Podcast Notes Key Takeaways

• “You have to make deposits during practice so you can withdraw them during game day” – Stephen Schwarzman
• Like the medical principle, “First, do no harm,” Stephen’s #1 investment principle is, “First, don’t lose money”
  • Avoiding losses leads to greater long-term wealth rather than constantly seeking the largest returns 
• Discussing a topic with multiple minds is more illuminating than trying to understand it from your perspective alone
• “Running a great organization is an exercise in lifetime learning of things that didn’t work out” –  Stephen Schwarzman
  • When a problem arises, look at it as an opportunity to improve your thinking process
• “Never compromise when you’re hiring people. Good enough is not good.” – Stephen Schwarzman
• On choosing what to work on:
  • “You should find a really big idea addressing a really big opportunity. Then, if you win, you win huge.” – Stephen Schwarzman
    • Big ideas will also excite and attract more supporters than small ideas

Read the full notes @ podcastnotes.org

Blackstone CEO Stephen Schwarzman gives advice on attracting and assessing strong talent, making smart decisions, and how to press forward when the chips are down.

GO PREMIUM: Support the podcast, get ad-free episodes, transcripts, and so much more: https://fs.blog/knowledge-project-premium/