In Good Company with Nicolai Tangen HIGHLIGHTS: Jonathan Gray - President and COO of Blackstone
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Jan 3, 2025 In this insightful conversation, Jonathan Gray, President and COO of Blackstone, shares his expertise in real estate and investment leadership. He discusses the evolution of Blackstone's investment philosophy and emphasizes the blend of analytical insight and intuition in making decisions. Gray also delves into the transformation of private equity, highlighting the importance of hiring passionate individuals. Lastly, he encourages young professionals to engage actively in their careers, illustrating how genuine commitment can drive success.
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Focus on Returns
- Blackstone's success comes from focusing on delivering premium returns for customers.
- This intense focus on returns has been key to their success.
Characteristics of Good Businesses
- Good businesses operate in large, growing markets with strong moats, leading to higher margins.
- They also tend to be less capital-intensive with recurring revenues.
Hilton Hotels Transformation
- Hilton Hotels transitioned from owning hotels to a management and franchising model.
- This shift reduced capital intensity, allowing growth by earning percentages of revenues.