Billionaire Stephen Schwarzman talks about staying competitive, Trump, the markets, and success

Steve I know you as a prolific private equity investor not necessarily a tech guy so what was it about AI that was attracting you well I'm not really a tech guy in fact but what attracted me was was learning about how profound these technologies are going to be whether it's AI or quantum machine learning robotics and it's going to change the world and what I've learned is that it's important first of all for the u.s. to be competitive in this these technologies and secondly when they get introduced they can do some bad things as well as some good things they're going to be profound changes in workforce opportunities healthcare and we need to study not just what the technologies can do but what the impact of the technology is going to be on regular human beings and how do you introduce them how do you control them how do you regulate them because a little like nuclear technology just don't let everyone have it because the reasons you wouldn't and and it's the same way with these technologies right well you're also talking about the ethics of AI and applying ethics to artificial intelligence but how do you ensure that you do have the right impact well you never can ensure but you basically have to start you have to set some type of framework some type of restriction some type of cooperation globally it's it's basically knitting together a new world and at the same time you're having this amazing progress that comes from having these technologies what whether they're gonna be you know autonomous driving cars or other types of things in medicine will design unique medicines for each person or lower the cost of developing medicines so that that it's more cheap for consumers better values different ways of learning teaching people to raise people up so that they have a better shot at prosperity which they deserve so there's it's it's a new world and it's it's a world that unless you spend the time on it you won't know how profound these changes are going to be now do you think the u.s. is doing enough in terms of artificial intelligence and maintaining its competitiveness with the global economy because we are seeing China invest heavily in a space well we've got basically three drivers we've got great companies we've got great universities and and we've got you know a central government so as you look at these it's it's hard to imagine our companies doing a much better job but but in effect they need it an appropriate regulatory framework for them to operate and they want that our universities don't have enough money at the moment to train all the students who come into them to take their place in that workforce and they also can do a better job with more money with more people to progress artificial intelligence and these other technologies and the US government has been a laggard you're probably not old enough to remember you know when President Kennedy decided to go to the moon and that that moon shot which started I guess he made that speech around 1962 and we got there in 1969 created huge numbers of new technologies accidental technologies that got introduced to the regular world to make life better for people and our government needs to get in the game and I think from dealing with people in Washington where there's a lot of dysfunction I hope there's not going to be dysfunction in this area because everyone I talked to in the legislature you know the Congress as well as you know at the White House understands how profound these issues are and that we have to get in the game if we get all three you know elements you know companies universities and our central government doing what they're supposed to be doing then things will work out very well for the United States if we don't do that then we'll face challenges not from any one country but for a variety of countries that are pursuing you know this these technologies I want to come back to AI in just a second but while we have you we have so many investors who are watching and they also look to you you run Blackstone one of the biggest asset managers in the world I want to get your reaction to the news that's coming out of Vietnam today Trump Indian at that summit with kim jeong-hoon early what is your reaction to that how are you assessing that when you're thinking about investing and how are you thinking about that in relation to the us-china trade negotiations that are going on yeah well the Vietnam meetings were unsuccessful and you know that happens sometimes the preconditions obviously that North Korea wanted we're not able to be met I don't think there's much criticism of not agreeing to just remove all restrictions on the country and hoping things work out well so you know it was it was a set of assumptions that each side had of where they wanted to come out which didn't I don't think from what I've heard that there was a lot of bad feeling about it it just didn't happen and and so that's a shame it's a long way I think it's 20 hours to go all the way over there to not accomplish an enormous amount on the other hand dialogue is always good always good and particularly when it doesn't end interpersonally in a bad place now visa vie China it's quite interesting most people in the United States at least don't understand that China and the United States are really aligned visa vie North Korea and and the reason is that North Korea is right on the border of China and if anything goes wrong with North Korea from a military perspective with nuclear weapons that nuclear fallout is going into China if there is any kind of military action the Chinese are concerned that people in North Korea will just flee into China and they don't want that to happen so the US and and and China both have the same objective of a denuclearized Korea Peninsula and that didn't happen today that was not a good event for China who is not a good event for the US and long term actually it's probably not a good thing for North Korea but I think that China u.s. trade discussions are unaffected by this and and in fact it provides more commonality for the China and the US side to get something done because they're both going to have to deal with the North Korean issue no matter the height of his success Steve Schwarzman isn't satisfied straight out of Harvard Business School chorsman joined Lehman Brothers where he rose to managing director at just 31 years old he left it behind in 1985 to co-found the private equity firm Blackstone Group which raised eight hundred and thirty million dollars for its first fund the company has since grown into a giant with five hundred and twelve billion dollars in assets under management and 23 offices worldwide chorsman is here to talk about what his investments reveal about where the economy is right now and where it's headed [Music] hello and welcome to influencers I'm Andy serwer and welcome to our guests Stephen Schwarzman who is the co-founder and CEO of The Blackstone Group Steve great to see you good to see you Andy so I want to start off by asking you about a recent gift you made 350 million dollars to MIT to help create the Stephen H Schwartzman College of Computing and my understanding is it's all about AI so the question is why MIT and yai well why MIT is one of they're one of the greatest if not the greatest scientific university in the world with huge numbers of Nobel Prize winners and touring Prize winners but MIT was a vehicle in a way you know the gift there enables them to double their faculty in in the computer science area set up a new college and have faculty members as links to the other schools of a of MIT so so what this will enable MIT to do is become the first AI enabled University in the world everyone at MIT will be able to have those skills and and you know the reason also for MIT was was because they they they will be focused on the ethics of the introduction of these technologies which are extremely powerful and could on the negative side create higher levels of unemployment people being replaced by computers and machines and that's sort of the fear on the other hand on the good side these these technologies will do remarkable things for human beings in terms of Education in terms of medicine improving the time to market for medicines lowering the cost procedures being cheaper more accurate all kinds of wonderful things in almost every area of society so so the idea what was important for me in the ethics area is to make sure unlike the internet which has got a lot of good things but has encouraged bullying and fake news and all kinds of odd behaviors which are not controllable that that you know we do things the right way and my other objective with that gift was to increase us competitiveness and if we were going to double the faculty in computer science and MIT was quite clear to me that the other great universities in the United States would would dramatically increase their budgets and raise outside money because who wants anyone to get ahead of them and and then if we get both of those things to happen then engaging the US government to put up very significant monies to advance these technologies is the way we used to do things in the past with the you know space launches and you know competing with Sputnik and the 1950s we need a more robust national policy other countries are doing this same thing and it's a bit of a wake up call so so that gift at