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. Refresh and try again. Truly inspiring for. 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. The Bezos Letters: 14 Principles to Grow Your Business Like Amazon From calling the dean of admissions at Harvard as a high school student whe. He had an unruly sense of good ideas and many of them worked out extremely well for him and his partners. For that reason alone, I wish I had read this book years ago. After leading Lehman Brothers' M&A department, Schwarzman was used to dealing with important people who were eager to take his call. SS has had an unimaginably successful career as a financier, and now political powerbroker and philanthropist. "The best executives are made, not born. Yet his grit and determination through this difficult time helped him see through one of the most successful enterprises that has been created in America in the last 50 years. It is a reminder that you need to work hard and pursue your dreams. 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. Henrik Saxborn, commented the transaction with Blackstone: “After developing and growing the warehouse/logistics and light industry portfolios, we are convinced it is the right time to crystallize a profit and divest a mature sub-portfolio at an attractive premium to book value. Schwarzman, who co-founded Blackstone in 1985, is still the CEO and chairman of the company. Beyond the titles, he invested in the top education program between China and US; he helped President Obama in resolving the Connecticut shooting; he was actively involved in the trade talks. 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. The first few chapters about his early life and career offer the most interesting insights into Schwarzman's personality and thinking. See full terms and conditions and this month's choices. Blackstone CEO Stephen Schwarzman: Even billionaires have problems . 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. Though this book slows towards the end, it remains one of my favorite books to date. Summary: A lot of great take aways that are then fully summarized in the list in the back. His rise is just so epic, I enjoyed the narrative more than I expected going in. We launched in 2015 as an imprint of Blackstone Audio, Inc., one of the largest independent audiobook publishers in the world. With a Yale Degree, a Harvard MBA, and a few Wall Street jobs under his belt, Schwarzman feels like your typical financier with a perfect resume. I already know I will come back to it endlessly times in my life and carrer, “it’s as hard to start and run a small business as it is to start a big one. 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. Schwarzman promoted his new New York Times -bestselling book What It Takes: Lessons in the Pursuit of Excellence. 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. And the reason for that is China has, in the last forty years. On this episode, we talk to Blackstone Group CEO and What It Takes: Lessons in the Pursuit of Excellence author Stephen Schwarzman about everything from learning to co-exist with a college roommate who was a literal Nazi to what wiping down grease in a Scandanavian ship’s 120-degree engine room over one summer taught him about the value of earning a quick promotion. I got this book from an HBS conference after Tony’s “relentless” reference to Steve in his speech. We use cookies and similar tools to enhance your shopping experience, to provide our services, understand how customers use our services so we can make … The only similary between Ray Dalio's "Principles...." and Stephen Schwarzman's "What It Takes" is that they both lay out principles towards choice of work, conduct at work, and hiring. Blackstone Names Snowflake CEO Frank Slootman as Senior Adviser. 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. 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. One example is when Obama was president, Congress was having trouble passing the budget and the US was about to go into default. His rise is just so epic, I enjoyed the narrative more than I expected going in. Amongst the people who Schwarzman crossed paths with during his career included: Sam Zell, George W. Steve Schwarzman has a lot of interesting things to say, as an exacting and highly successful CEO of the most successful alternative asset manager in the world. I learned a lot about Schwarzman though - so I guess it’s as always about what you are seeking. Blackstone CEO Stephen A. Schwarzman talks about his book 'What It Takes,' income inequality, President Trump and the benefits of therapy. 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. 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. 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. Blackstone Publishing produces high-quality print & e-book editions of exciting new fiction & quality nonfiction, as well as reissues of classic titles. Building Blackstone into the leading global financial institution it is today didn’t come easy. 