Speaker 1: This is Bloomberg Business Week from Bloomberg Radio. I'm Jason
Speaker 1: Kelley and I'm Carol Masser. Welcome to the Bloomberg Business
Speaker 1: Week Extra. It's a weekly podcast bringing you an in
Speaker 1: depth interview with a big name newsmaker. He's one of
Speaker 1: the best known names in investing. He co founded the
Speaker 1: private equity behemoth Blackstone Steve Schwartzman. He writes about the
Speaker 1: founding of the firm and more in his new book,
Speaker 1: it's called What it Takes Lessons in the Pursuit of Excellence.
Speaker 1: We spoke to Steve about his book about the pe world,
Speaker 1: about China growing up in Philadelphia. Here's that conversation. So
Speaker 1: if you think private equity, you definitely think of Steve Schwartzman.
Speaker 1: He co founded the private equity behemoth that is Blackstone
Speaker 1: today with Pete Peterson in the mid nineteen eighties after
Speaker 1: a successful career on Wall Street. He writes about his path,
Speaker 1: or what he calls a collection of inflection points that
Speaker 1: led him to who he is and where he is today.
Speaker 1: It's all in his new book, What It Takes Lessons
Speaker 1: in the Pursuit of Excellence. It's so great to sit
Speaker 1: down with you congratulations on the book. Oh thanks, fun
Speaker 1: to be here. Well, and if you could see us,
Speaker 1: you could see that we both have very well worn
Speaker 1: copies of this. It's really a great read, Steve. Congratulations.
Speaker 1: As Carol said, you know, one of the things that
Speaker 1: really jumps out to me is the stories of Wall Street,
Speaker 1: the stories from your early days sort of getting into
Speaker 1: it d L. J. Lehman of course Blackstone later on.
Speaker 1: How has Wall Street changed over the course of your career, Well,
Speaker 1: wall Streets changed enormously. Uh. When when I got to
Speaker 1: Wall Street, Uh, there there were a very large number
Speaker 1: of firms uh doing different things. When when negotiated commissions
Speaker 1: were implemented in may day, the cost structure of most
Speaker 1: of the firms was very high. And what happened is
Speaker 1: they were no longer competitive when somebody offered to do
Speaker 1: a brokerage trade for fraction uh. And so you had
Speaker 1: this uh consolidation that occurred with firms going out of
Speaker 1: business emerging with other firms. Uh and and ultimately you
Speaker 1: ended up with you know, ten firms down from probably
Speaker 1: in terms of active firms, probably a fifty so so
Speaker 1: so it was it was a dramatic change that that
Speaker 1: happened over a ten to fifteen year period and as
Speaker 1: results of that, everything changed. Is it a better Wall
Speaker 1: Street today? It's a different wall Street. Uh, it's certainly
Speaker 1: a much more efficient wall Street. It's a wall Street
Speaker 1: that can mobilize much more capital. It's a world uh
Speaker 1: that that has printed so much money. Uh, not just
Speaker 1: in the United States, but the deficits that have run
Speaker 1: uh that that it's easy to to aggregate a lot
Speaker 1: of money to do a lot of things. It feels
Speaker 1: like so much of what you've become and what you've
Speaker 1: created really does go back to those early days, first
Speaker 1: at del J briefly and then obviously business school. But
Speaker 1: Lehman Brothers, that's where you were really forged in a
Speaker 1: lot of ways. Talk to us about that time, the
Speaker 1: lessons you took from that experience. Well, Lehman was at
Speaker 1: that point, uh, fascinating place in the in the investment banking,
Speaker 1: but a difficult place. I would say, my my first
Speaker 1: day at work, somebody walked out of the elevator and
Speaker 1: welcomed me and said, you're very lucky to work here,
Speaker 1: because nobody here will ever stab you in the back. Actually,
Speaker 1: they'll just walk right up to you and stab you
Speaker 1: in the front. And I remember going home my wife said,
Speaker 1: how is your first day at work? And I said,
Speaker 1: this is going to be a really interesting experience. Well,
Speaker 1: there's a line in your book that you say, Lehman Um,
Speaker 1: you write how your exit from Lehman had shown you
Speaker 1: Wall Street at its worst, with everyone for themselves. Yeah,
Speaker 1: I was le got into financial trouble and and you know,
Speaker 1: my own view, and everybody at the firm would have
Speaker 1: a different view, is is that the grown ups didn't
Speaker 1: protect the institution. They were too worried that the that
Speaker 1: the CEO who got the firm in trouble would fire
Speaker 1: them if they sort of took him on. And and
Speaker 1: as a result, the firm was sort of frozen and
Speaker 1: we we had marked market uh loss in terms of
Speaker 1: our net worth, and so we were forced to uh
Speaker 1: sell the business because it was discovered that the net
Speaker 1: worth it's sort of gotten close to disappearing than your
Speaker 1: ratings would go and the firm would collapse. So so
Speaker 1: you know, I I looked at that and it's a
Speaker 1: firm that was I guess about a hundred and fifty
Speaker 1: years old something like that, and and say, how how
Speaker 1: can this ever happen, and I never wanted anything like
Speaker 1: that to happen to anybody I was associated with. On
Speaker 1: the other hand, it was fascinating place with fascinating people. Uh.
