Steve Schwarzman Says the 'Phone Never Rang' When He Founded Private Equity Firm Blackstone

The transcript covers the speaker's career journey, starting from Wall Street's evolution to experiences at Lehman Brothers. It highlights the lessons learned from Lehman's collapse and the partnership with Pete Peterson. The challenges of entrepreneurship and insights into global economic issues, particularly US-China trade, are also discussed.

What is one of the key changes in Wall Street mentioned by the speaker?

• Lower deficits

• Reduced monetary policies

• Increased capital mobilization

• Decreased efficiency

What was a notable characteristic of the work environment at Lehman Brothers?

• Supportive and nurturing

• Competitive and challenging

• Relaxed and easy-going

• Unstructured and chaotic

What lesson did the speaker learn from the financial troubles at Lehman Brothers?

• The benefits of a relaxed work environment

• The value of high-risk investments

• The need for institutional protection

• The importance of individual success

How did the speaker and Pete Peterson complement each other in their partnership?

• One was intuitive, the other process-oriented

• Both were process-oriented thinkers

• Both were risk-averse

• Both were intuitive thinkers

What challenge did the speaker face when starting their own venture?

• Immediate success and recognition

• Lack of response from potential clients

• Overwhelming support from investors

• Excessive competition

According to the speaker, what is a key trait of an entrepreneur?

• An ability to see opportunities

• A reliance on fallback options

• A love for risk

• A structured approach

What is the speaker's view on US-China trade relations?

• It has no impact on global growth

• It is a temporary issue

• It requires structural solutions

• It is solely a US problem