Steve Schwarzman from Blackstone was recently featured on The Knowledge Project podcast hosted by Shane Parrish. Schwarzman is chairman and CEO of The Blackstone Group, one of the largest private equity firms in the world. The episode features a great discussion on Steve’s history growing up, life lessons he’s learned along the way, and how he got started in his career managing money.
The Blackstone Group invests in alternative asset classes on behalf of pension funds and other major institutions. Their website explains that Blackstone invests on a global scale across a wide range of asset classes. Some of these include private equity, real estate, public debt, non-investment grade credit, and real assets.
Schwarzman discusses his career with podcast host Shane Parrish. They cover Steve’s early years, how he got into investment banking at a time when many smart people were going to law school or medical school. Steve had a great track coach in high school who made a tremendous impact while he was young. A quote his track coach would say which stuck in his mind was, “You have to make deposits in training so that you can make withdrawals for game day.” Steve discusses the importance of making good decisions while hiring people. He also talks about focusing on something you want to do in your life and dedicating your time to doing something really great.
Steve discusses his focus on not losing money. He compares his philosophy to being a doctor where he says, “do no harm.” Schwarzman has a new book out titled “What It Takes,” where he describes his career over the last 30 years at Blackstone and his experience as a lifetime learner. Schwarzman has an estimated net worth of over $17 billion. His company has $554 billion in assets under management, making it one of the biggest asset management companies in the world.
Shane Parrish is the host of The Knowledge Project, a podcast dedicated uncovering ‘insights that lead to results’ with stories and interviews to help you think and live better. Check out all his exciting interviews at the Farnam Street website.