Financier Stephen Schwarzman
Traders who have achieved stunning success, as a rule, have a completely different attitude towards money, namely, they consider it as a kind of tool for achieving a goal, while losses are an integral part of investing.
However, not all traders know how to accept losses; moreover, some earned their own billions only because they viewed their activities as a war against competitors.
One such financier was Stephen Schwarzman and his company, Blackstone Group LP, which dominates Walt Street to this day.
Stephen Schwarzman was born on February 14, 1947 in Huntingdon Valley, Pennsylvania. His seed owned a small family business, namely, his grandfather founded a store selling linen and dishes, which was inherited by his father.
According to the memoirs of Stephen Schwartzman, he constantly worked behind the counter in the store, but the more he worked there, the more he hated this business.
It is worth noting that the business was not transferred to his father by his will, therefore, when Schwartzman said that he did not want to run the family business, his father respected Stephen’s opinion.
Education
Stephen Schwarzman's basic schooling took place at the Abigone School. It is worth noting that Shvartsman always strived for excellence and was an exemplary student.
However, during his school years he was more interested in physical development, so he was the most important activist in all sports activities.
The love for sports continued while studying at Yale University, where Stephen met a black athlete and runner.
At that time, racial discrimination was still rampant in educational institutions, but despite this, Stephen Schwartzman became great friends with the boy and began to actively advocate for the university, running different distances with him.
Also, according to the recollections of many of his classmates, Shvartsman was an activist and leader, so the fact that he quickly became a representative of all students was not a surprise to anyone.
After graduating with honors from the university, Stephen Schwarzman entered Harvard Business School, from which he successfully graduated in 1972 and immediately received two offers from the largest investment firms.
Career. Own business
Stephen began his career as a financier before attending Harvard Business School at Donaldson, Lufkin & Jenrette.
However, after receiving a Harvard education, he received an invitation from two companies simultaneously, namely Morgan Stanley and Lehman Brothers. The choice at that time fell on the largest investment bank in the states, Lehman Brothers.
His career at Lehman Brothers developed by leaps and bounds, and by the age of 30, Stephen Schwarzman became managing director. A little later, Stephen headed the department that dealt with mergers and acquisitions of companies.
1985 was the most turning point in his life. So, being a successful financier and investor, Stephen Schwartzman decides to go out on his own and encourages his own boss, Peter Peterson, to do so.
Having dropped $200 thousand each, they founded their own company called Blackstone Group.
After working for some time and making several investments to buy out bank property, Stephen Schwarzman decided to move on to another stage of his activity - attracting investor capital.
Having sent out nearly 1,000 letters to potential investors, the two tycoons managed to collect more than $600 million in investor funds, which allowed them to make multidirectional investments, ranging from securities to real estate.
It is worth noting that the company operated for more than 30 years, and its profitability never fell below 9 percent per annum.
Today, Stephen Schwarzman is one of the hundred most influential people in the world, and his personal capital is estimated at more than $7 billion.