The Wall Street Journal has a fascinating must read article on Blackstone's Steve Schwarzman and how he got to where he is today. Some tidbits: He hates squeaky shoes. He sometimes refers to himself in the third person: "The little man has cracked the code in how to be a private company in the clothing of a public company.". He takes no prisoners but when he competes for a deal he's not a "marauding, low-class, low-brow inflictor of random damage.". Time seems to be of the essense: he downs three course meals in 15 minutes. And he loves his $400 stone crabs...
Stephen Schwarzman, who stands 5-foot-6, describes himself as a scrappy "little man" who finds ways to win. When he pursues deals as the chief executive of Blackstone Group, he says, he wants to "inflict pain" on and "kill off" his rivals.
Investing in Blackstone, in large measure, means buying a piece of Mr. Schwarzman -- his profitable track record at taking companies private and wringing money out of them, his enormous ambition, and his healthy ego. Unlike most public companies, buyout firms live and die on the backs of their skippers, and the 60-year-old Mr. Schwarzman has always made it clear that he's the one in charge....
Over the course of several conversations earlier this year, Mr. Schwarzman said he views each deal as a contest to the death. His intended message to the market: Blackstone will get what it wants at the price it wants to pay. Mr. Schwarzman likes battles to play out quickly. "I want war -- not a series of skirmishes," he said of his philosophy. "I always think about what will kill off the other bidder.
"I didn't get to be successful by letting people hurt Blackstone or me," he said. "I have no first-strike capability. I never choose to go into battle first. But I won't back down." Mr. Schwarzman declined to talk specifically about Blackstone's business. SEC rules impose a "quiet period" before a public offering.
How Blackstone's Chief Became $7 Billion Man - Wall Street Journal
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