Stephen Schwarzman

Everything Stephen Schwarzman said on any show that made the record, most notable first. Each card names its show and opens the statement there.

KNOWLEDGE PROJECT Assertion Supported

Schwarzman: Blackstone launched with $400,000 and a $50,000 fee from Squibb

“I remember when we got our first assignment, that was from Squibb, which was a pharmaceutical company for 50,000 dollars, which was less than the smallest legal bill I had ever gotten on a transaction. But 50,000 dollars, we started with 400,000 total capital.…”

Stephen Schwarzman Nov 12, 2019 ▶ 24:57 #69 Stephen Schwarzman: What It Takes

KNOWLEDGE PROJECT Insight

Schwarzman: Fear of financial ruin prevents emotional presence with family

“That it's hard to be emotionally present when you're worried about completely wiping out financially.”

Stephen Schwarzman Nov 12, 2019 ▶ 26:39 #69 Stephen Schwarzman: What It Takes

KNOWLEDGE PROJECT Assertion Not checkable as stated

Schwarzman: Blackstone received 17 rejections for every yes on Fund I

“I remember each one of the investors because we were turned down 17 times for every one yes.”

Stephen Schwarzman Nov 12, 2019 ▶ 28:18 #69 Stephen Schwarzman: What It Takes

KNOWLEDGE PROJECT Assertion Supported

Schwarzman: Financial stocks fell 85% in 2008 crisis while Blackstone fell 90%

“The average stock of a financial company, bank, money manager, didn't matter, during the financial crisis went down 85%. So if you've ever been involved with something that went down 85%, You would not be a particularly happy Kemper. Blackstone's always been a…”

Stephen Schwarzman Nov 12, 2019 ▶ 55:48 #69 Stephen Schwarzman: What It Takes

KNOWLEDGE PROJECT Insight

Schwarzman: Top-of-cycle investing demands powerful momentum and historically safe pricing

“You always have to know where you are in the cycle, so if you're near the top, this thing's gotta really, it's got a lot to prove to deploy that money. It's gotta have a, just a rip-roaring, wonderful set of momentum thesis, so it'll power through a downturn, …”

Stephen Schwarzman Nov 12, 2019 ▶ 59:13 #69 Stephen Schwarzman: What It Takes

The other half of the tape: Stephen Schwarzman's own voice is left out of every number here. Other people bring the name up 5 times in 3 episodes across the shows. every mention, with the transcript →

Who brings them up most Shane Parrish 4Nicolai Tangen 1

Every mention by year

One line per show, most statements first. The link opens Stephen's full record on that show: the calibration, argument clarity, speaking style and every statement made there.

Show	Role there	Eps	Statements	Record
KNOWLEDGE PROJECTLEDGER	Chairman, CEO, and Co-Founder, Blackstone	1	29	50% 3/6	full record on the Knowledge Project →