Down cycles are not fun. But they form the basis for enormous future profitability
My biggest job really is to figure other people out. I need to understand what makes a person tick.
I've lived through periods of illiquidity before. Asset prices come down. The economy slows or even goes into recession. Then the cycle re-starts. We buy at lower prices with less leverage.
For future geopolitical stability and global prosperity, we need to build a culture of greater trust and understanding between China, America and the rest of the world.
It's wonderful to learn about new cultures and to be able to travel easily to so many countries.
I don't feel like a wealthy person. Other people think of me as a wealthy person, but I don't. I feel the same as when I was a fifth-year associate trying to make partner at Lehman Brothers. I haven't changed.
My personal taxes are 53% of my taxable income. That's 36% on the federal level and 17% for state and local.
I love picking people. I started Blackstone, and we had no people, and now we have with our portfolio companies about 750,000 people all over the world. Everybody who is at a senior level has ultimately been picked by me.
I'm concerned with China growing at double or triple the rate of the West, that there will be tensions. One needs to do something to start addressing misunderstandings and frustration.
If I get angry, it's obvious. I don't have to say much.
I'm not feeling undertaxed. Tax reform is an important issue. You have to have an inherent sense of fairness.
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