Lessons in the Pursuit of Excellence
1501158147
Stephen A. Schwarzman
Notes
…refine my ability to simplify complex problems by focusing on only the two or three issues that will determine the outcome.
The only help he (his dad) could give me in this new world was to love me and let me know I could always come home.
Teaching, I came to believe, is about more than sharing knowledge. You have to remove the obstacles in people’s way.
“It’s not a big deal to you, but it’s a really big deal to me”
…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.
…people who are 10’s sense problems, design solutions, and take the business in new directions without being told to do so. 10’s always make it rain.
To be successful you have to put yourself in situations and places you have no right being in. You shake your head and learn from your own stupidity. But through sheer will, you wear the world down, and it gives you what you want.
Sometimes it’s best to pay what you have to pay and focus on what you can then do as an owner. The returns to successful ownership will often be much higher than the returns on winning a one-off battle over price.
The way to avoid this type of situation is to invest only when values have recovered at least 10 percent from their lows. Asset values tend to increase as economies gain momentum. It’s better to give up the first 10 to 15 percent of a market recovery to ensure that you are buying at the right time.
…our usual three tests for a new line of business.
- It must have the potential to be hugely rewarding for investors
- It must add to Blackstone’s intellectual capital
- And it must have a 10 in charge of it