title
Stephen Schwarzman on The David Rubenstein Show:

description
Nov.14 -- Blackstone Group Inc. Chairman and Chief Executive Officer Stephen Schwarzman talks about starting the firm, surviving the real estate crash of 2007, and being rejected from Harvard. Schwarzman appears on "The David Rubenstein Show: Peer-to-Peer Conversations." The show was recorded on Sept. 4 in New York. #peertopeerbloomberg

detail
{'title': 'Stephen Schwarzman on The David Rubenstein Show:', 'heatmap': [{'end': 578.572, 'start': 563.125, 'weight': 0.716}, {'end': 860.773, 'start': 838.555, 'weight': 0.707}, {'end': 931.948, 'start': 895.304, 'weight': 1}], 'summary': "Steve schwarzman's journey from harvard to becoming one of the wealthiest men is detailed, including his career at lehman brothers and blackstone's billion-dollar journey, the growth of blackrock managing over $6.5 trillion, and strategic real estate deals.", 'chapters': [{'end': 55.191, 'segs': [{'end': 55.191, 'src': 'embed', 'start': 5.034, 'weight': 0, 'content': [{'end': 7.276, 'text': 'You then went to Harvard Business School.', 'start': 5.034, 'duration': 2.242}, {'end': 10.258, 'text': 'Yes And did you enjoy Harvard Business School? No.', 'start': 7.676, 'duration': 2.582}, {'end': 13, 'text': 'Did you want to drop out? Yes.', 'start': 11.399, 'duration': 1.601}, {'end': 20.966, 'text': 'You went out to raise a fund, and was that easy to do? I sort of looked at that, and I went, OMG, we are going to fail.', 'start': 13.54, 'duration': 7.426}, {'end': 25.449, 'text': 'In 2007, you decide maybe you should take the firm public.', 'start': 22.146, 'duration': 3.303}, {'end': 28.311, 'text': 'Well, I took it public for a lot of different reasons.', 'start': 25.789, 'duration': 2.522}, {'end': 33.535, 'text': 'I had a sixth sense that something terrible was going to happen in the environment.', 'start': 28.911, 'duration': 4.624}, {'end': 39.663, 'text': "Would you fix your tie, please? Well, people wouldn't recognize me if my tie was fixed, but OK.", 'start': 34.741, 'duration': 4.922}, {'end': 41.824, 'text': 'Just leave it this way.', 'start': 41.004, 'duration': 0.82}, {'end': 49.908, 'text': 'All right.', 'start': 49.468, 'duration': 0.44}, {'end': 52.209, 'text': "I don't consider myself a journalist.", 'start': 50.388, 'duration': 1.821}, {'end': 55.191, 'text': 'And nobody else would consider myself a journalist.', 'start': 53.17, 'duration': 2.021}], 'summary': 'Entrepreneur reflects on challenging experiences at harvard business school and taking a firm public in 2007.', 'duration': 50.157, 'max_score': 5.034, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY5034.jpg'}], 'start': 5.034, 'title': 'Harvard, business, and public', 'summary': 'Discusses the challenges faced at harvard business school, the decision to take the firm public in 2007, and the intuition about an impending environmental crisis.', 'chapters': [{'end': 55.191, 'start': 5.034, 'title': 'Harvard, business, and public', 'summary': 'Discusses the challenges faced at harvard business school, the decision to take the firm public in 2007, and the intuition about an impending environmental crisis.', 'duration': 50.157, 'highlights': ['Taking the firm public in 2007 for various reasons.', 'Challenges faced at Harvard Business School and the desire to drop out.', 'Intuition about an impending environmental crisis in 2007.']}], 'duration': 50.157, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY5034.jpg', 'highlights': ['Intuition about an impending environmental crisis in 2007', 'Taking the firm public in 2007 for various reasons', 'Challenges faced at Harvard Business School and the desire to drop out']}, {'end': 370.219, 'segs': [{'end': 82.601, 'src': 'embed', 'start': 55.911, 'weight': 0, 'content': [{'end': 61.514, 'text': 'I began to take on the life of being an interviewer, even though I have a day job running a private equity firm.', 'start': 55.911, 'duration': 5.603}, {'end': 76.137, 'text': "How do you define leadership? What is it that makes somebody tick? Before we get into Blackstone, I'd like to talk about a couple other things.", 'start': 64.343, 'duration': 11.794}, {'end': 82.601, 'text': "You grew up in a middle-class environment in Philadelphia and now you're one of the wealthiest men in the world,", 'start': 77.038, 'duration': 5.563}], 'summary': 'Interviewer with a day job at a private equity firm discusses leadership and personal background.', 'duration': 26.69, 'max_score': 55.911, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY55911.jpg'}, {'end': 166.423, 'src': 'embed', 'start': 122.492, 'weight': 1, 'content': [{'end': 123.853, 'text': 'DID YOU TELL HIM, YOU HAVE A GOOD CHANCE.', 'start': 122.492, 'duration': 1.361}, {'end': 125.574, 'text': "OR DID YOU TELL HIM, THAT'S A TOUGH THING TO DO?", 'start': 123.853, 'duration': 1.721}, {'end': 129.277, 'text': 'I THOUGHT THAT WAS A VERITABLE IMPOSSIBILITY.', 'start': 125.594, 'duration': 3.683}, {'end': 135.68, 'text': "So, when he got elected, did he say Steve, you were wrong, and why don't you come in and serve in the administration?", 'start': 130.138, 'duration': 5.542}, {'end': 139.842, 'text': "I can't tell you exactly what he said, but it was very funny.", 