Stephen Schwarzman | The Knowledge Project #69

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. Here are some of the things you'll learn in this interview: 1. "My parents never congratulated me on anything I ever accomplished. It was just assumed that that’s what you were supposed to do. I sort of got used to that, and I’ve never done things for external validation as a result. It’s just the thing itself." 2. "I had a track coach in high school who was a remarkable person … And as you’d run past him in training, he’d say, “You have to make deposits in training so that you can make withdrawals for game day.” And so, as a result of this really intense training, we all look forward to actually track meets because it was so easy. We didn’t have to work nearly as hard." 3. "It’s sort of like a moral obligation. Somebody trusted you, and if that trust was misplaced, I always felt we should wear it, not the person who trusted us or me." 4. "You only have one shot to do something. And if you’re focusing on doing something with your life, if you make a choice, that cuts off other choices. You ought to wait until you find something that’s really worthy of the effort because you’re going to be making a heroic effort in any case." 5. "Never compromise when you’re hiring people. Good enough is not good. And people need to be trained. You can’t assume they know things just because they tell you they do." For more detailed show notes go to https://fs.blog/stephen-schwarzman/ You can find The Knowledge Project Podcast on: Apple Podcasts: https://podcasts.apple.com/us/podcast/the-knowledge-project-with-shane-parrish/id990149481 Spotify: https://open.spotify.com/show/1VyK52NSZHaDKeMJzT4TSM Google Podcasts: https://www.google.com/podcasts?feed=aHR0cHM6Ly90aGVrbm93bGVkZ2Vwcm9qZWN0LmxpYnN5bi5jb20vcnNz Farnam Street: https://fs.blog/the-knowledge-project/ Follow Shane Parrish on Twitter: https://twitter.com/shaneaparrish Farnam Street puts together a weekly newsletter that I think you’ll love. It's called Brain Food and it comes out every Sunday. Our team scours the internet for the most mind-expanding books, articles, and resources so you can spend less time searching, and more time learning. Discover what you’re missing at https://fs.blog/newsletter/ If you enjoyed this video, subscribe to our channel! #TheKnowledgeProject #ShaneParrish #StephenSchwarzman