Speaker 1: It was before I joined, before there were any MBA classes.
Speaker 1: So the people who worked there were like x CIA agents,
Speaker 1: somebody from the entertainment business, you know, somebody from the
Speaker 1: oil patch. Everybody had a lot of different points of view,
Speaker 1: and it was a fascinating place. That's why I went
Speaker 1: to work there. And you forged some incredibly important relationships
Speaker 1: as well, not the least of which maybe among the
Speaker 1: most important, if not the most important, was with Pete Peterson.
Speaker 1: You know, you guys come out of that experience sort
Speaker 1: of scarred in different ways. To do a large extent,
Speaker 1: you start having breakfast every morning trying to figure out
Speaker 1: what's going to happen next. Describe for us, if you will,
Speaker 1: what was at the crux of your relationship with Pete. Well,
Speaker 1: Pete was twenty one years older than me, and he
Speaker 1: was known all over the United States, and I was
Speaker 1: the young guy. Uh. And Pete was a very uh
Speaker 1: structured Suma cum laude type of process thinker, uh, which
Speaker 1: was great. Uh, but I was more of a I
Speaker 1: guess you would call it sort of intuitive type of thinker.
Speaker 1: And and so when we did things together, um, you know,
Speaker 1: he would let me do like all the execution because
Speaker 1: for a while he sort of like try and rehearse
Speaker 1: what we do. And I said, don't worry about it.
Speaker 1: I'll walk in the room. I'll know what. I got this, right,
Speaker 1: I got this. Let's just you know it'll happen. And
Speaker 1: it does. So so you know, we were a very
Speaker 1: good team for a very long time over thirty years. Uh.
Speaker 1: And um, you know, sort of incredibly productive and easy
Speaker 1: to deal with because we each approached the world uh,
Speaker 1: you know, somewhat somewhat differently, except when you guys went
Speaker 1: out on your own and that first time when you
Speaker 1: were looking for some money. You have a great story
Speaker 1: in the book. Uh there's lot of rain involved. And
Speaker 1: you said it. I think at one point like he
Speaker 1: kind of looked at you like, would you get me
Speaker 1: into Well, anybody has ever started anything doesn't have to
Speaker 1: be on Wall Street. Anybody who started anything, including that
Speaker 1: for profits, It doesn't go the way you think. Everybody
Speaker 1: who starts something believes they're going to be very successful
Speaker 1: or they wouldn't start it. And what you find is
Speaker 1: that the world is not always waiting for you. In fact,
Speaker 1: sometimes the world doesn't even respond to you. So when
Speaker 1: we started, we set out about five letters expecting people
Speaker 1: we used to do business with to call us and
Speaker 1: give us an order. And the phone never rang. H
Speaker 1: that's shocking, right, Uh, just normal courtesy. Uh. In the
Speaker 1: incident you're talking about. When we started our private equibusiness,
Speaker 1: you know, I would always call ahead if we were
Speaker 1: lucky enough to even get an appointment, to make sure
Speaker 1: it was all said. I did that we want a
Speaker 1: solicitation at M I T. And we flew up from
Speaker 1: New York, uh, and for three o'clock meeting. We're there
Speaker 1: like a quarter to three, and we knock on the door,
Speaker 1: and you know, I can remember what that door looked like,
Speaker 1: you know, with that sort of uh you know, frosted
Speaker 1: glass so you can't see into it, with printed letters
Speaker 1: on it, and you know, you keep knocking on it.
Speaker 1: Nobody comes and UM, so some janitor came by and
Speaker 1: I said, excuse me, we're having trouble getting in the door.