'start': 136.841, 'duration': 3.001}, {'end': 146.885, 'text': "And I didn't want to be part of the government.", 'start': 141.243, 'duration': 5.642}, {'end': 151.707, 'text': "I have a wonderful life as it is, and I didn't want to disrupt that.", 'start': 146.945, 'duration': 4.762}, {'end': 157.974, 'text': "So you've been an advisor off and on from the beginning of administration to president, and he's asked you to do a number of assignments,", 'start': 152.367, 'duration': 5.607}, {'end': 160.456, 'text': "but I've never seen him tweet anything unfavorable about you.", 'start': 157.974, 'duration': 2.482}, {'end': 162.559, 'text': "So you've managed to stay on his good side.", 'start': 160.857, 'duration': 1.702}, {'end': 166.423, 'text': "What's the secret to staying on his good side? Well, you tell people the truth.", 'start': 163.4, 'duration': 3.023}], 'summary': 'Steve was asked to serve in the administration but declined, preferring to stay as an advisor and maintain a good relationship with the president by telling the truth.', 'duration': 43.931, 'max_score': 122.492, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY122492.jpg'}, {'end': 238.499, 'src': 'embed', 'start': 209.951, 'weight': 5, 'content': [{'end': 213.755, 'text': "Why don't we start with your background and take you through the creation of Blackstone?", 'start': 209.951, 'duration': 3.804}, {'end': 216.438, 'text': 'So you grew up in the Philadelphia suburbs.', 'start': 214.415, 'duration': 2.023}, {'end': 216.858, 'text': 'is that right??', 'start': 216.438, 'duration': 0.42}, {'end': 217.459, 'text': "That's right.", 'start': 217.018, 'duration': 0.441}, {'end': 219.442, 'text': 'And you were from a middle class family.', 'start': 217.92, 'duration': 1.522}, {'end': 228.393, 'text': 'Your father had a curtain store? Yeah, a curtain store is sort of what would have been a bed, bath, and beyond type of store.', 'start': 219.462, 'duration': 8.931}, {'end': 230.135, 'text': 'And it was started by his father.', 'start': 228.693, 'duration': 1.442}, {'end': 231.156, 'text': "That's right.", 'start': 230.856, 'duration': 0.3}, {'end': 232.477, 'text': 'And so he came into the business.', 'start': 231.176, 'duration': 1.301}, {'end': 236.098, 'text': "And did they say, Steve, you're the oldest of the three sons that he had.", 'start': 232.737, 'duration': 3.361}, {'end': 238.499, 'text': "Now it's time for you to come into the business.", 'start': 236.579, 'duration': 1.92}], 'summary': 'Steve came from a middle-class family and joined the family curtain store business.', 'duration': 28.548, 'max_score': 209.951, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY209951.jpg'}, {'end': 278.362, 'src': 'embed', 'start': 251.266, 'weight': 3, 'content': [{'end': 258.012, 'text': 'But you told your father, according to the book, that maybe he should expand it and do more than one store and maybe become Bed Bath & Beyond.', 'start': 251.266, 'duration': 6.746}, {'end': 261.535, 'text': "What did he say to that advice? He said, Steve, that's really interesting.", 'start': 258.072, 'duration': 3.463}, {'end': 263.556, 'text': "I don't feel like doing that.", 'start': 261.555, 'duration': 2.001}, {'end': 268.339, 'text': "And I said, Dad, why don't you want to do it? We have lots of people in this store.", 'start': 264.517, 'duration': 3.822}, {'end': 270.939, 'text': "I haven't seen another store like this.", 'start': 269.239, 'duration': 1.7}, {'end': 273, 'text': 'I think we could be national.', 'start': 271.68, 'duration': 1.32}, {'end': 278.362, 'text': "And he just said, not for him? He said, I'm just not interested.", 'start': 273.761, 'duration': 4.601}], 'summary': "Steve suggested expanding to multiple stores like bed bath & beyond, but his father wasn't interested.", 'duration': 27.096, 'max_score': 251.266, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY251266.jpg'}, {'end': 325.007, 'src': 'embed', 'start': 296.529, 'weight': 4, 'content': [{'end': 303.812, 'text': "I said, Dad, why don't you want to do this? And he said, I'm happy the way I am.", 'start': 296.529, 'duration': 7.283}, {'end': 305.213, 'text': 'I have a house.', 'start': 304.532, 'duration': 0.681}, {'end': 313.043, 'text': "I have two cars, I have enough money to send you and your brothers to college, and that's really all I want.", 'start': 306.141, 'duration': 6.902}, {'end': 318.425, 'text': "And I shook my head and I went, I don't understand that.", 'start': 314.264, 'duration': 4.161}, {'end': 325.007, 'text': "I just saw the opportunity to open stores all over the country and he just didn't want to do it.", 'start': 318.785, 'duration': 6.222}], 'summary': 'Father content with current life, declined national store expansion opportunity.', 'duration': 28.478, 'max_score': 296.529, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY296529.jpg'}], 'start': 55.911, 'title': "Steve schwarzman's journey and background", 'summary': "Details steve schwarzman's rise from a middle-class environment to becoming one of the wealthiest men, his close relationship with president trump, and his entrepreneurial mindset and family dynamics. it covers his approach to advising the administration and his stance on