Financier Stephen Schwarzman
Traders who have achieved stunning success tend to have a completely different attitude towards money, viewing it as a tool to achieve a goal, with losses being an integral part of investing.
However, not all traders are able to accept losses; in fact, some have earned their own billions simply by viewing their activities as a war against competitors.
One such financier was Stephen Schwarzman and his company, Blackstone Group LP, which holds a leading position on Wall Street to this day.
Stephen Schwarzman was born on February 14, 1947, in Huntingdon Valley, Pennsylvania. His family owned a small family business, and his grandfather founded a linen and housewares store, which his father inherited.
According to Stephen Schwarzman's memoirs, he constantly worked part-time behind the counter in a store, but the more he worked there, the more he hated the business.
It's worth noting that the business was passed on to his father against his will, so when Schwartzman said he didn't want to run the family business, his father respected Stephen's opinion.
Education
Stephen Schwarzman's formal education took place at Abigail School. It's worth noting that Schwarzman always strived for excellence and was a model student.
However, during his school years, he was more interested in physical development, so he was the most important activist in all sports events.
His love of sports continued during his studies at Yale University, where Stephen met a black runner.
At that time, racial discrimination was still rampant in educational institutions, but despite this, Stephen Schwarzman became good friends with the boy and began actively competing for the university, running various distances with him in pairs.
Also, according to the recollections of many of his classmates, Schwartzman was an activist and leader, so the fact that he quickly became a representative of all students was no surprise to anyone.
After graduating with honors, Stephen Schwarzman entered Harvard Business School, which he successfully graduated from in 1972 and immediately received two offers from major investment firms.
Career. Own business
Stephen began his career in finance before attending Harvard Business School at Donaldson, Lufkin & Jenrette.
However, after graduating from Harvard, he received simultaneous offers from two companies, namely Morgan Stanley and Lehman Brothers. His choice fell on Lehman Brothers, the largest investment bank in the United States at the time.
Stephen Schwarzman's career at Lehman Brothers developed by leaps and bounds, and by age 30, he had become a managing director. A little later, Stephen headed the mergers and acquisitions department.
1985 was the most pivotal year in his life. Already a successful financier and investor, Stephen Schwarzman decided to strike out on his own, encouraging his boss, Peter Peterson, to do the same.
Having pooled $200,000 each, they founded their own firm, the Blackstone Group.
After working for some time and making several bank buyout investments, Stephen Schwarzman decided to move on to another stage of his activity – attracting investor capital.
By sending out nearly 1,000 letters to potential investors, the two tycoons managed to raise over $600 million in investor funds, which allowed them to make investments in everything from securities to real estate.
It's worth noting that the company has been in business for over 30 years, and its profitability has never fallen below 9 percent per annum.
Today, Stephen Schwarzman is one of the hundred most influential people in the world, and his personal net worth is estimated at more than $7 billion.
