#49 Paddy Hogan on What It Takes

This episode of "Investing by the Books" interviews Paddy Hogan, Head of Investor Relations at Orix, about Stephen Schwarzman's book "What It Takes." The conversation centers on Orix's corporate culture, talent management (including succession planning and diverse hiring practices), and investment strategies, drawing parallels with Blackstone's approach. Hogan highlights Orix's long-term, disciplined investment philosophy, emphasizing consistent hurdle rates and a preference for adjacent market expansion with strategic partners. A key takeaway is Orix's preference for non-hostile acquisitions and its role as a preferred buyer for Japanese companies seeking succession solutions. Listeners gain insights into the operational aspects of a large, diversified global company and its approach to long-term value creation.