least in my mind has basically you know created has the potential to create all of these positive things for the country and and looks like that's on track to happen so really a I was an area that had the most potential for a multiplier effect it sounds like I'm in of all the things that you could have picked is that kind of I think that's right because it's not just AI there there's other technologies like quantum computing that are exceptionally profound in terms of their impact and and you know all this moves into robotics and other types of things when you take the whole complex together it's it's transformative for the workplace for the country and ironically challenging and important for mankind so this is like big field and important and that that's why you know I I've engaged with it you mentioned technology writ large and the foibles that exist there do you think that social networks and AD platforms and such like Facebook and and the like need more regulation at this point Steve I think they think they need more regulation and from hanging around with with some of the major you know participants in the tech business now it's quite clear that regulation is coming one way or another for the US tech companies and I meet with these people they talk about why why are the tech standards being created by Europeans at a time when Europeans don't have an entrant into the whole industry and and we have to fashion what's appropriate for the industry because we have the leading companies in those industries so I don't think there's a reluctance to deal with a regulatory issue it all depends how it's done yeah it's interesting because I think when they didn't want regulation the dysfunction in Washington was beneficial but now that they see the need for it it's not helpful like it is for so many businesses right that's true so with all the endeavors that you have and we'll talk about them a little bit more Yale MIT the Schwartzman Scholars the New York Public Library how do you choose what to focus on well that's that's very good question because I'm so busy I'm not doing a lot of choosing that what happens is people bring me interesting ideas you can't do them all I like to do things that are transformative things that create a new pattern paradigm it's sort of like starting little black stones again it's a familiar type of activity for me but it's just deployed in the not-for-profit sector and III I'd like to do something that'll change an institution or change the future you know the way the Schwartzman scholars is is changing attitudes in China about the rest of the world rest of the world to China it's it's fascinating thing that's that's enormous Lee respected both in China and outside and the objective there is to create a cadre of future leaders will end up being around 13,000 steady-state that can impact the dialog in the world involving China and the outside world so that we have a greater shot at peace and mutual benefit and if we can do that which we will we're doing it it's a reality then that's a wonderful thing as you know sort of like a gift to society and I care about stuff like that no I don't do it because somebody tells me right have you ever thought Steve about what really motivates you I think you said about your father who had a store and did okay that he was content with what he had and that that sort of struck you is not who you were that you wanted more well what is it that really drives you then well I I think it was probably my mother you know because we all have like a gene pool and then we all have the environment that we operate in and you know my mother was a very positive life force and I like the concept of creating things and and excellence and and winning I've always liked this stuff as a kid and and so if you're lucky enough in life you you still have the same feelings you do as a kid you may modulate them a bit but but your personalities intact I haven't changed that much and so I enjoy creating things I enjoy something new I enjoy creating excellence and change in a positive way I read that you ran track in high school speaking of being competitive when you were younger how did that influence you and I know that you've given to the National Track and Field Organization here you know I loved running most of us love things were good at I just happened to inherit if that my dad ran also and it was just wonderful that idea that you're sort of out there alone testing the limits of what your own capacity is and you know pushing yourself and and having you know great results and being on a team of other people you know sort of doing the same thing we were sort of fourth in the United States it's a big country right and we were just in one state out of 50 in sort of mile relay but I got you know I actually I I saw a woman on television in the Olympics who fell down in the last hurdle when she was ahead she would have gotten a gold medal as it worked out she got nothing and and you know it for an athlete you know winning an Olympic gold medal in that sport that's everything and and so I figured she was so depressed I invited her to New York to go to the to the US Open Championships and you know you sort of get her out of what I thought I didn't know this person like a funk not you how could you not be you know totally depressed and you know and take her up to see John McEnroe in the in the broadcast booth and just do a nice thing and get her back with more confidence for the future and and so I did that and and she she told you know sort of somebody at the u.s. track and field's Foundation and they they came to see me and said could you support some of our athletes I said sure what do you need and and so now I'm under writing 25 of them and and in the last Olympics I think we got it was four golds with these athletes three silvers and three bronze something like that and and I've learned that you can't train as a track athlete after you get out of college unless somebody supports you because you need two or three jobs and you have to train twice a day she can't do that and and so the nice thing for me is when these great talents say if if I had to have this support I would have had to quit this sport and it's it's my destiny to win not mine there's and and you make it possible that's that's like a nice feeling that must be gratifying do you do you get a chance to run at all still I'm on the treadmill every morning I don't like running on uneven surfaces as you get older you know sort of even surfaces are better yeah my excellent till out there good shifting gears a little bit I want to ask you about income and wealth inequality and Ray Dalio recently wrote a long piece about capitalism and why he thought it wasn't working and how to fix it one of his solutions included higher taxes and investment also but higher taxes on wealthy people what are your thoughts on that subject just generally well I think it's important subject and you know I've thought about this a lot because whenever you you you find you know some unusual things happening in society their reasons and and you know what I've learned and just independent of Ray but confirming is is that about half of the country of two or three years ago I couldn't write a $400 check in an emergency they live paycheck to paycheck they have no savings and their net worth per capita is about the same as the bottom 50% of the population of Greece so within the United States it's all not the United States imagine like we're half the prosperity of people in Greece at the bottom of Greek society that is not what people expect America to do when we have an average GDP per capita around $55,000 so that means some people are making a bunch more and a lot of other people are making less so the issue is I don't believe it's it's it's tax policy per se because we have the most progressive which means graduated income tax in the developed world we have one percent of the population paying depending upon location 42 in New York State 51 percent of the income taxes and and and so the top is paying a lot of the taxes but the system isn't working and I think the the reason is I would call it income insufficiency for the for the bottom 50% of the country and I think it's really important that we solve this problem because you're not going to have a cohesive Society if these people cannot participate in it if they're not a solvent well it's not so hard to solve actually it's it's very much correlated to education at the same time this problem developed the u.s. went from number one in the world when I was younger going to public schools to number 35 when you go from number one to number 35 something bad is going to happen people won't be able to get quality jobs and they don't have training even if they're in they're not college prepared to do other things and there's a whole way of reorganizing education paying more money to teachers getting other people in the classroom the baby boomers we can still read and write probably about 15 depends how you measured fifteen to thirty percent of Americans can't that's no way right for these people to progress and we can educate everybody here but if you look at where we are at number 35 we're surely not doing it and we need some type of martial plan to address this issue investing in education in the United States making education would you work on a plan to do that oh sure I I you know I've been thinking about things like this because because