriately, it allows you to articulate the downside in any situation and drives you to take action to avoid it.
22. Failure is the best teacher in an organization. Talk about failures openly and objectively. Analyze what went wrong. You will learn new rules for decision making and organizational behavior. If evaluated well, failures have the potential to change the course of any organization and make it more successful in the future.
23. Hire 10s whenever you can. They are proactive about sensing problems, designing solutions, and taking a business in new directions. They also attract and hire other 10s. You can always build something around a 10.
24. Be there for the people you know to be good, even when everyone else is walking away. Anyone can end up in a tough situation. A random act of kindness in someone’s time of need can change the course of a life and create an unexpected friendship or loyalty.
25. Everyone has dreams. Do what you can to help others achieve theirs.
May 9, 2020
I would definitely recommend this book to every finance aspirant out there to get a heads up on what it takes broadly to succeed in the world of intense pressure and uncertainty. In hindsight, had I read it a couple of years back, I'd have probably sensed what a misfit I am to the culture of finance. Some of my personal learnings from Schwarzman's account of building Blackstone are:
- There is no substitute for hard work is an old adage we all know. It was inspirational to see how Schwarzman lived it to the truest word. Like every individual, he also went through his own "mid-life crisis" situation at Lehman despite being oddly successful there. He also had mixed feelings about his learnings from HBS, one of the most aspirational B-School. But his quest to do more, create something unexpected and his constant pursuit of excellence inspired him to not give up and create what we know as The Blackstone Group today. The book talks about his share of failures and challenges in doing so.
- For a greater part of my professional life, I believed that success was more or less achieved in a straight line: you go with an aim in mind and work hard for it, and then success seemed a given. It took me 3 years and a lot of great reads to realize how wrong I am. Schwarzman emphasizes the same learning that success is about taking advantage of the rare moments of opportunity that cannot be predicted but are presented to you. Therefore, to really make the best of these moments, one has to be alert and not fearful of change. As much of a cliche, it is indeed one of the finest lessons worth re-iterating to make sure that we don't miss the can't-miss opportunities in life.
- Schwarzman is a pioneer in deal-making. For a significant part of the process, instead of being the perfect salesman while pitching the amazing idea, it involves understanding what challenges the other counterparty has in accepting them and solving for those instead. This is probably the process behind all the "win-win strategies" we talk about. For an effective pitch, the focus has to be on solving problems for others - that's the best way to get an effective buy-in.
I have immense respect for Schwarzman for his bold decisions and all the success he has. What I could not appreciate in this book was that there was a lot of name-dropping and verbose account of the impact he has created by initiating the Schwarzman Scholars and other philanthropic contributions. Philanthropy for me is always a position of privilege and in my humble opinion, was not really needed in a book with the aim of imparting life lessons from one's own experience.
- There is no substitute for hard work is an old adage we all know. It was inspirational to see how Schwarzman lived it to the truest word. Like every individual, he also went through his own "mid-life crisis" situation at Lehman despite being oddly successful there. He also had mixed feelings about his learnings from HBS, one of the most aspirational B-School. But his quest to do more, create something unexpected and his constant pursuit of excellence inspired him to not give up and create what we know as The Blackstone Group today. The book talks about his share of failures and challenges in doing so.
- For a greater part of my professional life, I believed that success was more or less achieved in a straight line: you go with an aim in mind and work hard for it, and then success seemed a given. It took me 3 years and a lot of great reads to realize how wrong I am. Schwarzman emphasizes the same learning that success is about taking advantage of the rare moments of opportunity that cannot be predicted but are presented to you. Therefore, to really make the best of these moments, one has to be alert and not fearful of change. As much of a cliche, it is indeed one of the finest lessons worth re-iterating to make sure that we don't miss the can't-miss opportunities in life.
- Schwarzman is a pioneer in deal-making. For a significant part of the process, instead of being the perfect salesman while pitching the amazing idea, it involves understanding what challenges the other counterparty has in accepting them and solving for those instead. This is probably the process behind all the "win-win strategies" we talk about. For an effective pitch, the focus has to be on solving problems for others - that's the best way to get an effective buy-in.
I have immense respect for Schwarzman for his bold decisions and all the success he has. What I could not appreciate in this book was that there was a lot of name-dropping and verbose account of the impact he has created by initiating the Schwarzman Scholars and other philanthropic contributions. Philanthropy for me is always a position of privilege and in my humble opinion, was not really needed in a book with the aim of imparting life lessons from one's own experience.
December 13, 2020
Didn't meet high expectations, an independant biography would be much more insightful. Schwarzman's amount of (humble) bragging gets way too much although he clearly has a lot to brag about. The first few chapters about his early life and career offer the most interesting insights into Schwarzman's personality and thinking. In terms of his principles of building Blackstone, there is nothing really groundbreaking that he shares, although it is good to see how he underlines the importance of striving for something greater than one's personal enrichment and the value of loyalty.
