The Master Investor Podcast with Wilfred Frost Harnessing Insecurity: Harvey Schwartz on Leadership & Markets
Nov 19, 2025
Harvey Schwartz, CEO of Carlyle, shares his unconventional rise in finance, influenced by personal adversity and a challenging upbringing. He discusses the evolving private markets and their growth drivers while contrasting the depth of US capital markets with others globally. Schwartz emphasizes the importance of mental health and humility in leadership, offering practical advice for navigating economic uncertainties and market dynamics. His insights highlight how insecurity can become a powerful asset in both life and investment.
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From A Traumatic Childhood To Wall Street
- Harvey Schwartz grew up with parents who had severe mental illness and faced academic and social struggles through adolescence.
- He credits interventions from friends, mentors, and luck for enabling his eventual rise in finance.
Talking Openly Changed The Room
- A single public mention of his family's mental-health struggles after interviewing Ray Dalio prompted many people to thank him privately.
- That reaction convinced Harvey to speak more publicly and later support mental-health charities.
Why Private Markets Grew So Steadily
- Private capital matured and expanded the menu of funding options, reducing the number of public companies over time.
- Corporates choose the most efficient capital source, which explains why firms stay private longer today.