our country can't deliver the promise that people of my generation had unless we we dramatically improve you can have different philosophies of what you think is right wrong and so forth when you go from number one to number 35 whatever your philosophy is if it's being deployed doesn't work it's not working let me ask you a little bit about President Trump two questions first of all do you think people misunderstand Donald Trump she sets in the eye of the beholder so it's hard for me to come and on something like that I mean well let me know okay let me ask the next question then about his tax policies specifically then where do you stand on that and are you concerned as some are that we're increasing deficits and essentially mortgaging the future by cutting taxes and running up the debt well what I'd say is nobody likes the consequence of of large deficits and the question is how do you how do you make the whole thing fit you know one question that the current administration addressed was was our complete non competitiveness in terms of income taxes for corporations you don't win a job creation race by having the top taxes in the developed world for corporate activity you should at least be in the middle if not the most common you know most competitive for if you look for example of how well i rly has done with the lowest tax rates it doesn't take a big brain to recognize that there that there is a correlation between local taxes and economic activity and employment and so that that's a good thing to do but we also need to have investments in people that correct this problem of the bottom 50% it has to be done and and you know no one wants to increase taxes unless it's on someone else but other social programs see besides this investment in education you're talking about that might be required to address that problem i think i think you have to find a way because I my conceptualization of this is that it's an income insufficiency problem is that you have to find a way to increase the income does that mean increasing the minimum wage for instance I think it does I said your and what happens if you would do that is you're not just increase in the minimum wage minimum wage only applies to 15 percent of the people in the country but if you did something in that area that it will force up the income for other people in that company in effects that's a tax on the business community isn't it right and the only reason you would want to accept such attacks is if you actually got a result yeah and and and you you you have to have proof if you will not of a concept in general but how are we gonna go from number 35 back up towards number one right I think and you might be surprised that if you could make that proof make that argument have that plan that people would say we got to do something well it sounds like you think that let me ask you about China a little bit obviously you're an old China hand or an experienced China hand is not so old okay right thank you but you have the Schwartzman scholars at Chu hua and have been investing there and understand the country I think a lot of people agree with President Trump that the old rules that were established when China was very much a developing country and no longer is should be changed the question is is he going about it the right way in terms of forcing China's hand what do you think of the trade dispute and how do you think it's going to get resolved well I think the trade result will trade issues will result in a trade agreement you know in the next two months because both countries think that's important how he got there is nontraditional virtually every other president I in in my lifetime since China was opened by Nixon and Kissinger and I guess it was 1972 three has failed every one of them and we're not going to fail this time we will not get an agreement that covers every issue that that would be our ask and the reason for that of course is is that the Chinese system which you know doesn't really make itself susceptible of complying with all of those assets a mixed system with a very big government sector and in their economy and all kinds of different incentives and controls and and so to wean China off of that system is not about a trade negotiation with a short term solution for 70 years of different evolution and a different fundamental business model than we have in the West this is a start and as China gets more wealthy it'll be easier for them to change as China manufactures their own intellectual capital they will want to protect it and so I think what we're gonna have is a very good start but but you won't get a hundred percent of what you know some people would say well we should get all that and you're dealing with with with a society and structure that doesn't do any of that pretty much and so they'll think they've gone far we'll think they've made progress but it's a start and so like most things in American politics you will have some divisive nosov that but if you step back and you say or we better off with a really good first step as opposed to whichever previous president you want to pick that you think is terrific they accomplished nothing in this area I think the proof of concept you know who could like relate to all of these tariffs we've never had that at this scale in our lifetimes but it apparently did manage to get the attention which is what it was meant to do and I think we'll have successful out if you measure by what is in the possible zone and that's infinitely better than where we were what do you say Steve - Chinese political leaders do you speak candidly to them I do yeah I sort of speak like this this is my one way of speaking and you know what's interesting about them and and I'm lucky enough to deal with really pretty much all of them is is if you tell them what's really happening what the perception is of what's going on what likely outcomes are as a result of making no change which won't be good for them and what what what is sort of in the fair and reasonable standard they're they're very open in other words if you're viewed as somebody who's just operating in the best interests of all parties in other words you know you can't make a deal if you don't know what the other people really want and have any real concept of what's fair because you're coming from different systems the Chinese haven't had the world's most remarkable economic transit the transformation of any society in a 40 year period I mean it's it's amazing what they've done and they haven't done it because they don't listen they haven't done it because they're not smart they are smart and they just need the they need the honesty people tell them what's up and though it's up to them to figure it out right let me ask you about Blackstone a little bit and the business cycle it's been reported you guys are raising a big fun twenty two billion dollars the biggest fund on the way to being bigger the biggest fun you guys have raised the biggest since 2007 and when I saw that I said oh does that mean it's the top of the cycle so where do you think we are in the cycle in-house Blackstone positioned well that's a really good question Andy and you know this cycle was declared over I think in the fourth quarter of 2018 last year and I think everybody was agreed you know I mean they're not not being you know self-congratulatory I thought it was crazy what people were saying you thought it was crazy when people declared it over oh absolutely and you know we have about 200 companies and and you know we saw an economic slowing but we didn't see a recession no one of our CEOs saw that happening and so I don't have to be too smart to know that's what they think we have at the firm over a hundred billion of revenues five hundred thousand people working at at our companies and if they are all seeing the world differently then then you know the media I'd bet on them because they're actually they're dealing with customers and and so I think what's happened is global growth has has softened for sure you know China not as soft as you think and that was reported of Oh surprise surprise you know they've stimulated their economy and their they're not collapsing they'll probably grow around six if you think they aren't performing you know reporting accurately wherever they were is not going down anymore it's starting to come up the US will be I don't know two and a quarter two and a half and it's Europe ironically that's really the problem that you Europe is 25% why is that ironic well they're so big oh I say I mean and China's around 15 percent of the world economy Europe's 25 US is around 23 and to have the biggest engine of the world that nobody talks about everybody talks about the United States everybody talks about China hardly anybody talks about Europe and Europe is you know sort of in I don't know whether it's no man of Europe is Europe yes right yes and and so that's what you know we're having a slowing but but but we're not certainly in the US certainly in China you know we're not having recessions and finally Blackstone was founded in 1985 it's been a number of years now Steve apparently yes so goldman sachs 1869 so you know what do you look to do to make this a sustainable institution and where do you see Blackstone 25 years from now yeah well Blackstone is a sustainable institution you know we've been here 34 years this year our flows of capital going into the alternative businesses dwarfed everybody in