By Ben Rundle | Portfolio Manager at NAOS Asset Management
Years ago I read a book called King of Capital by David Carey and John Morris which was a biography of Blackstone founder Stephen Schwarzman. It was an excellent book with fascinating insight into one of the most successful private equity powerhouses in the world.
As with any biography however, you always wonder if the story would be the same if it were told by the subject. With the recent release of What it Takes, I finally had that opportunity as it is written by Mr Schwarzman himself. The story around Blackstone is a fascinating one, for example did you realise that Blackrock, currently run by Larry Fink, was spun out of Blackstone? Or that Blackstone was originally seeded with a corporate advisory business?
Schwarzman offers a very candid insight into the struggles and triumphs he faced while building a large empire, it’s a very enjoyable read.