Navigating Unemployment to Founding a Private Equity Firm

In this episode of Big Shot, we're thrilled to welcome the incredible David Rubenstein! As a co-founder of The Carlyle Group, one of the globe's top private equity firms, David's journey from a Baltimore kid with big dreams to a presidential advisor and business mogul is truly inspiring. Join us, as David reveals how he overcame rejection after President Carter lost his re-election and pivoted into private equity. Learn why he's dedicated to giving back through initiatives like the Giving Pledge, and get ready for some thought-provoking insights, including why hiring geniuses might not be the best idea and tips on avoiding spoiling your kids.

In This Episode We Cover: 

(03:40) Welcome David Rubenstein 

(04:50) Why David and Harley both maintain their bar memberships

(05:37) Why education is important to the Jewish people

(07:30) David’s upbringing in Baltimore

(10:00) The difficulties that come with raising children when you’re wealthy

(11:30)  David’s relatively laid-back parents

(13:34) The Jewish youth group that fueled David’s drive for more

(14:15) David’s first job out of law school

(15:25) How David became an advisor to President Jimmy Carter 

(16:42) The years of struggle after Jimmy Carter failed to get re-elected

(20:41) How the Carlyle Group got their start

(24:36) Carlyle’s “bear hug” on Chichi’s

(27:22) David’s growth strategy for Carlyle focusing on diversification and globalization

(31:30) David’s mom’s philanthropy 

(34:14) What the Giving Pledge is 

(36:43) David’s philosophy on philanthropy 

(39:33) An explanation of the Magna Carta, its failure, and the anti-semitism of the day

(42:22) David’s focus on patriotic philanthropy 

(46:47) How David became the fundraiser for Carlyle 

(47:56) How Carlyle was able to build a lasting company

(49:27) Why reasonably intelligent people make better employees than geniuses

(50:04) The cultural values that make Jewish people successful and want to give back

(54:10) Antisemitism in the US and Europe

(54:28) Why David still doesn’t think he’s made it

(55:33) Tips on raising kids and the three ways to influence people as a leader

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Referenced: 

David Rubenstein on Patriotic Philanthropy: https://www.whitehousehistory.org/the-white-house-1600-sessions/david-rubenstein-on-patriotic-philanthropy

Shelley v. Kraemer: https://en.wikipedia.org/wiki/Shelley_v._Kraemer

Virtual Jewish World: Baltimore, Maryland: https://www.jewishvirtuallibrary.org/baltimore-jewish-history-tour#google_vignette

Paul, Weiss, Rifkind, Wharton & Garrison LLP: https://www.paulweiss.com/

Ted Sorensen: https://en.wikipedia.org/wiki/Ted_Sorensen

William Simon: https://www.philanthropyroundtable.org/hall-of-fame/william-simon/

G. William Miller: https://home.treasury.gov/about/history/prior-secretaries/g-william-miller-1979-1981

Edward J. Mathias: https://www.carlyle.com/corporate-overview/operating-executives-advisors/edward-j-mathias

T. Rowe Price: https://www.troweprice.com/

The Mellon family: https://www.forbes.com/profile/mellon/?sh=21c04b3f6c8b

Greenmailing: https://www.investopedia.com/terms/g/greenmail.

Mike Milken: https://milkeninstitute.org/staff/mike-milken

Frank Carlucci: https://en.wikipedia.org/wiki/Frank_Carlucci

John Major: https://www.britannica.com/biography/John-Major

Why are there so many Jewish Nobel winners?: https://www.thejc.com/lets-talk/why-are-there-so-many-jewish-nobel-winners-ctycke48#

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Where to find David Rubenstein

X: https://twitter.com/DM_Rubenstein

Website: https://davidrubenstein.com/

Where To Find Big Shot: 

Website: ⁠https://www.bigshot.show/

YouTube: ⁠https://www.youtube.com/@bigshotpodcast⁠  

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Harley Finkelstein: ⁠https://twitter.com/harleyf⁠ 

David Segal: ⁠https://twitter.com/tea_maverick⁠

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