Definitely not a must read book...probably sufficient to read a few summaries online if you are mainly interested in Schwarzman's corporate take-aways. However if you want to understand a bit more in detail how one becomes such a corporate tycoon, the book does offer interesting anectodes sprinkled across the 400 pages.
6/10
Definitely not a must read book...probably sufficient to read a few summaries online if you are mainly interested in Schwarzman's corporate take-aways. However if you want to understand a bit more in detail how one becomes such a corporate tycoon, the book does offer interesting anectodes sprinkled across the 400 pages.
6/10
October 29, 2019
Don’t waste your time or money.
Stephen Schwarzman is one of the richest men in the world but he couldn’t pay an editor to tell him the truth: this is a bad book.
Lots of back patting and no substance. I’m sure Blackstone has a very interesting story, it’s just not in this book.
Stephen Schwarzman is one of the richest men in the world but he couldn’t pay an editor to tell him the truth: this is a bad book.
Lots of back patting and no substance. I’m sure Blackstone has a very interesting story, it’s just not in this book.
March 6, 2021
Fun anecdotes. Fairly promotional, but good nonetheless.
December 1, 2019
I thoroughly enjoyed Schwarzman's incredibly successful journey through life. I had general knowledge of his business success (read Kings of Capital) but did not realize how much of an impact he has had in the political arena and through his charitable endeavors. A true exemplar of someone who thought big, was an opportunist during the nascent days of PE, and never found a challenge he wasn't confident he could overcome. From calling the dean of admissions at Harvard as a high school student when he was rejected, to walking into the President's office at Yale as a freshman to advocate students' rights, his assertiveness and self-confidence were quite admirable. Tough to tell if he was simply just born with these traits (likely), or learned them over time. His tenacity, and willingness to seek out new endeavors (education programs, assisting in NAFTA and China trade deal negotiations) after a lifetime of success were great lessons.
Integrity, teamwork, growth, persistence, hiring well, and thinking big were all major takeaways. In many ways, he seemed to not face much adversity - just excelled with each deal and new endeavor. Enjoyable read for entrepreneurs, managers, & leaders.
Integrity, teamwork, growth, persistence, hiring well, and thinking big were all major takeaways. In many ways, he seemed to not face much adversity - just excelled with each deal and new endeavor. Enjoyable read for entrepreneurs, managers, & leaders.
October 8, 2019
When the Founder of Blackstone writes a book about his life story, you have to read it! He turned $400,000 of start-up capital in 1985 into over $500 billion of assets under management in 2019—a growth of 50 % p.a since start.
Read to learn:
- That getting to the top takes RELENTLESSNESS.
- The POWER of Mistakes. Examples when Schwarzman uses principles to make decisions, that turn out to be massive missed opportunities. So, the moral dilemma - what matters? Principles or Opportunity OR a 'rebalancing'?
- The POWER of superb education & the connections that come with it. (Primer for Parents).
Quotes!
"If you want something badly enough, you can find a way. You can create it out of nothing. And before you know it, there it is."
"I looked at page 56. The only error I could find was a misplaced comma." (for which he got a massive firing at Lehman)
"The idea of wearing loafers to a business meeting was unacceptable, so he wore the two left shoes instead."
"Investors are always looking for great investments. The easier you make it for them, the better for everyone."
"Everybody in steel goes broke ultimately."
Warning: There is some boasting through the book.
Read to learn:
- That getting to the top takes RELENTLESSNESS.
- The POWER of Mistakes. Examples when Schwarzman uses principles to make decisions, that turn out to be massive missed opportunities. So, the moral dilemma - what matters? Principles or Opportunity OR a 'rebalancing'?
- The POWER of superb education & the connections that come with it. (Primer for Parents).
Quotes!
"If you want something badly enough, you can find a way. You can create it out of nothing. And before you know it, there it is."
"I looked at page 56. The only error I could find was a misplaced comma." (for which he got a massive firing at Lehman)
"The idea of wearing loafers to a business meeting was unacceptable, so he wore the two left shoes instead."
"Investors are always looking for great investments. The easier you make it for them, the better for everyone."
"Everybody in steel goes broke ultimately."
Warning: There is some boasting through the book.
October 24, 2019
Steve Schwarzman’s “Art of the Deal”. A regularly cringe inducing autobiography built around chapters with self help inspired titles and the occasional, borderline cliche life advice aside. Passages regularly include name drops, superlatives, and not so subtle ranking (10s, firsts, richest). It’s eye opening that someone who’s achieved such extraordinary things can have such shallow motivations (money and prestige) and still seek so much external validation. That said, it was an overall enjoyable lens on the pursuit of uncommon achievement and the power of “being a telephone switchboard” - spending life genuinely motivated to connect people, ideas, and opportunity.