Speaker 1: He said, well, that shouldn't be a problem, but nobody's there.
Speaker 1: I said, why aren't they there? He said, well, they
Speaker 1: left for the weekend. I said, but but I called them.
Speaker 1: They're expecting us, he said, I don't know. They left
Speaker 1: for the weekend. And so you know, that was like
Speaker 1: a complete like waste of time. But but then what
Speaker 1: happened is, you know, some rainstorms came, and you know,
Speaker 1: we didn't have a car and driver nothing. We didn't
Speaker 1: even have an umbrella. And so you wait, you know,
Speaker 1: like fifteen and twenty minutes for the rain to abate.
Speaker 1: It kept getting worse. So so I just walked out
Speaker 1: into the rain to try and hail a cab. But
Speaker 1: you know, from their administrative building, I was not the
Speaker 1: only person right, and the people who went to m
Speaker 1: I T were more clever than me. They knew how
Speaker 1: many streets up to stand. So I'm like standing in
Speaker 1: the rain, soaking wet, and then I realized I'm gonna
Speaker 1: get nothing. So I said, okay, I'm gonna have to
Speaker 1: bribe somebody who's in a cab to let me in
Speaker 1: a cab, so after they drop them off, then I'll
Speaker 1: be able to go to the airport, taking Pete along
Speaker 1: with me, who's standing under the covered area and not
Speaker 1: wet with steam coming out of here. I'm not not
Speaker 1: complete steam yet, so I so I tried with you know,
Speaker 1: like twenty bucks, and you know I'd be knocking on
Speaker 1: people's windows. You know, they wouldn't turn them down. You know,
Speaker 1: it's just what you would expect. So increased it to
Speaker 1: thirty dollars. But these were six dollars. There's more than
Speaker 1: thirty dollars. And I finally found somebody and they let
Speaker 1: us in, so Pete had to come and join me.
Speaker 1: So the rain was just tellusion. You know, he's walking
Speaker 1: out in a very dignified way, but there's no way
Speaker 1: you can be dignified when you end up being soaking wet,
Speaker 1: and you know, he sort of looked at me and
Speaker 1: give me one of those what did you get me into?
Speaker 1: So obviously things have gone better since then. But I
Speaker 1: do wonder, from from a Wall Street and an investing perspective,
Speaker 1: from the creation of black Stone, if you were to
Speaker 1: pick one sort of catalytic moment, and you talk a
Speaker 1: lot about inflection points, Look, what was the moment with
Speaker 1: black Stone where you thought, okay, we've made it. Was
Speaker 1: it a deal, was it a higher, was it an exit?
Speaker 1: What was it. Well, they're all of those things that
Speaker 1: are keys, as you've identified. There was one moment, uh,
Speaker 1: and we were raising our first buyout fund, and I
Speaker 1: said some modest objective of a billion dollars, which would
Speaker 1: have made us either the second or third biggest fund
Speaker 1: in the world. And neither Pete nor I had ever
Speaker 1: made an investment. So so this is somewhat of an assertion, uh,
Speaker 1: that that that the world wasn't taking up. And we
Speaker 1: we had burned all of our close relationships and we
Speaker 1: had like seventy five million dollars, but it was all
Speaker 1: contingent on getting to five million because nobody wanted to
Speaker 1: be too big and we'd almost run out of everybody
Speaker 1: and uh, and we had a meeting at the Prudential
Speaker 1: Insurance Company in New Jersey, which was a lunch uh
Speaker 1: and uh we weren't close to the prew uh, and
Speaker 1: we came up with a concept because just selling a
Speaker 1: private equity fund wasn't selling, that we put in our
Speaker 1: advisory revenues UH to to create a higher return for
Speaker 1: the investor. And so I was going through this um
Speaker 1: this concept as we were eating lunch at Prudential, which
Speaker 1: I had trouble with anyhow, because the menu didn't make sense.
Speaker 1: I didn't realize that that instead of the price next
Speaker 1: to things, there were calories. I couldn't understand, you know
Speaker 1: why the desserts cost so much. So so I'm sitting
Speaker 1: there and doing my my thing. Uh. In the chief
Speaker 1: financial officers a person named Garnett Keith uh. And he
Speaker 1: was eating a tuna on white bread cut on a
Speaker 1: diagonal uh. And you know, I was watching you meat
Speaker 1: as I was pitching. Uh. And you know, he finished
Speaker 1: the first half of the sandwich, and then he finished
Speaker 1: half of the second part of the sandwich, and he
Speaker 1: looked up and he said, you know, I like this.