our field and it's changed the way institutions who give out money allocate the the performance of our types of products just to make it simple for our high performance products are about double the stock market after fees and with almost no loss of individual things let alone a fund and so and and this is over decades not just one little cycle measurement cycle and so if you can make if you have an expectation to make double in one area why wouldn't you give it funds and and so what's happening to the money management industry it's becoming a barbell where you have on one side of the barbell index funds next to no fees basically mirroring a market so you can't be criticized and and and many active managers underperform so that's where the money's going there and on the other side people need you know extra return and they're going into the alternatives whether it's private equity real estate credit other types of areas and and we're the leader and and we intend to continue expanding where we see something good we don't expand for the heck of it we're in the business of giving great ride to our customers that's the only reason we exist as a business to do a great job for people to give us money and we measure ourselves pretty simply are we the best in the world at what we do in that area that we choose to be in this is a very easy way to measure yourself if you're not that means you have to improve and so at the firm itself where we've gone through you know two generations of succession in effect beyond me Tony James who was you know the president for about 1718 years and now John Gray and we're very fortunate to have people of who reflect the firm's culture and have great talent and people at every position in the you know in in the firm with the next generation as well and and we believe some simple things like don't lose money if you don't lose money for customers and you do really well and you you you run your risk to always be protective then then you will do a good job so I I am extremely optimistic about about our future and we just have to not mess it up and you have to always feel like you're just starting that you are always at risk that the world owes you nothing you have to earn it every day you're like a basketball player it doesn't matter what your record is if you go out and you only score 40 points and that's what happens to you you're not going to win fair enough Steve Schwarzman CEO Blackstone Group congratulations on your success and good luck to you going forward thanks Andrew you've been watching influencers I'm Andy serwer we'll see you next time you I'm Julia LaRoche and this Prison what it takes today we're joined by private equity pioneer Stephen Schwarzman the CEO of the Blackstone Group he comes from humble beginnings and he went on to build one of the most successful and largest private equity firms today we take a look back at his career we also talk about his engagement with world leaders including President Trump we get his thoughts on global trade and the economy and of course talk about his philanthropy take a listen [Music] we're at Blackstone with CEO Stephen Schwarzman the author of what it takes lessons in the pursuit of excellence Steve thanks so much for joining us well thanks for inviting me of course now Steve in many ways your representative of the American Dream you are on the Forbes list as the 100th richest person in the world you've built one of the most successful asset management companies and one of the biggest yet you're sort of an unlikely story you're the son of a dry-goods seller you grew up in a middle-class background you went to a public school so I have to ask you this if you were starting out today would you have what it takes to gain the same level of success well you never can predict exactly what your path would be when you start I was born at a time where you know it was it was easier than it is today I was the second year the post-world War two baby boom so there weren't many people ahead of you so so I I think I probably could have figured out a route in today's world but it was definitely easier when I was going to junior high school in high school in college and getting my first job now I'm just reading about you even when you were in high school you're always a leader or when you were in college or in the army or starting out on Wall Street you always took off in these leadership roles addressed problems was that something that was natural to you or did you learn that quality no it was natural you know I I always like to be in charge of something or lead the way or fix something that was was not optimal or broken and it was it was comfortable I sort of always wanted things to work well and and so when I saw something that wasn't you know I could talk to the principal of the school or you know sort of the colonel in the Army or the Dean of another university department and I always felt I was doing something that was was good you know for people I worked with and I just like that kind of role you know something else that really stood out to me is that you wrote letters to people you would write letters to business leaders and they would actually sometimes invite you into their homes and have discussions with you so do you experience that today and do you find that young people are reaching out to you and do you find ways to get back to them yeah I have like a steady stream of people sometimes when I go places somebody will come up and hand me a note you know could I talk to you or I'm sort of at a point in my career where I could use some advice and I try to do as many of those as I can but I can't do them all so so there's a randomness to it but but none of us become successful because it's just us right everybody needs someone to support them everybody needs an effective mentor or more than a mentor and and and so really relying on other people helped me you know sort of when my way to wherever I've gotten and I think that we all have an obligation to other people to help them on their journey as well when you start on Wall Street this was a funny story you told you caught the attention of senior leaders early on at Lehman Brothers Luke Glucksman yelled at you for not sitting up straight and he later learned a lot of good things about you while she was smaller than do you think that's still the case now that young people can stand out early on amongst their senior leaders well I think so all of us in a more senior capacity are always looking around us to see who's got something special and because if you're in any kind of you know location that involves human beings you realize that people with real talent real Drive you know have that certain special quality we call them tens nines are not so bad either that they'll take you places they'll develop things that you haven't thought of they'll have a sixth sense as they get older and and if you develop those people it's great for them but but it's also great for whatever institution you're in whether it's for profit like Blackstone we're a not-for-profit see if you just mentioned tens how do you find a tin like what do you look for to find it in what does it take well it's it's part of interviewing what you find is that after the age of 40 people are the reputation so if you meet someone and you're a little under impressed and everyone says they're amazing the chance that they're amazing is actually quite high but when they're younger than 40 20s and mid 30s and below it's it's it's a little more challenging because they themselves have been trying out almost different approaches and different different presentation styles so so I like to spend time with people unstructured context usually when I meet someone may give me a resume usually buried in the resume is something like in you know the fourth grade they were the you know US national chess champion or something but they really want you to talk about because it's so odd and and so I take that odd thing and I you know I acknowledge they put it there and you know what happened to you with that and and then you know we can talk about almost anything I'm trying to feel how smart they are how how stable they are how curious they are and usually you can do that by just looking into their eyes and sometimes I'll walk in a room and talk about what I was just doing if it's exciting and if they recoil with fever because it's a different situation they they probably won't be able to handle things that come at them in an unpredictable way what you want them to do is hold the table it did to be pretty much of an equal because they are just because you're senior all that means is that you've had more experience doesn't mean you're better than anybody that you meet I know it's really difficult to get a job at Blackstone I was reading some of the stats in the book so I'd ask you this you think if you're applying to a job at Blackstone that they would hire you well this is what I worry about because I don't think they would why not because my grades well isn't a summa laude or magnet I wasn't even a laude and and you know so so they're they're different modes of learning and you know I'm not so bad some of this stuff but but it's not because I test to to a degree that a lot of the people we hire so so I think it's important that we look at different factors here at the firm the conservative way is always hire the brightest person I I think it's important to be involved in student government