joining the government.", 'chapters': [{'end': 189.175, 'start': 55.911, 'title': "Steve schwarzman's journey", 'summary': "Highlights steve schwarzman's rise from a middle-class environment in philadelphia to becoming one of the wealthiest men in the world, his close relationship with president trump, and his approach to advising and interacting with the administration, including his stance on joining the government.", 'duration': 133.264, 'highlights': ["Steve Schwarzman's journey from a middle-class environment in Philadelphia to becoming one of the wealthiest men in the world and a close advisor to President Trump.", 'His independent stance on advising and interacting with the administration, emphasizing the importance of telling the truth and being an independent person.', "His initial skepticism towards President Trump's chances of running for president, followed by his decision not to disrupt his life by joining the government despite being asked to serve in the administration."]}, {'end': 370.219, 'start': 189.235, 'title': "Steve schwartzman's background and blackstone creation", 'summary': "Covers steve schwartzman's upbringing in a middle-class family, his proposition to expand the family business, and his father's contentment with the status quo despite potential growth opportunities, showcasing his entrepreneurial mindset and family dynamics.", 'duration': 180.984, 'highlights': ["Steve's proposition to expand the family business and his father's reluctance to do so, despite potential growth opportunities and Steve's entrepreneurial vision.", "Steve's realization of his father's contentment with the status quo, despite having the intelligence to recognize potential opportunities for business expansion.", "Steve's upbringing in a middle-class family with a father owning a curtain store, and his mother being a housewife during the 1950s and 60s."]}], 'duration': 314.308, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY55911.jpg', 'highlights': ["Steve Schwarzman's journey from a middle-class environment to becoming one of the wealthiest men and a close advisor to President Trump.", 'His independent stance on advising and interacting with the administration, emphasizing the importance of telling the truth and being an independent person.', "His initial skepticism towards President Trump's chances of running for president, followed by his decision not to disrupt his life by joining the government despite being asked to serve in the administration.", "Steve's proposition to expand the family business and his father's reluctance to do so, despite potential growth opportunities and Steve's entrepreneurial vision.", "Steve's realization of his father's contentment with the status quo, despite having the intelligence to recognize potential opportunities for business expansion.", "Steve's upbringing in a middle-class family with a father owning a curtain store, and his mother being a housewife during the 1950s and 60s."]}, {'end': 653.21, 'segs': [{'end': 484.986, 'src': 'embed', 'start': 430.251, 'weight': 3, 'content': [{'end': 439.353, 'text': "And so he picks up the phone and I said, hi, I'm Steve Schwarzman from Abington High School in Abington, Pennsylvania, and I'm on the waiting list.", 'start': 430.251, 'duration': 9.102}, {'end': 443.474, 'text': "And I'd really like to go to Harvard.", 'start': 439.953, 'duration': 3.521}, {'end': 446.054, 'text': "So why don't you take me off the waiting list?", 'start': 443.514, 'duration': 2.54}, {'end': 451.415, 'text': 'And so he said how in the world did you get through to me?', 'start': 447.034, 'duration': 4.381}, {'end': 454.154, 'text': "He said you're not allowed to talk to me.", 'start': 452.714, 'duration': 1.44}, {'end': 455.575, 'text': "I don't talk to applicants.", 'start': 454.214, 'duration': 1.361}, {'end': 459.456, 'text': "And I said, but we're talking.", 'start': 457.556, 'duration': 1.9}, {'end': 460.757, 'text': 'And he said, yes.', 'start': 460.056, 'duration': 0.701}, {'end': 464.138, 'text': 'He said, you sound like a very nice young man.', 'start': 460.777, 'duration': 3.361}, {'end': 467.819, 'text': "But unfortunately, we're not going to be taking anyone.", 'start': 464.778, 'duration': 3.041}, {'end': 469.82, 'text': 'from the waiting list this year.', 'start': 468.539, 'duration': 1.281}, {'end': 473.241, 'text': 'Our yield was higher than we thought.', 'start': 469.84, 'duration': 3.401}, {'end': 478.904, 'text': 'And where else were you accepted? I said, well, I was accepted at Yale.', 'start': 473.821, 'duration': 5.083}, {'end': 483.666, 'text': "And he said, well, you'll have a very good time at Yale, and you'll enjoy it.", 'start': 479.504, 'duration': 4.162}, {'end': 484.986, 'text': "I said, I'm sure I would.", 'start': 483.986, 'duration': 1}], 'summary': 'Steve schwarzman calls harvard, denied admission, accepted at yale.', 'duration': 54.735, 'max_score': 430.251, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY430251.jpg'}, {'end': 603.869, 'src': 'heatmap', 'start': 563.125, 'weight': 0, 'content': [{'end': 565.886, 'text': 'You had people who had worked on oil rigs.', 'start': 563.125, 'duration': 2.761}, {'end': 578.572, 'text': 'You then went to Harvard Business