2min chapter

In Good Company with Nicolai Tangen cover image

Stephen Schwarzman founder and CEO of Blackstone

In Good Company with Nicolai Tangen

CHAPTER

Don't Lose Money

In your book, you have 25 rules, and one of them is don't lose money. I realized having worked so hard to raise the money that I made one limited partner in particular, furious. He had a right to be because we had lost his money on that. And it made a huge psychological impression on me. Almost started crying when he was talking to this person who was then screaming at me. In my family, neither of my parents ever raised their voice. So I heard raised voices in sports, but not in an intimate setting. And I remember walking out and saying, I'm never going to have this happen to me again in my life.

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