In 'How to Lead', David M. Rubenstein distills wisdom from his interviews with 31 influential leaders across tech, finance, entertainment, sports, and government. The book categorizes leaders into six types—Visionaries, Builders, Transformers, Commanders, Decision-makers, and Masters—and explores their strategies for success, innovation, and crisis management. Through these conversations, Rubenstein highlights key leadership traits such as focus, humility, and the ability to learn from failures.
The American Story: Conversations with Master Historians offers a sweeping journey through American history via lively dialogues with esteemed historians. The book features discussions with notable figures like David McCullough, Jon Meacham, and Doris Kearns Goodwin, providing fresh insights into historical figures and events. It is richly illustrated with archival images from the Library of Congress and includes a foreword by Librarian of Congress Carla Hayden.
In 'How Not to Invest', Barry Ritholtz focuses on the pitfalls of investing by highlighting bad outcomes in finance and other fields. The book distills Ritholtz's investing philosophy, gathered from three decades of his writings, into practical advice on avoiding typical investment mistakes. It emphasizes the importance of managing risk, being unemotional, and learning from historical examples of poor investment decisions.
In *The American Experiment: Dialogues on a Dream*, David M. Rubenstein engages in lively discussions with notable figures such as Jill Lepore, Madeleine Albright, Ken Burns, and Billie Jean King. The book captures the dynamic evolution of America as a grand experiment in democracy, culture, innovation, and ideas, highlighting both its achievements and challenges. It is the third in a series of books by Rubenstein, following *How to Lead* and *The American Story*.
My guest today is David Rubenstein, co-founder of The Carlyle Group - one of the largest private equity firms in the world. David has worked in the White House, built a $300 billion investment institution, become a prominent philanthropist, published books, and even hosts his own TV show. It was a thrill to sit down with him and cover the whole spectrum of his experience as a father, investor, historian, and titan of American business. Please enjoy this great conversation with David Rubenstein.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Show Notes
[00:03:02] - [First question] - What his perspective on the world today is compared to the last forty years
[00:05:35] - The long term implications of the Ukraine war on a global scale
[00:07:54] - Concerns and thoughts on the US’s role in a radically different world
[00:10:07] - How inflation and reduced globalization impacts business behavior in the US
[00:14:11] - His method when interviewing people and how it’s changed over time
[00:15:03] - How his interest in leadership as a topic began; How to Lead
[00:17:55] - The time he was the most personally in awe of a leader
[00:19:05] - The most basic ingredients for strong leadership
[00:21:34] - Learning from Oprah and developing his own interviewing style
[00:24:25] - His leadership style while running Carlyle and key variables that drove Carlyle’s success
[00:28:41] - The ways that were most effective in terms of investment for Carlyle’s brand
[00:29:50] - How should a new investor think about the relationship between government and business
[00:32:17] - What he’s learned about leadership that he thinks is the most portable for other people
[00:34:04] - His interest in masters of leadership and what he has learned from them
[00:35:08] - How Carlyle retained their talent and building relationships with LP investors
[00:37:20] - Lessons from working in media with what worked and what didn’t; How to Invest
[00:38:55] - How he approached writing How to Invest
[00:41:13] - The importance of intuition when evaluating backers and why geniuses aren’t always chosen
[00:43:04] - Big aspects of American history and why he finds it so interesting; The American Story
[00:44:17] - Key drivers of American outcomes and biggest areas for improvement
[00:47:00] - Lessons he learned going from humble beginnings to amassing wealth and how he’s teaching his children about it
[00:49:20] - The state of private equity and what are its best and highest functions today
[00:51:03] - Experience and impressions on the emerging cryptosphere
[00:52:25] - What makes for a good chairman and why he is always drawn to that role
[00:53:42] - The most interesting system outside of the US that he’s observed
[00:55:33] - What he has learned about being a giving pledge signer and philanthropy
[00:57:02] - His interest in Monticello and the Magna Carta
[00:59:13] - View on how speeches from leaders have changed over the years; Citizenship in a Republic
[01:01:24] - What subject he would write his next book on
[01:03:58] - Thoughts on the line between giving your life for your country versus your state
[01:05:17] - The American Experiment
[01:06:10] - Looking back on his career at a time where he felt the most alive
[01:08:07] - The kindest thing anyone has ever done for him
Invest Like the Best with Patrick O'Shaughnessy 