of some type or a club or something where you demonstrate leadership I tend to like people who are athletes only because you can take pain you know if you're a good athlete and you push yourself to a point where it's not not pleasant well shifting gears I do want to talk about the private equity business just broadly um but first let's talk about interest rates because they've been incredibly low and that's probably one of the most important metrics when it comes to your business so what's your outlook for rates well it's hard to go much lower and if you do it's not particularly productive because in in in most countries economic system at the center pieces are financial institutions banks and and countries grow and they extend credit to people businesses and people if if their interest spread is so low because rates are so low that they have trouble making money the way many in Europe do that then it hurts economic growth for the whole country so so there are I've you it as a law of diminishing returns as rates go lower and lower and lower it also hurts people who save because they can't make much money either so so you know now in Europe I guess about a third of the countries are negative interest rates in other words you have to pay them to take your money seems to me there's something wrong with that model and and those countries as as individual countries aren't doing particularly well well people often ask you for advice so what would you recommend in these sorts of situations well III think there are two things you can do one one is is reform of an economic system and and another thing that you can do is use fiscal policies to spend more money to stimulate an economy but just forcing rates down into negative territory I you know I I don't see that as a as a particular path to glory when you started Blackstone in 1985 you wrote that you had two big tail winds the US economy and then the unraveling of Wall Street if you or even a young person we're starting a firm like Blackstone today do you think they'd have the same sort of success well there's a lot of ways to be successful today there are other advantages you have the chance of borrowing money you know very cheaply you have a huge number of new technologies where you can become an expert where perhaps somebody isn't and that's a path to success that didn't exist when I was younger so so whenever you have a big robust economy and government's printing lots of money you can usually get some money because there's so much around and the changes in the economy the structural changes now vastly exceed anything than when I was younger just two years into your career you made what you described it is one of the biggest investment mistakes or the firm did and someone an investor berated you and almost made you cry and you often talk about failures as opportunities to learn so what did you learn from that experience and how did that change your investment process going forward well that was that was perhaps one of the defining moments of the firm and my career we basically bought a company where two partners disagreed one thought it was going to be a big winner the other one thought it was gonna go bankrupt I picked the first partner we didn't have any processes we're just sitting in front of my desk I thought I was King Solomon at the age of 38 guess what I wasn't and we lost our money and this was totally traumatic because it was our third investment and one of our investors asked me to come in and basically started screaming at me and in my family nobody ever raised their voices I never heard a raised voice in my household so that makes me very sensitive to meaning when what other people are saying in this case this was like some some bunch of speakers turned up the deafening and III left this thing I I almost started crying as this guy was was was berating me with good reason and and I basically said this is never gonna happen again we're gonna come up with a different system we're gonna assess risk we need something different and so what we invented is basically what we use today which which involves a team doing a written presentation liske listing all the risks among other factors and giving it to a group of people to read two days before so they actually don't don't get hoodwinked by somebody going with flip charts right in front of them and and then we get about dependence different groups different number of people just say for example you have eight people around the table and the team walks in and basically part of the rule that we developed back then it's adapted a little bit now was that every person at that table has to recite every person has to point out the risks and how what the probability of those risks should be in their view and how bad it would be if that happened and it's not about watching one smart person interrogate a team and having seven others be a paid audience nobody's an audience and if the people who bring the proposal realize that they are basically going to be intellectually filleted every time they come in the room then it's never personal because it happens every time and it makes the team be much better prepared and it makes everyone who's at the table much better prepared and then there's always questions you send them back you do the same process again and by the time you finish we have quite a good idea of what the prospect of loss could be there's a real prospect of loss we don't do it and then we price the deal and if we buy it it's not the fault of the team if it doesn't work out well the reason it isn't their fault about 90% of the time it's one of those three variables one of those three risks that happen and we knew what was going to happen but we didn't think it would really happen or we didn't think it would be so bad and so the team has the security of knowing that it's it's not their decision and it's not even their assessment of whether we should go forward it's all of ours and so that way it's it's very secure and fun here and lifetime learning and we're all exploring together and that's what I learned and that was the biggest change in our business I was I realized I wasn't so smart I needed everybody to make it work he said that psychology is one of your greatest strengths as an investor is that the characteristic that sets you apart that's really helpful because my math isn't very good as as my brothers would tell you and you know I never got beyond absolute add subtract multiply and divide but but I can figure out typically what what's on somebody else's mind if you can figure out what's on the mind of the person who's opposite you then you can solve their problems pretty easily unless what they're thinking is so unreasonable that there's really nothing to discuss well I do want to turn to your engagement your public engagement you know in the book you talked about that you spent a lot of time talking to world leaders and you're certainly no stranger to the White House I mean going back several administration's now so as a business leader what's your view on the current administration specifically president Trump and his impact on the economy has he done a good job is he done a bad job what's your assessment there well different people have different views I guess if you're a Democrat you have one view if you're a Republican another I think the most important thing that was was achieved was was the reduction in regulation and there are some other important things from a tax perspective but that sets the stage for longer-term growth in a way that wouldn't happen if you had made those changes you also talked about the strategic and policy forum the business leaders that Trump had you put together but after Charlotte's filled that group disbanded and it sounded like in the book that you had some regrets about that specifically things that could have been done looking back how do you think things could have been done differently and what would have happened if the group stayed together well if the group the group was formed basically because the president asked for a small group of people who who could tell him where he was going in the wrong direction and and suggest other ways and so it's meant to be an open forum where you could give input you know she didn't agree fine you agreed fine and and that's a precious kind of attribute to have in in government because usually when you disagree with the president or a prime minister doesn't matter which country you can do that one or two times by the time you do it the third and fourth you become in less favored so this was a good structural thing to have unfortunately with the with the outcome of Charlottesville and and and sort of a number of the members who are running big companies you know like half of their half of their companies had employees who were Democrats who were very unhappy with the president and they were in effect putting pressure on the CEO you have customers you know half of whom are Democrats who were also putting pressure and then there are also some Republicans who were unhappy so so you know I I started getting contacts from the members saying I'm under excruciatingly pressure here and you know I I don't want to do this because it's hurting my business and for me there's a easy decision why should you do something that's hurting your business this is supposed to be a good thing not turn out to be a bad thing for you and so we decided the best thing to do was was