Epitome Of Colossal.

                                                                                                                                                                We have heard the phrase "too few hands chasing too few goods" before. Finally, I found out that those "too few" hands were of this gentleman. Wearing a tailor-made Armani suit and smiling like a 6-year-old, this man really owns the world. Managing over $650 Billion in assets (more than India's forex reserves), having a collective AUM (asset under management) of more than $1 Trillion, aggregating over 100 million sq feet of land in India, and having sizeable stakes in companies like Google, Amazons, and the Meta's of the world, this man and his company is so powerful that it can actually do whatever they want. The name is Stephen Schwarzman, and he is the founder of none other than, the Blackstone Group. The group is an economy in itself. It all started with a dream. Who says that dreams aren't powerful enough. All you need is consistency, persuasion, right mindset, right people, ability to work hard, and a pinch of luck. 

Before he started this behemoth, Stephen Schwarzman was a partner at a prominent, yet corrupt investment bank, the Lehman Brothers. The Lehman Brother's crash had no impact on this man as he had already amassed millions for himself. A true entrepreneur never quits and hence, even after amassing millions and having all the reasons to start a family office, he again stepped into the financial system with a dream to build a company so big, that if it falls, it will take the world with it. Surely, he has achieved what he promised himself. 

The Blackstone Group is prominently present is 3 areas: real estate, private equity, and Asset Management. After Vanguard, it's Blackstone that rules the world. I dare you to find out 1 country or any company in which this group hasn't invested and if you do, I'll stop eating Pizza for life. 

The group got listed on the NYSE which was considered to be the 2nd largest listing in the history of the New York Stock Exchange. As of April 2023, he has a personal net worth of $ 30 billion, yet he is one of the most humble and grounded people you can find it the financial industry. These people are beyond inspiration. They have a lasting impact that's so deep, if resonated, can open gateways for you that you never thought would have ever opened. There is always to learn something from extraordinary humans like Stephen Schwarzman and here are six paramount lessons shared by Mr. Schwarzman. 

1. Great expectations create great capabilities. 

   It is easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate to your effort. This is something Ray Dalio insists on: if you limit your goals to what you know you can achieve, you are setting the bar way too low. It's super hard to become a successful car dealer, and it's super hard to become a great tech entrepreneur. Whichever life you choose it will be hard, so shoot for something that you are excited by. 

2. Set the initial conditions for your career right. 

   When you are young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don't take a job because it seems prestigious. Maximize your learning. All successful people point out how important this is and spend way more time learning than we'd think. Jamie Dimon (CEO JP Morgan and Chase) claims he spends 40-50% of his time just reading. 

3. Be a model of integrity. 

   Never deviate from your sense of right and wrong. Your integrity must be unquestionable. IT is easy to do what's right when you don't have to write a cheque or suffer any consequences. It's harder when you have to give something up. I find this to be a recurring theme with many successful people throughout time (though of course not all). Seneca was the richest man in the Roman Empire but also a moral philosopher, always reflecting on right and wrong. Benjamin Franklin claimed that “[there is] nothing so likely to make a man’s fortune as virtue”. Not only did these two men become successful financially, but they were also admired for it.

4. Go out and ask for people you admire for advice. 

   Write or call people you admire and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. People are willing to help out, but if you don’t ask them, they won’t. Once you try this a few times you’ll see that it’s uncanny how often people are willing to talk to you for an hour even if they’re 100x more successful or much older. I’ve done this a few times and always been surprised by how helpful people are My personal story is that when I wanted to raise money for the first time I cold emailed a few founders of billion-dollar startups asking advice and contacts for fundraising for my startup, they helped out even though we only chatted 30 minutes. Now I can text them whenever I have a question.  

5. Solve other people's problems to solve your own. 

   People in a tough spot often focus on their own problems when the answer often lies in fixing someone else's. This is another one where Schwarzman and Dalio say the same thing. Dalio says we should “optimize for the whole”. If we focus on solving other peoples’ problem, we almost can’t help but be rewarded. This in turn will solve our problems. Stuck in your career? Maybe find someone at your company or another whose problems you can solve. Nothing is more interesting to people than their own problems.

6. Take good risks when they present themselves.

   Success comes down to rare moments of opportunities. Be open, alert, and ready to seize them. Gather the right people and resources; then commit. If Schwarzman hadn’t followed his former boss Pete Peterson to start Blackstone, we’d never have heard of him, and he’d be another Wall Street partner. Instead, he now gets to change the world through the MIT Schwarzman college of computing and other initiatives. When the opportunity comes, if we’re not prepared to put in the work and commit, either it’s a bad opportunity or we are not the right person for it.

Even though he is one of the top 100 wealthiest humans on this planet earth, what Mr. Schwarzman shares and what he has written is a bit undervalued, according to me. Sure, dignitaries like Mr. Buffett and Mr. Munger offer enormous amounts of wisdom, listening to Mr. Schwarzman would surely be a value add. I can't help myself but quote Henry Longfellow, who said, 

"The heights by great men reached and kept were not attained by sudden flight, but they, while their companions slept, were toiling upwards in the night". 

Do read his outstanding book: What it Takes. 

Happy Investing.