The Man Who Built Blackstone Into a $1.3 Trillion Empire | Leaders with Francine Lacqua

Stephen Schwarzman, co-founder of Blackstone, details the firm’s strategy of leveraging vast internal data to anticipate economic shifts, such as the AI-driven demand for data centers and energy infrastructure. He defends the private credit market, arguing that current default rates are manageable and that the sector fills a vital role left by traditional banking. Addressing geopolitical tensions, he advocates for normalized relations between the U.S. and China, emphasizing their shared economic significance. Schwarzman reflects on his career, highlighting the necessity of conservative risk management—exemplified by his strategic 2007 real estate divestments—and the transition from 1980s-style cost-cutting to a modern focus on long-term growth. Throughout the discussion, he underscores the importance of maintaining a balanced political center and the acquired skill of leadership, which he views as essential for navigating complex regulatory and public-facing challenges.