WEBVTT - Surveillance Special: Schwarzman On "What It Takes"

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<v Speaker 1>Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Ley.

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<v Speaker 1>We bring you insight from the best in economics, finance, investment,

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<v Speaker 1>and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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<v Speaker 1>Bloomberg dot Com, and of course, on the Bloomberg. He

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<v Speaker 1>is dark in the door. He's a gentleman who always

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<v Speaker 1>have interest. I'm up to fourteen emails. Ask him about

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<v Speaker 1>the President. We'll do that later. We'll get to Mr

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<v Speaker 1>Trump and Mr Schwartzman's support of various those are the

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<v Speaker 1>political persuasions. Um, I guess the text is good, but

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<v Speaker 1>what it takes lessons in the pursuit of excellence from s. A. Schwarzman.

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<v Speaker 1>He works for a shop called Blackstone. Just the photos

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<v Speaker 1>are outstanding. Congratulations and the courage of showing a younger

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<v Speaker 1>Steve Schwartzman who put it together. Well, that's certainly different

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<v Speaker 1>than what I look like in the mirror when I'm

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<v Speaker 1>shaving in the morning. Tom, if you are, if you

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<v Speaker 1>are of a certain persuasion, Paul, Paul, you're too young

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<v Speaker 1>for this. There was a battle in the sixties and

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<v Speaker 1>this is where your real governance of leadership clicked in

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<v Speaker 1>you're the one at Yale that got it so the

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<v Speaker 1>other sex could visit the other sex's dorm rooms. Right, Yes,

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<v Speaker 1>that was a leadership lesson. Right that was that was

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<v Speaker 1>give us a vignette of that battle. That was a

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<v Speaker 1>very popular lesson. Uh and uh. I was dating a

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<v Speaker 1>local girl, and so I thought more access was was

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<v Speaker 1>a good idea. Uh and uh. For two hundred and

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<v Speaker 1>seventy eight years, Yale had a policy that women could

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<v Speaker 1>not be in the dorms after certain times and for

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<v Speaker 1>certain days. And uh. So so I thought that needed

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<v Speaker 1>to be changed. And my view is that perhaps we

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<v Speaker 1>should get rid of those restrictions. But but I knew

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<v Speaker 1>if I went to the administration and and sort of

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<v Speaker 1>asked for that, they if if it had worked one

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<v Speaker 1>way for two d seventy eight years, was going to

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<v Speaker 1>continue to be that way, they'd have a series of

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<v Speaker 1>excuses that you know, we'd be uh interrupting students study,

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<v Speaker 1>there be music going on in the dorms all the time,

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<v Speaker 1>and which everybody. So what was what wasn't so hard?

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<v Speaker 1>Actually I put together a survey of all the possible

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<v Speaker 1>ways that somebody could object to just abolishing uh, what

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<v Speaker 1>was called paridal hours uh, and restrictions on pridals. And

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<v Speaker 1>and I got eleven of my friends to stand outside

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<v Speaker 1>the dining rooms at Yale. They handed out the form

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<v Speaker 1>h after the meal it was a dinner. Uh. People

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<v Speaker 1>put the form in a ask it. They delivered all

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<v Speaker 1>that forms to me. We tabulated him uh and we

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<v Speaker 1>found that I think it was like point six off.

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<v Speaker 1>The students had no problem of any type abolishing there

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<v Speaker 1>was there. There was a person in my college named

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<v Speaker 1>n Hunt who ended up as head of the FCC,

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<v Speaker 1>who was the deputy manager of the l Daily News.

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<v Speaker 1>And I gave it to read, and I said, why

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<v Speaker 1>don't we put it on the front page. And we did,

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<v Speaker 1>listen to you and and four days later the administration

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<v Speaker 1>dropped all those restricts. There's the governor's lesson by data data,

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<v Speaker 1>it sounds like I'm Bloomberg. I should mention that Mr

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<v Speaker 1>Bloomberg is a principal owner of this TV and radio

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<v Speaker 1>shop as well. Paul, So Steve, what it takes lessons

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<v Speaker 1>into pursuit of excellence? Give us your thought process behind

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<v Speaker 1>kind of I want to write this book. This is

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<v Speaker 1>what I want to put in this book. What were

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<v Speaker 1>you thinking? About well what what triggered this was a

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<v Speaker 1>meeting I had with the head of a sovereign wealth

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<v Speaker 1>fund in the Middle East who was new in his job,

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<v Speaker 1>and I was supposed to have a five minute handshake. Uh,

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<v Speaker 1>and he started asking me questions about how do how

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<v Speaker 1>do how does he make his organization more like ours?