School.', 'start': 576.371, 'duration': 2.201}, {'end': 581.514, 'text': 'Yes And did you enjoy Harvard Business School? No.', 'start': 578.993, 'duration': 2.521}, {'end': 584.31, 'text': 'Did you want to drop out? Yes.', 'start': 582.708, 'duration': 1.602}, {'end': 587.653, 'text': 'And what kept you from dropping out? I wrote a letter.', 'start': 585.11, 'duration': 2.543}, {'end': 590.556, 'text': 'There was no internet.', 'start': 589.735, 'duration': 0.821}, {'end': 597.923, 'text': 'I wrote a letter to Dick Jenneret, who was president of a firm called Donaldson Lufkin Jenneret,', 'start': 591.697, 'duration': 6.226}, {'end': 601.686, 'text': 'which is where I worked a bit right after I graduated, before I went into the Army.', 'start': 597.923, 'duration': 3.763}, {'end': 603.869, 'text': "And I said, Dick, it's cold up here.", 'start': 602.287, 'duration': 1.582}], 'summary': 'Worked on oil rigs, went to harvard business school, wanted to drop out, wrote a letter to president of company', 'duration': 90.571, 'max_score': 563.125, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY563125.jpg'}], 'start': 370.479, 'title': "Steve schwarzman's education and career", 'summary': "Highlights steve schwarzman's audacious move of calling the director of admissions at harvard after being waitlisted and his persistence in staying at harvard business school despite wanting to drop out, leading to his successful career in finance and business.", 'chapters': [{'end': 653.21, 'start': 370.479, 'title': "Steve schwarzman's education and career", 'summary': "Highlights steve schwarzman's audacious move of calling the director of admissions at harvard after being waitlisted and his persistence in staying at harvard business school despite wanting to drop out, leading to his successful career in finance and business.", 'duration': 282.731, 'highlights': ['Steve Schwarzman called the director of admissions at Harvard to request being taken off the waiting list, showing audacious determination. Requesting to be taken off the waiting list at Harvard.', "Steve Schwarzman's conversation with the dean of admissions at Harvard, who initially refused to talk to applicants, and his eventual acceptance at Yale. Conversation with the dean of admissions at Harvard and acceptance at Yale.", 'Receiving a letter from the former dean of admissions at Harvard, acknowledging the missed opportunity in accepting Steve Schwarzman. Acknowledgment from the former dean of admissions at Harvard.', "Steve Schwarzman's decision to stay at Harvard Business School despite not enjoying it, influenced by a letter from the president of Donaldson Lufkin & Jenrette. Influential letter from the president of Donaldson Lufkin & Jenrette.", "Steve Schwarzman's success at Harvard Business School, leading to numerous job offers. Receiving multiple job offers after completing studies at Harvard Business School."]}], 'duration': 282.731, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY370479.jpg', 'highlights': ['Receiving multiple job offers after completing studies at Harvard Business School.', 'Acknowledgment from the former dean of admissions at Harvard.', 'Influential letter from the president of Donaldson Lufkin & Jenrette.', 'Requesting to be taken off the waiting list at Harvard.', 'Conversation with the dean of admissions at Harvard and acceptance at Yale.']}, {'end': 906.972, 'segs': [{'end': 723.133, 'src': 'embed', 'start': 653.53, 'weight': 0, 'content': [{'end': 657.834, 'text': 'Yes So you interviewed with a number of firms, and the one you decided to go with was Lehman Brothers.', 'start': 653.53, 'duration': 4.304}, {'end': 662.879, 'text': 'Yes Why did you pick Lehman Brothers? I thought it was the most interesting cast of characters.', 'start': 657.874, 'duration': 5.005}, {'end': 667.664, 'text': 'You know, that was before MBAs went to Wall Street.', 'start': 663.86, 'duration': 3.804}, {'end': 673.89, 'text': 'And so they just hired at random, and this was the first class of MBAs.', 'start': 668.885, 'duration': 5.005}, {'end': 675.752, 'text': 'that Lehman was going to hire.', 'start': 674.451, 'duration': 1.301}, {'end': 677.313, 'text': 'And the people were fascinating.', 'start': 675.832, 'duration': 1.481}, {'end': 679.635, 'text': 'You had ex-CIA agents.', 'start': 677.333, 'duration': 2.302}, {'end': 682.437, 'text': 'You had people who had worked on oil rigs.', 'start': 679.675, 'duration': 2.762}, {'end': 688.261, 'text': 'You had all kinds of unusual people working at the firm.', 'start': 682.497, 'duration': 5.764}, {'end': 693.585, 'text': 'So I thought, for whatever the reason, it was the right personality fit for me.', 'start': 688.301, 'duration': 5.284}, {'end': 698.248, 'text': 'And you became a partner at an early age, I think 31, something like that? Yeah, I think it was 31.', 'start': 693.845, 'duration': 4.403}, {'end': 702.433, 'text': "So 31 years old, you're a partner at Lehman Brothers, and life is going well.", 'start': 698.248, 'duration': 4.185}, {'end': 706.317, 'text': "But then there's a problem at Lehman Brothers, and Lehman Brothers ultimately was sold.", 'start': 702.553, 'duration': 3.764}, {'end': 707.799, 'text': "Is that right? Yes, that's right.", 