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Quote by Stephen A. Schwarzman

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Stephen A. Schwarzman
Stephen A. Schwarzman

Stephen A. Schwarzman, born on February 14, 1947, is an accomplished business magnate from the United States. Known for his exceptional business acumen and leadership, he has achieved remarkable success in the financial industry. As the co-founder, chairman, and CEO of The Blackstone Group, one of the world's largest private equity investment firms, Schwarzman has made a significant impact on the global financial landscape. more

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“A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success”

“In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women”

“A thoughtful investment process contemplates both probability and payoffs and carefully considers where the consensus - as revealed by a price - may be wrong. Even though there are also some important features that make investing different than, say, a casino or the track, the basic idea is the same: you want the positive expected value on your side”