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<v Speaker 1>In effect? How do how does he make it better?

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<v Speaker 1>How does he increase the performance? How does he uh

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<v Speaker 1>look at the type of people to be hiring? Uh?

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<v Speaker 1>What kind of incentive programs would would you need? Uh?

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<v Speaker 1>How do you figure out where in the world you

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<v Speaker 1>should be investing? What type of investments within that should

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<v Speaker 1>should you be doing? How often should you really look

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<v Speaker 1>at your assumptions of what's going on in the world.

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<v Speaker 1>And so it was two and a half hours. All

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<v Speaker 1>I was trying to do was sell him some Blackstone products. Uh,

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<v Speaker 1>and he in the middle of it, he said, look,

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<v Speaker 1>don't don't try and sell me anything. We're going to

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<v Speaker 1>buy them anyhow. I don't want my time wasted. And

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<v Speaker 1>so that was sort of interesting. But it's the kind

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<v Speaker 1>of thing I know because I run a company, so

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<v Speaker 1>so I know those things. Anyhow, Um, over the next year, Uh,

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<v Speaker 1>most of my time instead of being able to sell products,

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<v Speaker 1>was taken up with this type of of advice that

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<v Speaker 1>people wanted. So I realized I was getting tired doing

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<v Speaker 1>the same type of of of meeting, and I said,

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<v Speaker 1>you know, if we write a book, I could just

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<v Speaker 1>give him the book and they could learn it and

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<v Speaker 1>then I could have either shorter meetings or different Well,

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<v Speaker 1>it's a very very well if you're just joining Stephen

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<v Speaker 1>Schwartzman with this of course chairman, chief executive officer, and

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<v Speaker 1>with Pete Peterson, the co founders of Blackstone, what it

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<v Speaker 1>takes lessons in the pursuit of excellence. So it's interesting.

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<v Speaker 1>I just think of all the alumni coming out of

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<v Speaker 1>the old Lehman Brothers and it's just experience. Like I'm

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<v Speaker 1>a Solmer Brothers alum. It's the same type of things.

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<v Speaker 1>Some of those names. You and Pe Peterson, you when

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<v Speaker 1>you left Lehman to form black Stone, I can't imagine

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<v Speaker 1>you thought it would be what it has become black

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<v Speaker 1>Sun has become. What was your initial goal and ambitions

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<v Speaker 1>for black Sun? My initial goal, uh, was to have

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<v Speaker 1>the same feeling as as I had at Lehman, which

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<v Speaker 1>was being you know, sort of intellectually stimulated all the time,

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<v Speaker 1>doing a variety of different types of projects. Uh, and

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<v Speaker 1>I just wanted to recreate that. And uh, indeed we have,

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<v Speaker 1>but at a scale that was not not particularly contemplated.

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<v Speaker 1>Exactly when when you started. How many employees do you

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<v Speaker 1>have now? Well, with with our companies, it's around five

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<v Speaker 1>hundred thousand. Um, you know, our parent company is roughly

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<v Speaker 1>on the private act. Because Paul mentioned the transition from Lehman,

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<v Speaker 1>which I'm gonna suggest was a visible right the Tory entity,

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<v Speaker 1>to private finance, private equity, maybe on a nineteenth century

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<v Speaker 1>basis merchant banking. Would you support more scrutiny of activities

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<v Speaker 1>of someone that controls the employment of five people. Well, uh,

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<v Speaker 1>we are, we are supervised, We report to the to

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<v Speaker 1>the SEC. Uh And um, you know, it was fascinating

