Jon Gray, chief operating officer of the $1.3 trillion asset manager Blackstone, says one of the firm’s distinguishing habits is to “go big” when it finds a theme it believes in. But he also says successful convictions need to be challenged, particularly as Blackstone invests heavily around artificial intelligence. “You keep pressing against what you’re doing to confirm that you haven’t just sort of fallen in love,” he says.

In this episode of The CEO Signal, Gray describes investing as “pattern recognition”: finding “good neighborhoods,” and connecting the dots before others do. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the conversation also explores how Blackstone makes investment decisions at scale and why Gray worries strong systems can “stamp out the entrepreneurial spirit.”

Gray also addresses the current debate around private credit. He says lower returns as rates fall and spreads tighten would be a “totally reasonable criticism,” while rejecting claims that the asset class is creating systemic risk or heading for collapse as “not very logical.”

The CEO Signal is Semafor's interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.

Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.

Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.

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