Jon Gray, President and COO of Blackstone, shares pivotal investment lessons with Dan Simkowitz of Morgan Stanley, highlighting both successes and failures. Gray recounts Blackstone's $26 billion acquisition of Hilton Hotels in 2007, a deal nearly derailed by the financial crisis, emphasizing the importance of faith in underlying businesses and strong management. He contrasts this triumph with a late 90s real estate investment during the dotcom boom involving GoBosch.com, which taught him the necessity of grounding decisions in fundamental value rather than speculative mania. Gray stresses the significance of experiencing market downturns to develop pattern recognition and avoid overconfidence, while also acknowledging the paramount importance of company culture.
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