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<v Speaker 1>Tom that during the financial crisis, which was somewhat of

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<v Speaker 1>a proof of concept, Uh, you guys, weren't the ones

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<v Speaker 1>that caused it. Not only did we not cause it,

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<v Speaker 1>we basically had almost no problems. Uh. Interestingly, the companies

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<v Speaker 1>that got in trouble for the most part were the

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<v Speaker 1>regulatory companies that were controlled by regulators. So this concept

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<v Speaker 1>of don't you need more regulation? Uh? Having gone through

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<v Speaker 1>uh the crisis with flying colors, why watching the world

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<v Speaker 1>around me collapsing? Um. It's hard empirically to make the

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<v Speaker 1>case that regulation per se is an absolutely good Well,

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<v Speaker 1>this is a huge deal because it's easy to talk

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<v Speaker 1>about in two thousand nineteen, I have the clearest memories

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<v Speaker 1>of oh, five oh six, it's going to be those guys,

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<v Speaker 1>And it wasn't those guys. It was them guys. That

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<v Speaker 1>was a huge emotion. There was a deal, There was

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<v Speaker 1>some bad deals done in two thousand six seven took

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<v Speaker 1>too much leverage, Steve. One of the things we hear now,

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<v Speaker 1>you know, we think about nineteen and we had it

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<v Speaker 1>was supposed to be the great year of the great

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<v Speaker 1>I p o s. And we've had a lot of

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<v Speaker 1>disappointments Uber Lift, We've had deals that have been pulled,

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<v Speaker 1>such as we Work and Endeavor. And it's kind of

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<v Speaker 1>raising the question private market valuations, public market valuations, who's

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<v Speaker 1>got it right, who's got it wrong? And people now

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<v Speaker 1>saying to you, maybe the private market, the venture capital

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<v Speaker 1>market too much money chasing too few deals, pushing up valuations,

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<v Speaker 1>and the public market just a buying it what do

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<v Speaker 1>you how do you kind of react to that theory? Well,

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<v Speaker 1>I think, um, you're absolutely right as as it pertains

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<v Speaker 1>to a very narrow group of companies, which are venture

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<v Speaker 1>capital financed businesses in technology. Uh and UM, this has

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<v Speaker 1>happened before, as you probably remember, UH in two thousand,

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<v Speaker 1>we had these sky high valuations that that basically got

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<v Speaker 1>both in the private market in the public market lead

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<v Speaker 1>to collapse. And at that point, UH, roughly out of

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<v Speaker 1>a hundred venture capital deals collapsed in technology. Uh and

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<v Speaker 1>and so um in the venture world, there's there's a

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<v Speaker 1>there's an odd phenomena that if you put your money

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<v Speaker 1>in on a first round and you pay more for

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<v Speaker 1>the second round, um, Uh, you've made an instant profit

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<v Speaker 1>on the on the on the on the first round.

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<v Speaker 1>If there's a third round and you make it go

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<v Speaker 1>up even more than you make a lot of money

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<v Speaker 1>from both the first round in the second round. So

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<v Speaker 1>so there's an incentive perverse incentive if you will that

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<v Speaker 1>paying higher prices than you would want as long as

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<v Speaker 1>you were in that investment in the game. Now we're

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<v Speaker 1>not in that game, and and so what's happened is

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<v Speaker 1>the values of those type of companies have been bit

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<v Speaker 1>up by other venture capital companies. When they pop out

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<v Speaker 1>in the public market, the public market looks at it

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<v Speaker 1>and said, what have you guys done with these valuations?

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<v Speaker 1>So Steve Schwartzman with us what it takes as wonderful

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<v Speaker 1>new book, phenomenal photographs off the chart. Mr Schwartzman said,

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<v Speaker 1>we're putting all the photos in there. Andy Wilde did that,

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<v Speaker 1>You're gonna do it to Steave? Okay, so great, Let's

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<v Speaker 1>cut to the chase. We disaster is out there. They

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<v Speaker 1>loaded the boat on Lord and Taylor. When you were

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<v Speaker 1>a kid with a dry goods store, you dreamed of

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<v Speaker 1>walking in Lord and Taylor. What are you gonna do?