March 23, 2020
Интересно для понимания истории Блэкстоун и Стивена Шварцмана. Не так много полезного для понимания бизнеса, менеджмента, стратегий
December 31, 2020
Filled with the challenges it takes to build a financial empire, this book underscores the trials and tribulations of launching any new business. Personally felt that the book digressed from the theme in a few places, but overall a okay read. The author's life story is definitely fascinating. But a podcast instead might be a better use of time.
January 16, 2020
An incredible story of a man who has built himself and his company from the ground up. I am most impressed with his values and principles that drive his decisions and the impact that he has created. Even just reading his story and seeing his perspective on the GFC, international trade talks and collaborating with Chinese leaders gives such a unique view of his ongoing success.
Great lessons and inspiration for people who want to make it big and become make influencers and leaders on the world stage.
Great lessons and inspiration for people who want to make it big and become make influencers and leaders on the world stage.
August 4, 2023
Verslo istorijos pasakojamos vadovų ar įkūrėjų mano silpnybė jau aišku. Bet šita tikrai gera. Blackstone įkūrėjas pasakoja kaip pastatė didžiausią pasaulio investicijų bendrovę - su gyvais pavyzdžiais, įkvėpimu ir aiškumu. Į pabaigą šiek tiek nusirita į gyvenimo pamokymus, bet pirmas 80% tikrai puikūs. Gyvenimo mokytojai pradeda nuo mokymų jau pirmame puslapyje (dažniausiai nenuveikę nieko).
February 15, 2020
Good and fascinating book about Schwarzman’s life, buisnesslife and the journey of building Blackstone Group. It is quite hard to grasp that Schwarzman and his colleague started out with 400k in invested capital in 1985 and are managing over 500 billion USD today.
Even though I really liked the book it disappointed me a bit due to the lack of focus on ”what it takes”. I would rather categorize the book as an autobiograpgy since it was more about his life than the aspects of achieveing greatness.
My five key takeaways:
- Schwarzman has an insane work ethic, something that he understood would mean making some sacrifices in other aspects of life.
- People are always obsessed with their own problems. Think about what others are dealing with and try to come up with ideas to help them. People tend to focus on their own problems when they are in a tough spot when the answer often lies in fixing someone else’s.
- Sales are rarely made on the first selling pitch. Just because you believe in something doesn’t mean other people will. Most people don’t like change so you need to be able to convice them why they should accept it. Don’t be afraid to ask for what you want.
- Believe in something greater than yourself and your personal needs (whether it be your country, company, duty etc is irrelevant).
- Your integrity should be unquestionable and make sure you never deviate from your sense of right and wrong. It’s easy to do the right thing when you don’t have to give something up, harder when you actually have to give something up.
Even though I really liked the book it disappointed me a bit due to the lack of focus on ”what it takes”. I would rather categorize the book as an autobiograpgy since it was more about his life than the aspects of achieveing greatness.
My five key takeaways:
- Schwarzman has an insane work ethic, something that he understood would mean making some sacrifices in other aspects of life.
- People are always obsessed with their own problems. Think about what others are dealing with and try to come up with ideas to help them. People tend to focus on their own problems when they are in a tough spot when the answer often lies in fixing someone else’s.
- Sales are rarely made on the first selling pitch. Just because you believe in something doesn’t mean other people will. Most people don’t like change so you need to be able to convice them why they should accept it. Don’t be afraid to ask for what you want.
- Believe in something greater than yourself and your personal needs (whether it be your country, company, duty etc is irrelevant).
- Your integrity should be unquestionable and make sure you never deviate from your sense of right and wrong. It’s easy to do the right thing when you don’t have to give something up, harder when you actually have to give something up.
December 13, 2020
This book is really a fluffy memoir to showcase all of his successes with a little bit of “life advice” sprinkled on top to make it a little more palatable. The man is very successful there is no doubt about that. However, he spends the first half of the book washing over his failures with such speed you may miss them and his successes at such a high level that you are unable to appreciate the depth of thought given to them. The second half of the book is a tour through every charitable donation he has made. The “life advice” is so canned and out of date. Number 3 on his list is to “write or call people you admire” this has been the standard trope of business books since the 1980s.
March 19, 2021
A very fun and interesting book. You get lots of novel-like content as Stephen tells you about his life and some more “rigorous” information as you go deeper into the book. I specially liked the sections on: business cycles, entrepreneurship, and the 2008 financial crisis —they were full of good advises and interesting concepts. It is also a very good firsthand opinion on what’s really going on in the world and some very cool insights into the Trump administration and the underlying problems of the trade deals. I found this book eye opening as it tells you how a boy from nowhere got to become one of the world’s most influential leaders.