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. Offer redeemable at Simon & Schuster's ebook fulfillment partner. It is genuine – written in the same voice as Steve’s weekly talks at Blackstone’s Monday morning meetings, except the book describes many of the most interesting episodes in his life, rather than just the last seven days. Schwarzman’s story is an empowering, entertaining, and informative guide for anyone striving for greater personal impact. 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. by Simon Schuster Audio. SS has had an unimaginably successful career as a financier, and now political powerbroker and philanthropist. 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. Didn't meet high expectations, an independant biography would be much more insightful. Schwarzman is also an active philanthropist, having given away more than a billion dollars. That was an understatement. When the dean said no, he told him you're making a mistake and I will be successful. Steve’s experience is absolutely remarkable - Yale and HBS grad, partner at Lehman’s, founder of Blackstone. Beyond the titles, he invested in the top education program between China and US; he helped President Obama in resolving the Connecticut shooting; he was actively involved in the trade talks. Stephen Schwarzman says people have been asking him for years how he built Blackstone Group into one of the world's most successful investment firms. Humble, candid, funny and real, Steve offers wisdom and the gift of much needed common sense chapter by chapter and experience by experience. He turned $400,000 of seed money into an asset management company that is currently managing over $500 billion - a growth rate of about 50 percent a year! Steve Schwarzman’s “Art of the Deal”. The chairman, chief executive and co-founder of Blackstone arrives 15 minutes late for our meeting at the private equity giant’s London headquarters … This book reveals how he has achieved the rarest kind of leverage in multiple fields.” —Eric Schmidt, Former CEO and Executive Chairman of Google, “Steve’s life lessons challenge me to think bigger and move even faster. His insights apply to both our work and personal lives, and his leadership has always embodied the principle of doing what is right, even when it is hard. Steve challenges us all to be better leaders, better citizens, better people.” —Mary Barra, Chairwoman and CEO of General Motors, "In his new book, Steve relives his vast and varied experience at the center of a (thick) slice of US and global financial history. In the process he sets out a number of timeless lessons for business and life.  This story literally has what it takes: the anecdotes, the insights and, most of all, the values to guide the next generation of entrepreneurs. This book is for you! His business and philanthropic efforts will have long-lasting impact around the world. What It Takes tells the story of lessons he has learned at every stage of life which offers great advice for anyone from the C-suite to the classroom looking to leave their mark. Amongst the people who Schwarzman crossed paths with during his career included: Sam Zell, George W. Bush, Jack Welch, and Larry Fink. Great read and I found it kept me constantly wanting to read more. founding new groundbreaking investment companies. Steve has good advice to give, and clearly the principles that he has followed have contributed greatly to his success over his career. But a podcast instead might be a better use of time. Jan 13, 2021. personal finance . In this brief and insightful volume, Schwarzman has identified several key qualities required for excellence in any field, including a tireless sense of curiosity, a tolerance for risk, and an eye for the humble detail.” —Henry A. Kissinger, Former U.S. Secretary of State and National Security Advisor, “Stephen Schwarzman has lived the American dream: a self-made icon in his field, turned philanthropist, who has long worked with creativity and vision to deepen relationships between individuals and countries. The first few chapters about his early life and career offer the most interesting insights into Schwarzman's personality and thinking. " —Mark Carney, Governor of the Bank of England, "Steve Schwarzman, whom I consider a rare global business statesman, has a unique ability to connect with others and has developed a very strong network of global leaders and institutions to help advance big ideas. October 8, 2019 (Financial News) Even billionaires have problems that money cannot solve. This is just an exceptional book. 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. Schwarzman leverages his life experiences to explain why and how they have shaped his leadership and investing philosophies. The company is based in Ashland, Oregon with five in-house recording studios. Our imprint is committed to publishing exceptional books of all genres that captivate readers. 