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<v Speaker 1>Blackstone is gonna pick it up for eighteen cents in

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<v Speaker 1>the dollar? I mean, are you going to pick up

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<v Speaker 1>the debris worldwide? Of we dog? Well, what I'd say

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<v Speaker 1>is our our job in our real estate business is

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<v Speaker 1>always to buy value. We call it buy it, fix it,

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<v Speaker 1>sell it. Uh. And if you could buy something at

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<v Speaker 1>a very reasonable price, uh, and it's susceptible of being fixed,

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<v Speaker 1>and we do it. Uh. You know that's why we've

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<v Speaker 1>had sky high returns in real estate for twenty five

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<v Speaker 1>years and virtually virtually no losses. Well, let me cut

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<v Speaker 1>to this A serious question is that we company debaccles

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<v Speaker 1>so tangible it can harm commercial real estate in this nation. Well,

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<v Speaker 1>I think in certain cities where they've been huge concentrated

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<v Speaker 1>takers of leases or buyers of buildings, it'll definitely have

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<v Speaker 1>an effect um because they've gone in very big and

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<v Speaker 1>relatively few cities. And you would expect when when things

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<v Speaker 1>you know, sort of wash out for them a bit, uh,

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<v Speaker 1>there'll be things to buy. So, Steve, we in a

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<v Speaker 1>financial media here pay a lot of tension what's going

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<v Speaker 1>on in the trade negotiations, as I'm sure you do

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<v Speaker 1>in your portfolio companies do as well. We have the

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<v Speaker 1>Chinese in Washington, d C. Right now. What would you

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<v Speaker 1>like to really see get solved, if anything can get

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<v Speaker 1>soft here over the next several days with the Chinese

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<v Speaker 1>and trade Well, it was it was interesting. I'm I'm

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<v Speaker 1>sitting in the studio here at Bloomberg and they have

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<v Speaker 1>television screens up and I just saw a Vice Premier

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<v Speaker 1>Lou how walking into UH Trade Representatives office with Bob

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<v Speaker 1>light Kiser, who's the Trade representative of the United States

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<v Speaker 1>and Steve Manuchin, who's the Treasury Secretary. So so whatever

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<v Speaker 1>I think actually doesn't really matter because the actions going on, folks,

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<v Speaker 1>this is the Schwartzman Act that you get. You get

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<v Speaker 1>this some Davos to the summer place. He's got like

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<v Speaker 1>eight summer places. It's just me. I'm just Steve Schwartzman.

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<v Speaker 1>Come on, there's a photo in here of you with

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<v Speaker 1>Mr g and Mr Trump. You have donated to the

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<v Speaker 1>Schwartzman scholars which is legitimate Chinese philanthropy. The NBA is

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<v Speaker 1>dealing with this right now. Have we broken this odd

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<v Speaker 1>wonderful cultural relationship with China with Mr Trump's trade war?

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<v Speaker 1>I think we've certainly strained it. Uh and um uh

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<v Speaker 1>and and that's that's creating a variety of difficulties around

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<v Speaker 1>the world in terms of manufacturing, which is really um

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<v Speaker 1>declining virtually every place as a result of knock ons.

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<v Speaker 1>I think on on the trade war, the trade war

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<v Speaker 1>wasn't meant to be a war. Uh, the trade war.

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<v Speaker 1>That's what President Trump told us was wrong. Well, um,

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<v Speaker 1>I think the objective is to take a system in

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<v Speaker 1>China that's grown up over forty years that's been astonishingly

0:14:22.520 --> 0:14:25.920
<v Speaker 1>successful for the Chinese, they've grown three to four times

0:14:25.920 --> 0:14:29.880
<v Speaker 1>as much as the United States, accumulated a lot of wealth,

0:14:30.240 --> 0:14:34.640
<v Speaker 1>employed enormous people and a number of people, and radically

0:14:34.720 --> 0:14:38.440
<v Speaker 1>changed their country from GDP per capital of a few

0:14:38.520 --> 0:14:42.880
<v Speaker 1>hundred dollars to ten thousand dollars a person. Now. To