Speaker 1: I'll take a hundred million. And at that point, Prudential,
Speaker 1: which is the largest investor in UM in private equity
Speaker 1: in the world, the gold standard. I just couldn't believe
Speaker 1: because that he did that, because if he did it,
Speaker 1: other people would follow and we would be successful. And
Speaker 1: I just kept watching and hope he wouldn't choke on
Speaker 1: the rest of that, because over right, and then we
Speaker 1: get nothing. So so you know, all entrepreneurs have have
Speaker 1: many moments where you go from like a certain failure
Speaker 1: to to hope and and and you know sort of
Speaker 1: success that happened to be one of them. You know,
Speaker 1: it's funny in your book to you, right, you can't
Speaker 1: learn to be a manager, but you can learn to
Speaker 1: be an entrepreneur. You can't. I'm sorry, you can't learn
Speaker 1: You can learn to be you can learn to be
Speaker 1: a manager, but you can't learn to be an entrepreneur
Speaker 1: because being an entrepreneur involves seeing a lot of things
Speaker 1: simultaneously put him together and have the desire and the
Speaker 1: the ability to just say, Okay, this is gonna work.
Speaker 1: I'm just going out there to make it happen. There
Speaker 1: is no fallback, there is no net, you know when
Speaker 1: when you're up on the high wire and you know
Speaker 1: the only reason you do that is that you are sure. Now,
Speaker 1: the fact that nine out of ten new businesses fails
Speaker 1: means that it is a delusional exercise. Right, So so
Speaker 1: to be that delusional and go out when the percentages
Speaker 1: are against you takes a certain kind of person who
Speaker 1: believes that they've figured it out to do it anyway. Well,
Speaker 1: they don't think they're at risk. People who do these
Speaker 1: you know sort of books or whatever or interview entrepreneurs
Speaker 1: and talk about you know, you really like risk. Nobody
Speaker 1: likes risk, nobody tries to fail and and you know,
Speaker 1: so I've always found that whenever I do anything, whether
Speaker 1: it's a new charitable thing or whether it's you know,
Speaker 1: expanding different parts of of the firm, I like to
Speaker 1: be completely convinced that whatever we're doing is going to work.
Speaker 1: And I usually, um can explain to anybody why I
Speaker 1: think what I think, and it's rational. But interestingly, hardly
Speaker 1: anyone ever responds and and competes with us when we start,
Speaker 1: because people are comfortable doing what they do. Uh, So
Speaker 1: you can tell them we're doing something else and they go,
Speaker 1: that's interesting, and then they just go back to what
Speaker 1: they're doing. And it's part of the human condition. The
Speaker 1: same way when you start something and you think it's
Speaker 1: going to be easy because what you're doing is in
Speaker 1: somebody else's best interest, they like basically, no matter what
Speaker 1: they say, they like to continue what they're doing because
Speaker 1: it works at that point in time. So so you
Speaker 1: have to come up with something that's that's really compelling,
Speaker 1: and then after you fail convincing them, you then go
Speaker 1: away for a while and you come back again, and
Speaker 1: if that doesn't work, you go away, you come back again.
Speaker 1: You never give up. And if you're failing everywhere, that
Speaker 1: means you need to fine tune what you're doing so
Speaker 1: you don't just keep doing the exact same thing forever.
Speaker 1: But but the tenacity and the emotional stability you need
Speaker 1: in the fact, in the face of endless rejections is
Speaker 1: really not for everyone. Well, I feel like this leads
Speaker 1: and if if we may just talk a little bit
Speaker 1: about what's been going on in the world at large,
Speaker 1: because I feel like you have such a great vantage
Speaker 1: point in terms of some of the macro issues, and
Speaker 1: I think about US China and what you're just talking
Speaker 1: thing about. I think you have two individuals who completely
Speaker 1: believe that their course is the right one in terms
Speaker 1: of US China trade. Um, you know both of them.
Speaker 1: You've been on behalf of the administration to China. I
Speaker 1: think you said in your books something like eight times
Speaker 1: talk about tenacity. Yeah, yeah, how do you see this
Speaker 1: working out? Well? I think it's it's more interesting than
Speaker 1: two people because China has been the most rapidly growing
Speaker 1: country probably in world history over a forty year period,
Speaker 1: and then they did that with enormous energy central planning
Speaker 1: and also adopting a lot of things that are emerging
Speaker 1: markets countries do, which is hiding behind high terror falls uh.