to end the group on the other hand the purpose of the group what was it was a good thing for the country because it was bipartisan now you also talked about that you've been involved actively in the trade talks I know you've worked with business leaders and and leaders in China we've seen the trade tensions escalate and since you've been involved in those talks you also said that they're the most complicated you've ever experienced why why is that why are they so complicated well it's been two and a half years and and and the reason why it's complicated is actually simple that China for the last 40 years has grown more than any of their country in the world's history it's pretty amazing but they've done it through a system you know where they have relatively closed borders they have high tariffs they have a variety of other practices which are not done in in the developed world like the United States and Europe and some other countries and and so given the fact that somewhere between 40 and 50 percent of the people in the United States are having a tough time economically and they're unhappy with their government the previous government doesn't matter and they want changes and they're angry and they should be and and so those people after they've run out of sort of people to attack in the United States for their unhappiness they go abroad and China's the target and and so China's where the jobs went you know and China's were a lot of the wealth one during that period so so people want China to adjust and China recognizes that that's what happened there are a lot of people who just liked it that way because it works there are other people who recognize you just can't keep doing that with things getting relatively worse in in the developed world and and so there needs to be an adjustment people don't like giving up things that they have the United States would like to normalize all of these issues as soon as possible for China so so you've got something that's going to happen over the long term the question is how fast does it happen and how much of it happens and and so that that's an area of tension as each one of these cultures decides what they're really willing to satisfy as a first step because you're not going to get all this done nobody gives up the economic structure they've had for four years that's turned them into winter into a winner because someone else asks them but but they're coming back to the table again which is a good thing I think we'll get a deal and when do you think we will get a deal well nobody knows that type of stuff what's important is it appears that this is a serious engagement and we'll see where it goes I don't think there's anyone it's hard to handicap who knows how to handicap it except I think there's now a recognition on both sides that that the decoupling of these two economies is really adversely affecting the world global growth doesn't matter which part of the world and if you do that as a long-term strategy you know that will have a depressing impact on global growth and that's a net losing strategy and so hopefully the fact that we're going into re-engagement is a recognition by the parties that you know particularly by China that that this isn't in their long-term best interest either to decouple it kind of brings me to the Schwartzman scholars at teaching well you know varsity and you wrote about how we could fall into the su Citadis trap if China and the US cannot find a cooperative trusting way to manage the shift in political power how much does that worry you you think about problems and things and you worry sometimes how much does that worry you well when we got the idea for this in 2011 it worried me then but I must say I was wrong I thought this would take ten or fifteen years it started happening two years ago you know in 2016 so so it's it's pretty clear that that you know with tensions rising between you know sort of US and China and the developed world in China that there's a real need to have some kind of buffer some kind of group trained people who appreciate you know the good parts of China and there are many and the parts that need to be modified and and can take a lifetime role thinking about those things and talking into the citizens and the 38 countries that they come from you've also given away hundreds of millions of dollars to philanthropy a lot of it has gone toward education your former public school I know some schools here in New York where you've sponsored students Yale MIT the Schwartzman scholars but if you had to pick one area where do you think you will have the greatest impact of all of those I've mentioned well that's like asking somebody about which which of their children I'm gonna ask they really like and the way I was raised you you love all your children equally right and so I can't give you a more perceptive answer than that each thing that I've tried to do I think is really really really important for the constituencies that are involved but it also think seems that the common thread is education and how do you think that you can play a role in solving for education where do you see some of the dislocation some of the problems that could be solved you know it's important and I try and support a variety of things to do this and from individuals students in the Catholic school system where we have 90% of them as minorities and 70% at the poverty line or below and 98% graduate 96 go on to college it's like an amazing set of outcomes and you know our great universities around the world can address certain types of problems like in China we're trying to bring the world to China so that the world can understand China better in the United States you know working on AI ethics issues which are really going to be critical as people get a better idea of what's going on with AI you were up in MIT with me and we talked about those issues I'm doing some of that at Oxford and these are big challenges and opportunities facing us as as human beings as Americans and an international constituency so I'd like doing these kinds of big things have been a wonderful product project at Yale where I think will change the way students were light and and you know have a central place to be which I never had when I was there so everything I do I try and impact an important problem or issue you know one of the issues that a lot of your peers have brought up I'm just thinking raid alia for example has brought up capitalism and the need to reform capitalism do you think capitalism needs to be reformed and what sort of role can folks like yourself play well I think capitalism needs to be reformed less and education has to be made better if we had a much more qualified workforce that then then capitalism per se would work better to try and get capitalism to fix an entire society is a good objective and and company should do what they can for that but but there are different levers in our system that actually have to come into play to make it all work I only have a couple more questions for you um you have some simple rules in your book for identifying market tops and bottoms I suppose this is a great framework for looking at where we are in the cycle so right now using those rules where do you think we are and where do you see us heading well we're not at the bottom and we're not in the middle so so I think it's a time where us is probably growing I don't know we'll find out retrospectively but you know somewhere around 2% maybe a tiny bit less we've got great consumers 70% of the economy and manufacturing going down and and stock markets pretty much at records so so in you know bond markets are sort of at records and so usually when everything is doing records all the time and there's a lot of geopolitical uncertainty it's usually like a wake up call it's not red but it's yellow and it it makes you be more conservative when when you're investing makes you think more about downsides it makes you want to buy higher quality things because your chance of accidentally being lucky which happens at the bottom of the cycle is much lower all right Steve you in your book with a question you write what's next who knows so what's next for you well that's why I okay okay fair yeah and I think what happens what I've learned in my life is is all you have to do is keep doing what you're doing keep getting all the feeds from from all the activities whether it's Blackstone or my charitable stuff or things where I touched government and what happens is you see something that you didn't see before and that leads you to something big and something interesting and I've learned all you have to do is be active and wait and you'll see it Stephen Schwarzman CEO of the Blackstone Group and author of what it takes thank you so much for your time thank you you please welcome Julia LaRoche and Stephen Schwarzman Steve Schwarzman CEO of the Blackstone Group and the best-selling author of what it takes it's so great to be back with you again good to see you again all right well Steve the last time we talked you can't be an answer to a question that I asked you about that you didn't think that you would be hired at Blackstone if you were to apply today so my follow-up to that is do you worry the Blackstone and maybe other firms might be missing out on the next Steve Schwarzman well I think it's always hard to know exactly who to pick when you have a qualified pool I I'm quite sure unfortunately I wouldn't be picked because