'start': 706.377, 'duration': 1.422}, {'end': 710.602, 'text': 'I sold it to American Express.', 'start': 707.859, 'duration': 2.743}, {'end': 717.67, 'text': 'And the problem was that in the trading side of the firm, there was a position taken that really went wrong.', 'start': 710.662, 'duration': 7.008}, {'end': 723.133, 'text': 'So you then decided to join somebody who had previously been the president of Lehman Brothers, but he was eased out.', 'start': 718.191, 'duration': 4.942}], 'summary': 'Joined lehman brothers, fascinated by diverse talents, became partner at 31, sold to american express due to trading loss.', 'duration': 69.603, 'max_score': 653.53, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY653530.jpg'}, {'end': 774.865, 'src': 'embed', 'start': 747.587, 'weight': 5, 'content': [{'end': 750.749, 'text': 'so you talk and people give you money, but you each put in 200 000.', 'start': 747.587, 'duration': 3.162}, {'end': 760.715, 'text': 'the strategic plan for the business, which we announced in a letter to everyone we knew, was first the M&A advisory business,', 'start': 750.749, 'duration': 9.966}, {'end': 762.296, 'text': 'because it required no capital.', 'start': 760.715, 'duration': 1.581}, {'end': 766.7, 'text': 'The second was going into the private equity business.', 'start': 763.597, 'duration': 3.103}, {'end': 770.342, 'text': 'And you had never been, you or Pete, private equity investor before.', 'start': 766.92, 'duration': 3.422}, {'end': 774.865, 'text': "And Pete said, since we haven't been, we'll go out and raise a small fund, a $50 million fund.", 'start': 770.863, 'duration': 4.002}], 'summary': 'Started with $200,000 each. plan: m&a advisory, then $50 million fund for private equity.', 'duration': 27.278, 'max_score': 747.587, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY747587.jpg'}, {'end': 860.773, 'src': 'heatmap', 'start': 817.803, 'weight': 6, 'content': [{'end': 824.447, 'text': 'It was called Prudential Life Insurance Company, which was the number one financier in those days.', 'start': 817.803, 'duration': 6.644}, {'end': 833.292, 'text': 'And we were over at Newark on a Friday having lunch with the chief investment officer.', 'start': 825.207, 'duration': 8.085}, {'end': 837.754, 'text': 'And he was having a tuna on white bread cut across.', 'start': 833.992, 'duration': 3.762}, {'end': 840.116, 'text': "And I'm busy pitching this.", 'start': 838.555, 'duration': 1.561}, {'end': 847.307, 'text': 'private equity fund and you can share part of our advisory profits as a merchant bank.', 'start': 841.144, 'duration': 6.163}, {'end': 851.909, 'text': "And he keeps chewing and his Adam's apples going up and down.", 'start': 847.847, 'duration': 4.062}, {'end': 860.773, 'text': 'And I keep doing my thing, finishes the first half of the sandwich, gets through the other half, halfway.', 'start': 851.969, 'duration': 8.804}], 'summary': 'Prudential life insurance was top financier; pitching private equity fund at lunch.', 'duration': 29.504, 'max_score': 817.803, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY817803.jpg'}], 'start': 653.53, 'title': "Lehman brothers and blackstone's billion-dollar journey", 'summary': "Delves into the career at lehman brothers, including the interview process, reasons for choosing the firm, becoming a partner at 31, and the firm's sale to american express. it also discusses blackstone's journey from securing $1 billion in funding for their private equity business to expanding into other lucrative ventures.", 'chapters': [{'end': 723.133, 'start': 653.53, 'title': 'Career at lehman brothers', 'summary': "Discusses the interview process, reasons for choosing lehman brothers, the diverse and fascinating cast of characters, becoming a partner at 31, the firm's problem leading to its sale to american express, and the decision to join the former president of lehman brothers.", 'duration': 69.603, 'highlights': ['The decision to join Lehman Brothers due to its diverse and fascinating cast of characters, including ex-CIA agents and people with unique backgrounds, showcasing the unconventional hiring approach before MBAs went to Wall Street.', 'Becoming a partner at the age of 31 at Lehman Brothers, indicating early career success and progression within the firm.', "The problem at Lehman Brothers resulting in its sale to American Express, attributed to a position taken in the trading side of the firm that went wrong, signifying a significant event in the company's history.", "The decision to join the former president of Lehman Brothers after he was eased out, highlighting a strategic career move in response to the firm's changes.", 'The interview process with other firms and the reasoning behind choosing Lehman Brothers, emphasizing the unique personality fit and the appeal of the diverse team at the firm.']