Speaker 1: Closing its markets and if not closed, not making them
Speaker 1: as accessible is as the as the developed world does.
Speaker 1: Uh and doing different things with intellectual property. And you
Speaker 1: know the US uh in um uh nineteenth century sort
Speaker 1: of did the same thing. We were a poor little
Speaker 1: country UH, and we found a way to use tariffs
Speaker 1: to protect ourselves at a certain point. That creates imbalances
Speaker 1: around the world. So so now that you know, China's
Speaker 1: got three trillion dollars of reserves, uh, it's it's the
Speaker 1: biggest producer and fulfiller of jobs in the world. So
Speaker 1: jobs have moved from the developed world to China. Wealth
Speaker 1: has moved and the global financial crisis basically created problems
Speaker 1: for the developed world. So now we have roughly half
Speaker 1: of the people, for example, in the United States who
Speaker 1: have income and insufficiency. Uh. They're in a bad way. Uh.
Speaker 1: And and that creates populism. And and when domestic candidates
Speaker 1: for being attacked don't result in change for the people
Speaker 1: who are in trouble, they find a foreign devil. Uh.
Speaker 1: And I was pretty sure it was going to be
Speaker 1: China for those reasons so so so in effect, China
Speaker 1: recognizes that that the circumstances of the world have changed. Um.
Speaker 1: But but like all people who have a really good deal,
Speaker 1: why would you change it? And you only change it
Speaker 1: because there's there's pressure and the change ends up being
Speaker 1: in their interest. On the other hand, UM, there are
Speaker 1: people in their country who don't believe that they just
Speaker 1: want things the way they are. Remember, people don't like
Speaker 1: to change. And so here we have the developed world,
Speaker 1: represented by the United States, who wants them to change.
Speaker 1: So so it's a very interesting thing where China knows
Speaker 1: it has to change, the US wants them to change.
Speaker 1: It should be easy, uh, except uh, it's not easy
Speaker 1: because people don't like giving up advantage. Uh. And on
Speaker 1: the u S side, Uh, they would want to accomplish
Speaker 1: this rebalancing as quickly and as thoroughly as they can.
Speaker 1: So so what's what's happening over the last two and
Speaker 1: a half years roughly, is these two giant countries, which
Speaker 1: which together have somewhere between thirty five of the world's economy.
Speaker 1: So this is like the two parents fighting, uh, and
Speaker 1: the children you know, are like hiding uh And they're upset.
Speaker 1: That's the rest of the world. It's just slowing trade.
Speaker 1: But long term potential decoupling of these two giant countries
Speaker 1: actually results in lower growth for everyone, right And how
Speaker 1: much do you worry about that? How much do you
Speaker 1: worry about that decoupling, because that seems to be the
Speaker 1: biggest worry in the world right now, is that mom
Speaker 1: and dad will come together. They're splitting of the world. Right. Well,
Speaker 1: partly that's happening because because there hasn't been the overlap. Uh.
Speaker 1: And and I think that because ultimately, um, you know,
Speaker 1: people are rational on a certain level, that that as
Speaker 1: as these two countries see that that's not working for them, uh,
Speaker 1: that that they'll come to a table, which is what's
Speaker 1: happening now for the I guess the third time. Uh.
Speaker 1: And they're doing it not to just be helpful that
Speaker 1: they're doing it as they as they recognize that the
Speaker 1: short term in in trying to can remain fine with
Speaker 1: policy adjustments, but they're borrowing from their future and long term,
Speaker 1: if you really go off on your own and decouple,
Speaker 1: uh and have a slower growing world, what's the win?
Speaker 1: And that that's not a win, That's what and what
Speaker 1: can you, Steve Schwartzman do to help this along. Well,
Speaker 1: I think there are a lot of people who know
Speaker 1: both countries, and I think it's it's it's important that
Speaker 1: that that people understand where this is ultimately going, which
Speaker 1: is not in their interest, and ultimately I I believe
Speaker 1: that people will act in their self interest and there
Speaker 1: will be an adjustment. No, no one can predict the way.