I wasn't Magne or suma and we talked at our management committee about this issue and and I asked how many of you were only like eight people nine people how many of you were Magnus Ouma one hand went up how many of you were laude no other hands went up so the rest of us were like Generic people and we're pretty flexible and you know as organizations grow you end up you know sometimes hiring really very bright people but I think that people who have a balance you know it's good to be smart obviously but but having leadership skills is really important and playing sports is good too and the reason for that is you learn to take pain and it's it's not easy to be successful um you know it requires a lot of effort there's a lot of setbacks it's a little bit like sports you get thrown on the ground you you got to get up so we hire less than 1% of the people who apply it's it's surreal and we have amazing people but we always make sure that we have a few of them like myself with more generalized skills and it's something we're always refining well you've been in this business for decades I do want to go back and revisit some of your early years in your book you wrote that at dlj I was never trained properly I would cower in my office hoping no one noticed me scared that I would be found out as ignorant or incompetent I must have been the biggest buyer of antiperspirant on the east side of Manhattan and then when you were at Lehman Brothers you told this story about working months on this fairness opinion you submit it you're so proud of it and then you get this phone call from your boss that there's a typo on page 56 so I have to ask you how formative were those experiences and how does it shape the way you built the culture at Blackstone yeah well everybody knows that sometimes when you start out it's a rough ride and it was it was definitely rough for me I had no training and I was I was like the person and in a class at school who whenever they asked somebody to open the class you try and position yourself behind somebody else's head so you wouldn't get called on and that was because I wasn't trained and and so what happens is is when you have these bad experiences you don't forget and when you you sort of make a you know sort of a vow to yourself that would that if you ever got into a position of authority you wouldn't do that to anybody else you one thing you want people to be as prepared as they can be you want as low as low as stress environment for them you want them to understand that they can ask questions I mean I'm in the financial business and almost everything's been invented before you did it you know with certainly for your first few years so let's let's not have you struggle it's it's absolutely okay to ask questions to as a shortcut you're not allowed to ask the same quest over and over again which means you've learned nothing but the idea that you have to struggle but let's let's eliminate that and so each of these unhappy experiences we have a great training program now because I want everybody to be trained I want everybody to be comfortable well I do want to also talk about the fact that you excelled from an early age on Wall Street I think you were one of the youngest mansion directors at Lehman Brothers by age 31 but fast-forward to today and then even looking out in the future how do you think the financial services industry has changed and is it still a viable place for young people to go yeah it's a financial businesses is still really good it's just changed and as long as you're printing in the United States and extra trillion dollars a year of money over and above what you would normally do with these deficits there's always plenty of money and plenty of new things that you can do places that are larger our place has 2,500 people so it's not that big you design people's careers so so if you're really terrific you move faster the idea that the world has to be rigid to make life easy discourages having you know people of great talent and I love people who have talent I was I was always sort of a bit frustrated by being held back and why why should we do that so you don't have to be a big thinker you just look at things that don't make sense and say I'm not going to do that I also think it's also interesting you have these rules for life you talk about finding problems and solving them you say that there's nothing more interesting to people than their own problems think about what others are dealing with and try to come up with ideas to help them I mean it makes me think of when you were in high school you brought on a cool rock band you changed the rules at Yale so women could spend the night on dorms you also made sure that the folks you're in the army with got fed they weren't feeding them breakfast when they were doing their morning tours we also saw problems whether it's Business School Wall Street so what was the inflection point for you that you were looking to solve problems in your life and realize hey this is actually good for being successful well whenever you're in any kind of situation the reason you're there is something's going on and and what you really want to know is what is the problem that you're solving and the only way you learn that is is you think you have an idea but it's really the other person you have to understand and what's what's on their mind and how do you address their issues if you're like a long young person make pretend you're in an advisory capacity all you want to know from your client is what are you worried about what are you thinking about and once you understand that it's it's pretty easy to create solutions if you're just guessing about what what's on their mind you'll waste a lot of time and maybe not get the right thing I do want to talk about problems that this generation will be facing right now we're in the middle of trade negotiations and I know you wrote about this you are involved in that process it's been ongoing you write that it's some of the most difficult negotiations you've ever experienced so Steve are we going to see a deal anytime soon and what has to happen for us to see a deal well that's that's almost an unfair question because the Chinese are sitting in a room either right now or they just broke with the Americans so it'll be announced and what I think might happen today doesn't really matter because today's almost over and we'll all know where things are but fundamentally we're asking the Chinese to change their system and their system was brilliantly designed as an emerging market developing market economy so that much like the Americans in the 19th century forget we have very high tariffs we were a small country we had you know the ability to protect you know our nascent industries and China just started doing this 40 years ago and and they've had an astonishing result you know they forty years ago they had GDP per capita of a few hundred dollars and and now it's ten thousand dollars and it's going up at a thousand dollars a year so so China has done some remarkable things but they've done it in ways that are inconsistent with the developed world they've got very high tariffs and taxes three times as high to bring a product into China as it is for China to sell one in the United States you would assume if that were the case the the person who gets in at a very cheap price would do better and and they do it's the same way with markets opening its selectively open but not like the US has been and so I think it's it's a time for adjustment the question is how fast will an adjustment come over what time frame and how dramatically at each point because no one would give up their entire system because someone else asked them to do it so we're doing the asking and they have their own internal politics they've got their hardliners which is basically things have been really good for us plus we don't like being pushed around which they were you know but by the developed world for the last hundred to two hundred years and they don't like it on the other hand you have the reformers who say look we realize that we we should be more open what we'll learn best practices from the West it'll be good for us so in a way these negotiations are somewhat hostage to to what China wants to do and there are two elements in China just like we have internal politics in the United States our view that they're a monolith and they don't have internal points of view is wrong so so we'll see what's happening it's an exciting time now are you optimistic it depends on what criteria if you're looking for a full solution to the differences between the US and China that's not going to happen if you're looking for something less than that we'll have to see what China is prepared to put on the table well Steve you're no stranger to the White House I know you've engaged with several administrations and you wrote about this in the book that quote from the moment Donald Trump was elected president I had been getting calls from people who did not know what to make of him they had listened to him during the campaign and were nervous about what he might do so what did tell folks what do people get wrong about president Trump well that would take a long time to answer that question but if you could of course see you know narrowed down to one thing that people get wrong well I had a lot of people from foreign countries as well as well as domestic people sort of approached me you know Donald Trump lived