}, {'end': 906.972, 'start': 723.453, 'title': "Blackstone's billion-dollar journey", 'summary': "Recounts blackstone's audacious journey from securing $1 billion in funding for their private equity business, despite initial rejections, to ultimately attracting the top investor and expanding into other lucrative business ventures.", 'duration': 183.519, 'highlights': ["Blackstone's strategic plan included entering the M&A advisory business, which required no capital, and venturing into the private equity business, despite lacking previous experience. The strategic plan for Blackstone involved entering the M&A advisory business, which required no capital, and venturing into the private equity business, despite lacking previous experience.", 'Initial rejections from top prospects led to doubt and fear of failure, but securing a $100 million investment from the top investor, Prudential Life Insurance Company, paved the way for further funding and success. Initial rejections from top prospects led to doubt and fear of failure, but securing a $100 million investment from the top investor, Prudential Life Insurance Company, paved the way for further funding and success.', 'The pivotal moment of securing a $100 million investment from Prudential Life Insurance Company marked a turning point, as it not only brought significant funding but also garnered trust from other potential investors. The pivotal moment of securing a $100 million investment from Prudential Life Insurance Company marked a turning point, as it not only brought significant funding but also garnered trust from other potential investors.']}], 'duration': 253.442, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY653530.jpg', 'highlights': ['Becoming a partner at the age of 31 at Lehman Brothers, indicating early career success and progression within the firm.', 'The decision to join Lehman Brothers due to its diverse and fascinating cast of characters, showcasing the unconventional hiring approach before MBAs went to Wall Street.', 'The interview process with other firms and the reasoning behind choosing Lehman Brothers, emphasizing the unique personality fit and the appeal of the diverse team at the firm.', "The decision to join the former president of Lehman Brothers after he was eased out, highlighting a strategic career move in response to the firm's changes.", "The problem at Lehman Brothers resulting in its sale to American Express, attributed to a position taken in the trading side of the firm that went wrong, signifying a significant event in the company's history.", "Blackstone's strategic plan included entering the M&A advisory business, which required no capital, and venturing into the private equity business, despite lacking previous experience.", 'The pivotal moment of securing a $100 million investment from Prudential Life Insurance Company marked a turning point, as it not only brought significant funding but also garnered trust from other potential investors.', 'Initial rejections from top prospects led to doubt and fear of failure, but securing a $100 million investment from the top investor, Prudential Life Insurance Company, paved the way for further funding and success.']}, {'end': 1438.685, 'segs': [{'end': 932.768, 'src': 'embed', 'start': 907.172, 'weight': 0, 'content': [{'end': 916.238, 'text': 'The first one ended up as BlackRock, with Larry Fink, and Larry brought people over and they were called Blackstone Financial.', 'start': 907.172, 'duration': 9.066}, {'end': 922.342, 'text': 'Blackstone Financial, and so you actually owned the firm or owned part of the firm? 50-50.', 'start': 916.818, 'duration': 5.524}, {'end': 923.102, 'text': '50-50, okay.', 'start': 922.362, 'duration': 0.74}, {'end': 931.948, 'text': 'So you owned 50-50, and now Blackstone Financial is now BlackRock, which is managing like $6 trillion, I guess, or something like that.', 'start': 923.582, 'duration': 8.366}, {'end': 932.768, 'text': 'Six and a half.', 'start': 932.128, 'duration': 0.64}], 'summary': 'Blackstone financial became blackrock, managing $6.5 trillion.', 'duration': 25.596, 'max_score': 907.172, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY907172.jpg'}, {'end': 1003.164, 'src': 'embed', 'start': 962.042, 'weight': 4, 'content': [{'end': 968.664, 'text': 'And the BlackRock people, Blackstone financial people were frustrated with that.', 'start': 962.042, 'duration': 6.622}, {'end': 972.926, 'text': 'And that was the judgment of an amateur me.', 'start': 968.784, 'duration': 4.142}, {'end': 976.527, 'text': 'The real estate market crumbled right after the deal was done.', 'start': 973.846, 'duration': 2.681}, {'end': 985.752, 'text': 'So how did you survive with that deal? Just buying $39 billion of real estate, I thought was dangerous.', 'start': 976.607, 'duration': 9.145}, {'end': 1002.123, 'text': 'In 2007, you decide maybe you should take the firm public.', 'start': 998.78, 'duration': 3.343}, {'end': 1003.164, 'text': "It's a private company.", 'start': 1002.143, 'duration': 1.021}], 'summary': 'Blackrock and blackstone faced frustration after a $39 billion real estate deal in 2007, prompting consideration of going public.', 'duration': 41.122, 'max_score': 962.042, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY962042.jpg'}, {'end': 1060.772, 'src': 'embed', 'start': 1029.921, 'weight': 1, 'content': [{'end': 1031.021, 'text': 'So that was one reason.', 'start': 1029.921, 'duration': 1.1}, {'end': 1037.583, 'text': 'A second reason is I thought it would be a great branding event for the firm on a global basis.', 'start': 1031.742, 'duration': 