Speaker 1: Sort of the media wants what's going to happen in October,
Speaker 1: and you know it's sort of in the you know,
Speaker 1: sort of I guess, but it's a who knows, because
Speaker 1: it's really about for the primarily it's about China. They
Speaker 1: have their hardliners, they have their reformers. What do they
Speaker 1: actually want to put on a table? And President she
Speaker 1: has to balance that right now, well, somebody has to
Speaker 1: balance it. And and and in May when the trade
Speaker 1: talks basically were I was gonna say suspended, but at
Speaker 1: that point there were ended. Uh, you know, the balance
Speaker 1: of reform versus you know, sort of the harder line position.
Speaker 1: The harder line people you know, in effect had more influenced.
Speaker 1: Now as it's all becoming more complicated, not just because
Speaker 1: of trade, other decisions that China has made over the
Speaker 1: last two or three years are creating more complexity there.
Speaker 1: You know, they've got other things going on us as well.
Speaker 1: They put pressure on them. Uh. That that that they're
Speaker 1: coming and saying, let's let's see if we can do something,
Speaker 1: uh is sensible. Uh It You can't get caught up
Speaker 1: in two people or any administration, because if we don't
Speaker 1: solve this problem. The attitude of the Democrats towards China
Speaker 1: is is, if not identical uh to to the current administration,
Speaker 1: it's pretty close. So I think China recognizes that, you know,
Speaker 1: this is a structural issue. It's not a one US president. Uh.
Speaker 1: And so getting something to lower the temperature and helping
Speaker 1: growth globally is in everybody's interest. Will you keep going
Speaker 1: back on behalf of the administration? Well, I keep going
Speaker 1: back generally, Jason, because I have a you know, sort
Speaker 1: of an academic program called the Schwortzman scholars which is
Speaker 1: like the roads, and I go for that, and I
Speaker 1: have some business stuff and and you know, the trade stuff,
Speaker 1: you know, sort of continue. So I always have a
Speaker 1: pretty full plate when I when I go to China.
Speaker 1: When your country calls, you say in the book, and
Speaker 1: I was curious what that program, the Shortsman Scholars program.
Speaker 1: By working so much knowing the United States, working so
Speaker 1: much in China, getting to know their society, their culture,
Speaker 1: their leaders, what that has taught you and maybe something
Speaker 1: that I feel, especially as the US China negotiations go on,
Speaker 1: something that maybe people aren't aware of. Well, I think
Speaker 1: I conceptualized this in UH because I could feel, you know,
Speaker 1: a problem starting. I was wrong. It happened faster. But
Speaker 1: we're now in our fourth class UH, and it's it's
Speaker 1: really fascinating to see how things are changing and adjusting. UH.
Speaker 1: You know, our program UH was was the only academic
Speaker 1: program ever been endorsed UH in China by the President
Speaker 1: of China, which happened to be President She's first proclamation
Speaker 1: after he was elected UH and President Obama did that
Speaker 1: for the U. S. Side. So so we have a
Speaker 1: very unique UH position UH in China. And I think
Speaker 1: it's a very important place because as as things, you know,
Speaker 1: when they're bad between the countries, there's more nationalism on
Speaker 1: both sides UH that UM. You know, you you need
Speaker 1: a place that symbolizes, you know, sort of recognition that
Speaker 1: you need to understand what's going on both countries and
Speaker 1: and find solutions. Choiceman scholars is global. We get about
Speaker 1: our students from thirty six other countries, and so it's
Speaker 1: a bringing together of some of the best and the
Speaker 1: brightest future leaders of the world. UH to get a
Speaker 1: master's degree, but basically learn about China and then be
Speaker 1: able to go back to their countries as as influencers,
Speaker 1: whether they become heads of countries or media celebrities, or
Speaker 1: or heads of law firms or businesses. UH to be
Speaker 1: able to interpret what China is doing and also feedback
Speaker 1: to China when it's when it's when it's doing stuff
Speaker 1: that doesn't appear to be working. You know, here's what
Speaker 1: you should be thinking about. And that was Steve Schwartzman's CEO,
Speaker 1: chairman and co founder of Blackstone Group. You've been listening
Speaker 1: to Bloomberg this week Extra Shorter. Tuned into Bloomberg Business
Speaker 1: Week Radio Live Monday through Friday at two pm Wall
Speaker 1: Street Time. That's I'm Bloomberg Radio. I'm Carl Math and
Speaker 1: I'm Jason Kelly. This is Bloomberg