in New York you know for his whole life and we're in New York now and New York isn't as big a town as it seems in the outside and and so a lot of people knew Donald Trump and nobody knew what he would be like in a presidential position and and so they were basically without any knowledge and and had a lot of concerns about it and so you know I would meet with them and see what was on their mind and see if I could solve some of the issues but you know what one of the things is is all of these sweets are are not worth listening to and for some reason everybody is focused on them all and I never have been you know some of them are just indicative of sort of a general area of concerned and aren't meant to be taken literally and you know with today's news media it doesn't matter whether it's left or right people just hang on every word methought that would drive them sort of nuts and that's that's where they've ended up as a society and you know I think you have to wait to see something of real importance that's more considered but that that's not what the media is doing and and so you get all this confusion and focus where there probably shouldn't be focused but it's just my point of view all right well we are coming up on the 2020 election and you are the son of a dry-goods seller you are the American dream you are now the 100th richest person in the world according to the Forbes list but as we approach the election you're seeing more and more candidates come out proposing a wealth tax you have one who says billionaires shouldn't exist you're also seeing polls that are more favorable towards socialism so what is your response to that well there are a bunch of different responses as to this thing about billionaires it shouldn't exist that if you look at who these people are they didn't become prosperous sitting and just watching television these are people who started businesses and every place where everybody worked was started by somebody and and that's the way the world works and the people who take that risk and start those business and end up you know either you're hiring ten people a hundred people thousand people 10,000 people a hundred thousand people yeah that's where people work and those people make more money and what happens is they become affluent most of them fail by the way nine out of ten businesses that are started result in failure so so if you're one of the people who make it through that you're providing employment and prosperity and in effect tax revenue and and you have a bunch compared to other people and then you get older and you pass away and and and the laws you know it sort of tacks away most of what you have owned it's already it's already been taxed once already typically and then that's dispersed and then that wealth disappears and and and so that's that's what that's how these people get created and you know in in terms of a wealth tax I I don't remember whether they're 210 or 220 countries in the world and only four of them have a wealth tax if it was such a good idea and it was so easy to raise money you'd have loads of them you've had more than four and they give it up so why did they give it up so so yahoo addresses a lot of younger people people who want to start businesses and here's how this would work if you were trying to start a business and you got venture capital money may pretend that you were successful and your company make it really a good success was worth a billion dollars on a valuation basis and you started it so you had three hundred million dollars of the billion but you probably had a salary of somewhere around three hundred thousand dollars so so what would happen is you'd end up with a hundred and fifty thousand dollars after tax and if you had a 1% tax you know another three hundred three million dollars so how are you gonna pay three million dollars of taxes when you only have a hundred and fifty thousand dollars so this would be a terrible situation to have created something be successful and be hemorrhaging financially so that's how a wealth tax works and what would happen with that person is they would not want to stay in the United States they would leave but what's more important is people who would come here to start businesses wouldn't come because the success would be taxed away and a wealth tax ended so what is logical is those people would find another place to go and there would be another ecosystem developed in it you would have I think countries offering them tax free zones to do their business and you would basically create a huge dislocation for the United States so so I think there are reasons why wealth taxes don't exist and now I just gave you one of several well before we let you go you're problem solver you look for big problems and you want to find solutions we're starting to see some of your peers and thinking Ray Dalio Bridgewater associates sales forces Marc Benioff come out and say the current capital system is broken so using that problem solver mentality Steve how would you advise that we've well I think it's it's pretty clear that as a result of a Fed study done two years ago that 40% of Americans the Fed said couldn't write a four hundred dollar check in an emergency so what that means is this forty percent of the population basically doesn't have savings and they are having a really really tough time which is why our politics has become poisonous because because we've got a large percentage of our population that's not doing well and I think you have to address that first you have to provide more money for these people and I think there are a lot of different policy approaches I think a good place to start is to increase the minimum wage up to $15 that this is actually a tax on the business community right you know because you're taking profits away from them to give them to workers that takes care of significantly increasing money for fifteen percent of the population but what happens is the people who used to be getting more than the minimum wage they have to be boosted up when you're close to doubling so so this ends up affecting somewhere around thirty five percent of the population and and it's got lots of knock-on effects that's the first thing but capitalism isn't broken per se what what's been broken is our educational system so so when I was younger which apparently was a long time ago but I didn't give to the word on it that that the US was one of the top two or three education systems in the world we've now fallen somewhere between number 25 and 30 and in math we're solidly in the 30s if you're producing a workforce that is dramatically inferior to competitors on the global scale we're gonna have a lot of trouble I was just in China a few weeks ago and I was meeting with one of the top few people in in their government and he was telling me he said you know what we're gonna do in in education we spent an hour on education and he said we're gonna require that every student in China take computer science and I'm sitting there going oh em gee in the United States we probably have five percent of our primary and secondary students taking computer science it is not capitalism that's broke imagine we're competing with a country where everybody is computer literate and we've got hardly anybody this is not a recipe for long-term success and and it's it's not about capitalism we have to put the best possible individuals and training on the playing field that's how you win the game and we're just not doing what we need to do in that area and if you deliver those people to a workforce you're really disadvantaged so I have a slightly different take you know these these are government issues by the way they're not business issues but there are a lot of things that business can do to help train people we have to do that you know we have to make sure that students who aren't necessarily what a college track do stuff like they do in Germany where the business community you know trains those people for real jobs takes them on board and gives them good careers so we have a lot of levers that we can play with to have better outcomes for the people in the country and and we have to do that this is not optional well you know what I think these sound like generational opportunities Stephen Schwarzman CEO of the Blackstone Group thank you so much for joining us at the Yahoo Finance all market summit will now be joined first of all thank you guys Julia and Steve for that really insightful conversation that was that was a great way to end the day and I just hope that everyone had as wonderful a time as I did I thought it was really really awesome so thank you all so much everyone here in New York thank you to everyone who is watching the livestream thank you to our sponsors Accenture Edelman McKinsey in vol 12 and then also thank you to everyone from Yahoo Finance's the wonderful crew who produced this thanks to Jen Rogers and Brian Cheung thank you all so much we'll see you again next year thank you [Applause] [Music]

Channel: Yahoo Finance

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Keywords: Yahoo Finance, Personal Finance, Money, Investing, Business, Savings, Investment, Stocks, Bonds, FX, Currencies, NYSE, Equities, News, Politics, Market, Markets, Market Movers, Midday Movers, The Final Round, Stephen Schwarzman, Blackstone, Schwarzman, President Trump, Steve Schwarzman

Id: sx2t3dbboOM

Length: 97min 58sec (5878 seconds)

Published: Wed Dec 18 2019