0:14:42.960 --> 0:14:47.880
<v Speaker 1>do that, they went through a classic UH developing world scenario,

0:14:48.760 --> 0:14:56.000
<v Speaker 1>hiding behind UH tariffs, UM, relatively closed markets, UH, centrally

0:14:56.040 --> 0:15:01.880
<v Speaker 1>managed UH you know, very light intellectual property protections, and

0:15:01.880 --> 0:15:05.360
<v Speaker 1>and it reached the point where they're the second biggest

0:15:05.400 --> 0:15:08.880
<v Speaker 1>economy in the world. Just to give you an idea, UH,

0:15:09.040 --> 0:15:12.480
<v Speaker 1>the U S and China together, depending upon which set

0:15:12.480 --> 0:15:16.840
<v Speaker 1>of numbers you use, are between thirty five and of

0:15:16.880 --> 0:15:22.280
<v Speaker 1>the entire world's economy. This is massively concentrated with these

0:15:22.320 --> 0:15:26.960
<v Speaker 1>two countries. So when the US asked China to change

0:15:27.280 --> 0:15:32.080
<v Speaker 1>from being a developing economy to being like UH technology

0:15:32.200 --> 0:15:35.480
<v Speaker 1>that that the question for on their side is why

0:15:35.480 --> 0:15:37.840
<v Speaker 1>should I do it? Since since we haven't had a

0:15:37.840 --> 0:15:40.880
<v Speaker 1>trade agreement with them in seventy years, regardless of what

0:15:41.000 --> 0:15:47.880
<v Speaker 1>strategy was used by different presidents, UH, that will they change?

0:15:48.080 --> 0:15:52.760
<v Speaker 1>The answer is yes? But at what speed? UH? And

0:15:52.960 --> 0:15:57.040
<v Speaker 1>what magnitude of change over time, Steve Schwartz, when they're

0:15:57.040 --> 0:15:59.200
<v Speaker 1>not going at Trumpian speed. And this is the money

0:15:59.280 --> 0:16:02.960
<v Speaker 1>question right now. You have an exceptional relationship with the

0:16:02.960 --> 0:16:06.960
<v Speaker 1>President United States, You've been a great fundraiser, etcetera. Do

0:16:07.080 --> 0:16:12.520
<v Speaker 1>you perceive all this agony we're living whatever politics is

0:16:12.560 --> 0:16:17.120
<v Speaker 1>a one off due to the president's one or two terms,

0:16:17.240 --> 0:16:20.120
<v Speaker 1>or is there a persistency here of a changed world?

0:16:20.360 --> 0:16:23.760
<v Speaker 1>I think there's a persistency, Tom that comes from the

0:16:23.840 --> 0:16:29.760
<v Speaker 1>condition of of the workforce in the developed world, in

0:16:29.800 --> 0:16:33.840
<v Speaker 1>the United States, as you remember, Uh, two years ago,

0:16:33.920 --> 0:16:36.840
<v Speaker 1>the FED did a study and it said that of

0:16:36.880 --> 0:16:43.400
<v Speaker 1>Americans can't write a forty four check in an emergency.

0:16:43.600 --> 0:16:48.440
<v Speaker 1>In other words, of Americans fundamentally have almost nothing in

0:16:48.480 --> 0:16:52.280
<v Speaker 1>the way of savings. Now, those people are unhappy. Those

0:16:52.360 --> 0:16:56.360
<v Speaker 1>unhappy people actually ended up electing Donald Trump, which was

0:16:56.400 --> 0:17:00.400
<v Speaker 1>a surprise to virtually everyone. Uh. And those forty people

0:17:01.200 --> 0:17:04.639
<v Speaker 1>still are unhappy, as you can tell from the populace.