5.841}, {'end': 1048.406, 'text': 'Everybody would know who we were, and that would make it easier to raise money, as well as to have people sell us companies and other assets.', 'start': 1038.503, 'duration': 9.903}, {'end': 1053.488, 'text': 'So ultimately what happened was the Chinese Sovereign Wealth Fund was the process of being created.', 'start': 1048.887, 'duration': 4.601}, {'end': 1055.429, 'text': 'They heard about your going public.', 'start': 1053.988, 'duration': 1.441}, {'end': 1060.772, 'text': 'And they, through an intermediary actually somebody working for you said can we buy a big stake in the IPO?', 'start': 1055.909, 'duration': 4.863}], 'summary': 'Going public would enhance global branding and attract investment, leading to interest from the chinese sovereign wealth fund to buy a big stake in the ipo.', 'duration': 30.851, 'max_score': 1029.921, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY1029921.jpg'}, {'end': 1104.686, 'src': 'embed', 'start': 1078.385, 'weight': 2, 'content': [{'end': 1085.133, 'text': 'that China had not invested in another public company since it was founded in 1949.', 'start': 1078.385, 'duration': 6.748}, {'end': 1086.134, 'text': 'So this was a complete paradigm shift.', 'start': 1085.133, 'duration': 1.001}, {'end': 1093.957, 'text': 'for China and we were chosen by them.', 'start': 1091.274, 'duration': 2.683}, {'end': 1095.878, 'text': 'It was pretty heady stuff.', 'start': 1094.057, 'duration': 1.821}, {'end': 1100.502, 'text': 'It worked out and ultimately you did the IPO and Chinese invested.', 'start': 1096.058, 'duration': 4.444}, {'end': 1104.686, 'text': 'And then after you did the IPO, let me mention two deals that you did.', 'start': 1101.063, 'duration': 3.623}], 'summary': "China's first public company investment since 1949 led to successful ipo and subsequent deals.", 'duration': 26.301, 'max_score': 1078.385, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY1078385.jpg'}, {'end': 1304.417, 'src': 'embed', 'start': 1272.958, 'weight': 3, 'content': [{'end': 1273.959, 'text': 'That was called Hilton.', 'start': 1272.958, 'duration': 1.001}, {'end': 1278.343, 'text': 'And that was a leveraged buyout, some people might say at the top of the market.', 'start': 1274.579, 'duration': 3.764}, {'end': 1283.766, 'text': 'And that deal went down in terms of the debt and maybe the equity,', 'start': 1279.043, 'duration': 4.723}, {'end': 1288.049, 'text': 'but then you ultimately did things that made it the most profitable buyout in the history of buyouts.', 'start': 1283.766, 'duration': 4.283}, {'end': 1291.45, 'text': 'What did you do? Well, that was pretty easy, actually.', 'start': 1288.249, 'duration': 3.201}, {'end': 1296.113, 'text': 'It looked hard, but Hilton had not been integrated.', 'start': 1291.47, 'duration': 4.643}, {'end': 1304.417, 'text': 'They were running four different headquarters, and there was a huge modernization and cost takeout.', 'start': 1296.133, 'duration': 8.284}], 'summary': 'Hilton leveraged buyout became the most profitable in history due to successful integration and cost takeout.', 'duration': 31.459, 'max_score': 1272.958, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY1272958.jpg'}, {'end': 1437.384, 'src': 'embed', 'start': 1402.464, 'weight': 5, 'content': [{'end': 1405.307, 'text': 'I think to be a leader, you have to be a really good listener.', 'start': 1402.464, 'duration': 2.843}, {'end': 1410.352, 'text': "You have to understand what's going on around you.", 'start': 1407.389, 'duration': 2.963}, {'end': 1413.015, 'text': 'You have to be measured.', 'start': 1411.653, 'duration': 1.362}, {'end': 1423.045, 'text': 'And you have to realize that everything you do is amplified in the minds of the people who are listening to you.', 'start': 1414.016, 'duration': 9.029}, {'end': 1434.183, 'text': 'So care, nuance, kindness, but defining a culture is what a leader does.', 'start': 1423.917, 'duration': 10.266}, {'end': 1436.644, 'text': 'Steve, thanks very much for this time.', 'start': 1434.843, 'duration': 1.801}, {'end': 1437.384, 'text': 'I appreciate it.', 'start': 1436.664, 'duration': 0.72}], 'summary': 'A leader must be a good listener, understand the environment, be measured, and define a culture.', 'duration': 34.92, 'max_score': 1402.464, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY1402464.jpg'}], 'start': 907.172, 'title': 'The growth of blackrock and strategic real estate deals', 'summary': "Details the transformation of blackstone financial to blackrock, now managing over $6.5 trillion, and the decision to take the firm public, resulting in a $3 billion investment from the chinese sovereign wealth fund. additionally, it discusses steve schwarzman's strategic real estate decisions, including the most profitable leveraged buyout in history.", 'chapters': [{'end': 1104.686, 'start': 907.172, 'title': 'Blackstone financial to blackrock: a journey of growth', 'summary': 'Details the transformation of blackstone financial to blackrock, now managing over $6.5 trillion, and the decision to take the firm public, which resulted in a $3 billion investment from the chinese sovereign wealth fund, marking a paradigm shift for china.', 'duration': 197.514, 'highlights': ['BlackRock now manages over $6.5 trillion, stemming from the transformation of Blackstone Financial.', 'The decision to take the firm public was driven by a sixth sense of an impending financial crisis and the aim to establish a strong global brand, leading to a $3 billion investment from the Chinese Sovereign Wealth Fund.', "The Chinese Sovereign Wealth Fund's $3 billion investment in the IPO marked a significant shift, as China had not invested in another public company since its founding in 1949."]