April 25, 2020
Incredible book and a must read for every finance enthusiast. I just miss what I think is an important chapter of Blackstone’s history: the spin-off of its advisory division and its merger with PJT Partners in 2015
May 1, 2020
Truely inspiring book! Stephen Schwarzman gives a lot of insight how to build a longlasting successful organization such as Blackstone, which is curently the largest Real estate and Private Eauity asset management company in the world. This book also motivates to think and dream BIG! I also very much enjoyed those detailed descriptions about some the most successful Blackatone private equity deals.
May 9, 2020
One of the most enjoyable and useful biography I’ve read ... full of life and investment hacks.
The book serves as a high level description of an investment life, but also delve into the specifities of character and how it plays a key role for ones success.
I advice this book to entrepreneurs, who face a challenge or two every single day, to see that success doesn’t follow an easy path...
The book serves as a high level description of an investment life, but also delve into the specifities of character and how it plays a key role for ones success.
I advice this book to entrepreneurs, who face a challenge or two every single day, to see that success doesn’t follow an easy path...
September 29, 2020
This is just an exceptional book. I recommend to anyone who has time to devote to a book that should be read from cover to cover.
February 12, 2020
Fine - no desire to finish after hearing him speak in person about the stories in the book most interesting to me
May 18, 2020
Great read and I found it kept me constantly wanting to read more. I found it witty yet informative learning about one of the most successful individual's in the private equity industry. It started off talking about his upbringing in a middle-class Philadelphia suburb and him getting into Princeton and Yale, but not Harvard. So Stephen decided to pick up the phone after finding the admission's dean and telling him he got into two other Ivys and that Harvard should accept him. When the dean said no, he told him you're making a mistake and I will be successful. That was an understatement. He went on to do extremely well at Yale. He wanted a way to stand out and be selected to become a member of the skull and bones his senior year, so he decided to find a way for females to be allowed to stay over in the dorms, which was currently forbidden as the school was male-only at the time. Instead of going straight to the dean and asking, which he knew would get shut down immediately, he decided to create a poll and reach out to many of the students for their opinion on this, whether they would care or this would distract them from their studies. He then had the results posted in the school's newspaper. Afterward, it was quite literally, history. After undergrad, he went on to work at DLJ where he knew nothing about finance and they would not train him. He felt lost at work and eventually decided it wasn't for him. Stephen applied to law school and got in at Upen but did not want to go back to Philly so he decided to go to Harvard Business School instead. However, at first, he felt the courses were pointless and was considering dropping out. Stephen decided to write to someone he admired, and fortunately for him, he wrote him back with a six-page letter indicating all the importance of finishing your MBA. He decided to stick it out and graduate. But before he could graduate he had to speak to the dean, which took almost half a year to get an appointment with. Stephen told the dean he thought the curriculum was outdated and many of the people teaching were either the TA's or not interested and felt something should be done about it. The dean pretty much told him to "fuck off." This had a lasting impact on Stephen and he was sure later in his career to be willing to meet people in a timely manner and listen to what people had to say. Stephen eventually graduated and took a job as an investment banker at Lehman Brothers, where he did extremely well, working his way up to Managing Director of the Mergers and Acquisitions department. He then wanted to try something new as he wasn't happy at Lehman after their acquisition to Amex so he and his boss Peter, decided to start the Blackstone group. He initially started out doing M&A work but soon spread out into real estate and other alternative assets. He had an unruly sense of good ideas and many of them worked out extremely well for him and his partners. It is funny how Larry Fink initially started out as a separate business unit under Blackstone, but because Stephen would not renegotiate their agreement, Larry went out on his own and started Blackstone, which is doing extremely well to this day. This is something Stephen wishes in hindsight he was willing to renegotiate as the situation has changed since their inial partnership. Throughout his career, Stephen has had the opportunity to also serve in government in unofficial channels as he was well connected across the globe in business and finance. One example is when Obama was president, Congress was having trouble passing the budget and the US was about to go into default. Stephen helped negotiate and get the members of the republican side to agree on a number as well as Obam. More recently he was talking with Chinese trade representatives when Trump was trying to negotiate with China. To cap it off, Stephen wanted to leave a lasting legacy by his $500 million gift to Yale for a new community center and another $500 million gift to MIT to create a new AI college as well as starting a new program at the top Chinese University to create collaboration with future leaders around the world with China similar to the Rhodes scholar. Time will tell if they achieve the desired results but it is no question AI and China will be heavely involved in any future of this world. I strongly recommend this book who is interested in the history of the founder of Blackstone and his journey. It is a reminder that you need to work hard and pursue your dreams.
This entire review has been hidden because of spoilers.
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