0:17:05.200 --> 0:17:08.320
<v Speaker 1>And so for the Chinese, which has been explained to them,

0:17:08.840 --> 0:17:13.119
<v Speaker 1>UH that that this isn't just Donald Trump phenomena. And

0:17:13.440 --> 0:17:17.359
<v Speaker 1>I talked to them really in the first right before

0:17:17.400 --> 0:17:23.359
<v Speaker 1>the inauguration. Uh, and and said, you know, the frustrations

0:17:23.800 --> 0:17:25.679
<v Speaker 1>uh in the United States and the rest of the

0:17:25.720 --> 0:17:28.520
<v Speaker 1>developed world are going to be coming at you. And

0:17:28.560 --> 0:17:32.240
<v Speaker 1>it's not about a person, and it's not about an administration,

0:17:33.160 --> 0:17:35.280
<v Speaker 1>because we have to make sure these people in the

0:17:35.320 --> 0:17:40.600
<v Speaker 1>United States on the bottom have a much much better outcome.

0:17:41.000 --> 0:17:46.320
<v Speaker 1>And with populism, they'll get angry at whoever they're directed

0:17:46.359 --> 0:17:49.640
<v Speaker 1>to get angry against, whether it's financial companies, whether it's

0:17:49.680 --> 0:17:52.560
<v Speaker 1>wealthy people, whether it's the business community. And see if

0:17:52.560 --> 0:17:54.800
<v Speaker 1>I think you your point is very well taken, because

0:17:54.800 --> 0:17:56.760
<v Speaker 1>we've seen it, not just in the US with Donald

0:17:56.800 --> 0:17:59.280
<v Speaker 1>Trump's election, but with Brexit obviously, and you know in

0:17:59.440 --> 0:18:02.480
<v Speaker 1>the Yellow in France. What do you think And as

0:18:02.480 --> 0:18:07.040
<v Speaker 1>a big macro question might be two foot but income inequality,

0:18:07.080 --> 0:18:09.720
<v Speaker 1>how would you think US policy should be to try

0:18:09.760 --> 0:18:11.600
<v Speaker 1>to address that? Is that I know, as you sit

0:18:11.600 --> 0:18:14.159
<v Speaker 1>down with the administration, maybe have some discussions, what do

0:18:14.160 --> 0:18:16.240
<v Speaker 1>you think are some of the best ways? Well, I

0:18:16.240 --> 0:18:19.560
<v Speaker 1>I think it's it's it's really important to address this

0:18:20.280 --> 0:18:24.720
<v Speaker 1>because it's it's ripping the fabric of the United States

0:18:24.720 --> 0:18:28.680
<v Speaker 1>apart politically. UH. And the first thing that I think

0:18:28.760 --> 0:18:32.280
<v Speaker 1>needs to be addressed is the income level for for

0:18:32.320 --> 0:18:34.199
<v Speaker 1>this group of people. And there are a lot of

0:18:34.240 --> 0:18:38.639
<v Speaker 1>different policy responses you can have. What I like is

0:18:38.720 --> 0:18:44.000
<v Speaker 1>increasing the minimum wage and to to fifteen dollars where

0:18:44.040 --> 0:18:46.560
<v Speaker 1>you could afford that different parts of the country that

0:18:46.680 --> 0:18:48.960
<v Speaker 1>may be a little bit too high. The reason why

0:18:49.000 --> 0:18:55.000
<v Speaker 1>I like that is because to get that that wealth transfer,

0:18:55.720 --> 0:19:00.520
<v Speaker 1>you actually have to work to get it. This isn't passive, uh,

0:19:00.560 --> 0:19:03.720
<v Speaker 1>And it's about of the people in the country that

0:19:03.720 --> 0:19:07.359
<v Speaker 1>that would affect. But what happens is that the people

0:19:07.840 --> 0:19:12.040
<v Speaker 1>who earned more than the minimum wage when you when

0:19:12.080 --> 0:19:15.760
<v Speaker 1>you get close to doubling a minimum wage, they all

0:19:15.840 --> 0:19:19.560
<v Speaker 1>have to be increased. So so this would hit somewhere

0:19:19.640 --> 0:19:26.280
<v Speaker 1>between thirty of Americans. So that's a start. We're running

0:19:26.280 --> 0:19:28.840
<v Speaker 1>out of time. Very emails and it says, well, yes, Steve,