}, {'end': 1438.685, 'start': 1105.346, 'title': 'Surviving billion dollar real estate deals', 'summary': "Discusses how steve schwarzman navigated the real estate market by making strategic decisions, including selling half of a $39 billion real estate buyout on the same day, resulting in three times profit and making hilton's leveraged buyout the most profitable in history.", 'duration': 333.339, 'highlights': ['Steve Schwarzman sold half of a $39 billion real estate buyout on the same day it was bought, resulting in three times profit and ensuring survival during the real estate market crash. Sold half of the buyout on the same day, resulting in three times profit, ensured survival during the real estate market crash.', "Hilton's leveraged buyout became the most profitable in history due to integration, modernization, and cost takeout, ultimately generating a $14 billion profit. Integration, modernization, and cost takeout led to a $14 billion profit, potential for over $20 billion profit if held longer.", 'Steve Schwarzman donated $350 million to MIT for a computing center and played a key role in establishing the MIT Schwarzman College of Computing, making MIT the first AI-enabled university in the world. Donated $350 million to MIT, established the MIT Schwarzman College of Computing, making MIT the first AI-enabled university.', "Steve Schwarzman emphasizes the importance of being a good listener, understanding the surroundings, being measured, and realizing the impact of one's actions in defining a culture as key qualities for a leader in business, philanthropy, or government. Emphasizes the importance of being a good listener, understanding the surroundings, being measured, and realizing the impact of actions in defining a culture as key qualities for a leader."]}], 'duration': 531.513, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ZyH2wXC6DkY/pics/ZyH2wXC6DkY907172.jpg', 'highlights': ['BlackRock now manages over $6.5 trillion, stemming from the transformation of Blackstone Financial.', 'The decision to take the firm public was driven by a sixth sense of an impending financial crisis and the aim to establish a strong global brand, leading to a $3 billion investment from the Chinese Sovereign Wealth Fund.', "The Chinese Sovereign Wealth Fund's $3 billion investment in the IPO marked a significant shift, as China had not invested in another public company since its founding in 1949.", "Hilton's leveraged buyout became the most profitable in history due to integration, modernization, and cost takeout, ultimately generating a $14 billion profit.", 'Steve Schwarzman sold half of a $39 billion real estate buyout on the same day it was bought, resulting in three times profit and ensuring survival during the real estate market crash.', "Steve Schwarzman emphasizes the importance of being a good listener, understanding the surroundings, being measured, and realizing the impact of one's actions in defining a culture as key qualities for a leader."]}], 'highlights': ["Steve Schwarzman's journey from a middle-class environment to becoming one of the wealthiest men and a close advisor to President Trump.", 'BlackRock now manages over $6.5 trillion, stemming from the transformation of Blackstone Financial.', 'The decision to take the firm public was driven by a sixth sense of an impending financial crisis and the aim to establish a strong global brand, leading to a $3 billion investment from the Chinese Sovereign Wealth Fund.', "Hilton's leveraged buyout became the most profitable in history due to integration, modernization, and cost takeout, ultimately generating a $14 billion profit.", "Steve Schwarzman emphasizes the importance of being a good listener, understanding the surroundings, being measured, and realizing the impact of one's actions in defining a culture as key qualities for a leader.", 'Becoming a partner at the age of 31 at Lehman Brothers, indicating early career success and progression within the firm.', 'The pivotal moment of securing a $100 million investment from Prudential Life Insurance Company marked a turning point, as it not only brought significant funding but also garnered trust from other potential investors.', "The decision to join the former president of Lehman Brothers after he was eased out, highlighting a strategic career move in response to the firm's changes.", 'The decision to join Lehman Brothers due to its diverse and fascinating cast of characters, showcasing the unconventional hiring approach before MBAs went to Wall Street.', 'The interview process with other firms and the reasoning behind choosing Lehman Brothers, emphasizing the unique personality fit and the appeal of the diverse team at the firm.']}