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. Good and fascinating book about Schwarzman’s life, buisnesslife and the journey of building Blackstone Group. Schwarzman's amount of (humble) bragging gets way too much although he clearly has a lot to brag about. I agree with Tony - he is a relentless banker and never stops solving problems. I found it witty yet informative learning about one of the most successful individual's in the private equity industry. Imagine believing creative entrepreneurship is the founding of another investment company. He eventually partnered with his mentor and friend Pete Peterson to found Blackstone, vowing to create a new and different kind of financial institution. 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. Everyday low prices and free delivery on eligible orders. Our imprint is committed to publishing exceptional books of all genres that captivate readers. Blackstone Chairman, CEO and co-founder Stephen Schwarzman is a legend in the finance world. So if you’re going to dedicate your life to a business, which is the only way it will ever work, you should choose one with the potential to be huge.”, “The best executives are made, not born. After watching an interview with Carlyle Group's David Rubinsteins interview with Stephen Schwarzman I gained an interest in learning more about the P.E. His personal fortune is estimated at $19 billion as of October 2020, ranking him at 64th on the World's Billionaires list. "Blackstone CEO Stephen Schwarzman explains how a mindset he developed in his dad’s linens shop powered him through leading a Lehman coup, building a … But the best part of the book is when Schwarzman describes his struggles in the early days of Blackstone. The dean pretty much told him to "fuck off." 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. Schwarzman's amount of (humble) bragging gets way too much although he clearly has a lot to brag about. Folding handkerchiefs in his father’s linen shop, Schwarzman dreamed of a larger life, filled with purpose and adventure. Just a moment while we sign you in to your Goodreads account. 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. Business & Economics > Finance > Wealth Management, Biography & Autobiography > Composers & Musicians, 6 Savvy Business Books to Set You Up for Career Success, Author Photo (jpg): Stephen A. Schwarzman, full terms and conditions and this month's choices, Publisher: Avid Reader Press / Simon & Schuster (September 17, 2019). In an hour-long interview conducted by Jay Hooley, chairman of State Street Corporation and BC ’79, Schwarzman offered anecdotes and advice to the students in attendance. Start by marking “What It Takes: Lessons in the Pursuit of Excellence” as Want to Read: Error rating book. Digital products purchased from this site are sold by Simon & Schuster Digital Sales Inc. Don't miss our eBook deals starting at $0.99! 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. 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. We launched in 2015 as an imprint of Blackstone Audio, Inc., one of the largest independent audiobook publishers in the world. 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. The story is fairly engaging, going over big moments chronologically in his rise from college to the helm of Blackstone. A great read!” —John Kerry, Former U.S. Secretary of State and U.S. The New York Times’ Bestseller by Blackstone CEO Stephen Schwarzman delves into what it takes to build, transform and leading thriving organisations. Mr. Schwarzman has been involved in all phases of Blackstone’s development since its founding in 1985. A regularly cringe inducing autobiography built around chapters with self help inspired titles and the occasional, borderline cliche life advice aside. A regularly cringe inducing autobiography built around chapters with self help inspired titles and the occasional, borderline cliche life advice aside. “What It Takes is a must-read book, filled with the experiences of one of the great business success stories of the last 30 years—Blackstone. Steve’s book captures what made Blackstone succeed. He lives in New York City with his wife and three dogs. It started off talking about his upbringing in a middle-class Philadelphia suburb and him getting into Princeton and Yale, but not Harvard. He’s the billionaire philanthropist who founded Schwarzman Scholars, this century’s version of the Rhodes Scholarship, in China. A 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. In his book, Blackstone founder and CEO Stephen Schwarzman takes his readers through “What it Takes” to build one of the most successful alternative investment firms in the world from the ground up. Buy The Blackstone Dragon Heir: Blackstone Mountain Book 1: Volume 1 1 by Montgomery, Alicia (ISBN: 9781984356383) from Amazon's Book Store. A cold, unfeeling dragon shifter CEO + mysterious woman on the run who perks up his dragon's interest = action, adventure, heart-wrenching romance and an HEA guaranteed to satisfy you! 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. 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. We’ll … Matthew Lennox’s entire life was driven by one thing: Lennox Corporation. He went on to do extremely well at Yale. 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