0:19:28.880 --> 0:19:31.360
<v Speaker 1>to buy the New York Knicks and fix it. We'll

0:19:31.400 --> 0:19:34.240
<v Speaker 1>see if that'll happen. I got one more question. It's

0:19:34.280 --> 0:19:37.760
<v Speaker 1>really really important. I want you to review the future

0:19:37.840 --> 0:19:41.320
<v Speaker 1>of the New York Public Library. People talk others. Do

0:19:41.880 --> 0:19:46.159
<v Speaker 1>you took an institution flat on its back? Bezos is

0:19:46.240 --> 0:19:49.359
<v Speaker 1>making it happen with Kindle and all that talk about

0:19:49.400 --> 0:19:52.760
<v Speaker 1>why we need a library, and particularly as you have

0:19:52.800 --> 0:19:58.159
<v Speaker 1>beautified that marble palace downtown. Well, what's fascinating counter to

0:19:58.200 --> 0:20:03.320
<v Speaker 1>what everybody thought is that attendance and libraries are going up, uh,

0:20:03.440 --> 0:20:06.720
<v Speaker 1>not down. Uh. I think a lot of people right

0:20:06.840 --> 0:20:10.119
<v Speaker 1>and and and the reason for that is that a

0:20:10.160 --> 0:20:13.320
<v Speaker 1>lot of middle class and lower income people don't have

0:20:13.400 --> 0:20:19.560
<v Speaker 1>access uh to the internet, and libraries have basically dived

0:20:19.640 --> 0:20:24.440
<v Speaker 1>into uh you know, using digital media. Uh. And so

0:20:24.520 --> 0:20:28.080
<v Speaker 1>it's a place where if you can't afford some of

0:20:28.119 --> 0:20:32.640
<v Speaker 1>these devices you can go. Secondly, um, people who want

0:20:32.680 --> 0:20:36.600
<v Speaker 1>to do well, uh you know, uh, middle middle class

0:20:36.600 --> 0:20:42.760
<v Speaker 1>people and lower income people. Sometimes they're living in accommodations

0:20:43.200 --> 0:20:45.280
<v Speaker 1>where it's there are a lot of people packed in

0:20:45.320 --> 0:20:49.640
<v Speaker 1>their apartments or homes, and it's really noisy, and it's

0:20:49.640 --> 0:20:53.240
<v Speaker 1>hard to study. Uh. And and what the library provides

0:20:54.119 --> 0:20:59.159
<v Speaker 1>is not only electronic connections but in digital the digital world,

0:20:59.520 --> 0:21:03.280
<v Speaker 1>but for vides a place where people could actually study

0:21:03.320 --> 0:21:06.480
<v Speaker 1>and think, I got five seconds left? Stocks up? Are

0:21:06.520 --> 0:21:11.480
<v Speaker 1>you long the market? I think his stocks are nervous. Okay,

0:21:11.520 --> 0:21:14.560
<v Speaker 1>that was It sounds like he's ready for radio s Schwartzman,

0:21:14.960 --> 0:21:17.840
<v Speaker 1>Thank you so much. What it takes folks are really interesting.

0:21:18.200 --> 0:21:21.080
<v Speaker 1>It was gonna be eight under pages, and Mr Schwartzman said,

0:21:21.119 --> 0:21:24.320
<v Speaker 1>caught it down, Stephen, what it takes Lessons in the

0:21:24.359 --> 0:21:29.560
<v Speaker 1>pursuit of excellence short, sharp, smart, smart smart on lessons

0:21:29.760 --> 0:21:34.480
<v Speaker 1>learned Stephen Schwartzman, a black Stone. Thanks for listening to

0:21:34.520 --> 0:21:39.080
<v Speaker 1>the Bloomberg Surveillance podcast. Subscribe and listen to interviews on

0:21:39.119 --> 0:21:44.960
<v Speaker 1>Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm

0:21:45.000 --> 0:21:48.239
<v Speaker 1>on Twitter at Tom Keane before the podcast. You can

0:21:48.359 --> 0:21:51.520
<v Speaker 1>always catch us worldwide. I'm Bloomberg Radio