My biggest job really is to figure other people out. I need to understand what makes a person tick.
Markets tend to always overshoot when they get really ebullient.
“The most important thing with a new business is figuring out why people need you.”
I love picking people. I started Blackstone, and we had no people, and now we have with our portfolio companies about 750,000 people all over the world. Everybody who is at a senior level has ultimately been picked by me.
“You won’t do well unless you’re hiring people who are consistent with your values.”
It’s wonderful to learn about new cultures and to be able to travel easily to so many countries.
“If you’re a ’10’ in business, you’ll be fine. If you can attract a team full of 10s, they’ll always make it rain.”
I’m not feeling undertaxed. Tax reform is an important issue. You have to have an inherent sense of fairness.
“As CEO, you have to articulate the core values of your business. Everybody has to know what you stand for.”
Down cycles are not fun. But they form the basis for enormous future profitability
“If you want to create a supportive work environment, don’t praise everyone, build a culture around and comfortability with criticism.”
I don’t feel like a wealthy person. Other people think of me as a wealthy person, but I don’t. I feel the same as when I was a fifth-year associate trying to make partner at Lehman Brothers. I haven’t changed.
“CEOs have to surround themselves with phenomenal people who share their value system.”
If I get angry, it’s obvious. I don’t have to say much. “You have to have great fantasies in life and then fulfil them.”
“We encourage people to come forward with different points of view – actually, we demand it.”
For future geopolitical stability and global prosperity, we need to build a culture of greater trust and understanding between China, America and the rest of the world.
“A leader gives employees autonomy and control so they can make use of their gifts.”
Sleeping at night is not a specialty of entrepreneurs. The entrepreneur who is sleeping soundly, something bad is happening to that person; they just don’t know it’s happening yet.
“No one was born a CEO, it’s not a gene. It’s a trained behavior. There is a whole skillset.”
“The smart CEOs know they don’t know.”
“My advice for entrepreneurs: Have thick skin and friends in the psychology department.”
To the extent that I can add value and make my country a better place, that’s a good thing to do.
“Most people want to have ownership of their own growth. As a CEO, your job is to figure out how to make that possible.”