\u9ed1\u77f3\u521b\u59cb\u4ebaSteve Schwarzman\u7684\u81ea\u4f20\uff0c\u526f\u6807\u9898\u662fLessons in the pursuit of excellence\uff0c\u8bfb\u5b8c\u4e4b\u540e\u89c9\u5f97\u662f\u975e\u5e38\u96be\u5f97\u7684\u4e00\u672c\u4e66\uff0c\u4e5f\u503c\u5f97\u53cd\u590d\u8bfb\u3002\u8fd9\u672c\u4e662019\u5e74\u4e0b\u534a\u5e74\u521a\u521a\u51fa\u6765\uff0c\u8fd8\u6ca1\u6709\u4e2d\u6587\u7248\u3002\u501f\u7740\u5047\u671f\u8fd9\u51e0\u5929\uff0c\u4e00\u8bfb\u5c31\u7231\u4e0d\u91ca\u624b\uff0c\u4e5f\u7b97\u8bfb\u5b8c\u4e86\u4eca\u5e74\u7684\u7b2c\u4e00\u672c\u82f1\u6587\u4e66\u3002\u6309\u60ef\u4f8b\uff0c\u7b80\u8981\u6458\u5f55\u5982\u4e0b\uff0c\u82f1\u6587\u662f\u539f\u6587\uff0c\u4e2d\u6587\u662f\u7b80\u8981\u611f\u53d7\u3002<\/p>\n\n\n\n
But I\u2019ve always believed that it\u2019s just as hard to achieve big goals as it is small ones. The only difference is that bigger goals have much more significant consequences. Since you can tackle only one personally defining effort at a time, it\u2019s important to pursue a goal that is truly worthy of the focus it will require to ensure its success.<\/p>\n\n\n\n
1\/25\uff08\u8868\u793a\u8fd9\u662f\u65af\u74e6\u8328\u66fc\u5148\u751f\u6700\u540e25\u70b9\u603b\u7ed3\u7684\u7b2c1\u70b9\uff0c\u4e0b\u9762\u4ee5\u6b64\u7c7b\u63a8\uff09\u3002\u5b9e\u73b0\u5927\u76ee\u6807\u548c\u5b9e\u73b0\u5c0f\u76ee\u6807\u7684\u96be\u5ea6\u60f3\u8d77\u6765\u5dee\u5f02\u5f88\u5927\uff0c\u4f46\u5b9e\u9645\u4e0a\u901a\u5e38\u5dee\u4e0d\u591a\uff0c\u56e0\u6b64\u8981\u9009\u62e9\u5927\u76ee\u6807\uff0c\u6240\u8c13\u201c\u7acb\u957f\u5fd7\u201d\u800c\u4e0d\u662f\u201c\u5e38\u7acb\u5fd7\u7684\u9053\u7406\u201d\u3002\u4e2a\u4eba\u5982\u6b64\uff0c\u8fd0\u8425\u516c\u53f8\u4e5f\u662f\u5982\u6b64\u3002\u6b65\u5165\u793e\u4f1a\u8d8a\u4e45\uff0c\u5c31\u8d8a\u5bb9\u6613\u81ea\u6211\u5b9a\u4e49\u6210\u87ba\u4e1d\u9489\uff0c\u800c\u4e0d\u5728\u53bb\u6562\u7acb\u957f\u5fd7\u4e86\uff0c\u800c\u8fd9\u6070\u6070\u662f\u91cd\u8981\u7684\u3002<\/p>\n\n\n\n
The best executives are made, not born. They absorb information, study their own experiences, learn from their mistakes, and evolve.The former US treasury secretary and chief executive of Goldman Sachs, who suggested I go over my old calendars, record my thoughts on building and managing an organization, and have them transcribed in case I might someday want to publish them.<\/p>\n\n\n\n
2\/25\u3002\u6700\u597d\u7684\u7ba1\u7406\u8005\u662f\u540e\u5929\u517b\u6210\u7684\uff0c\u5e76\u975e\u5929\u751f\uff0c\u662f\u90a3\u79cd\u80fd\u591f\u5e7f\u6cdb\u5438\u6536\u4fe1\u606f\u3001\u79ef\u7d2f\u7ecf\u9a8c\u3001\u5b66\u4e60\u6559\u8bad\u3001\u4e0d\u65ad\u8fdb\u5316\u7684\u4eba\u3002\u4e4b\u540e\u662f\u4e2a\u503c\u5f97\u5b66\u4e60\u7684\u597d\u4e60\u60ef\u4e86\uff0c\u5f88\u65e9\u4ed6\u5c31\u88ab\u4f20\u6388\u7ecf\u9a8c\u8981\u6bcf\u5929\u505a\u70b9\u8bb0\u5f55\uff0c\u4ee5\u4fbf\u5c06\u6765\u5199\u56de\u5fc6\u5f55\u7528\u3002\u5176\u5b9e\u4e5f\u80fd\u8d77\u5230\u5f88\u597d\u7684\u53cd\u601d\u4f5c\u7528\uff0c\u5f88\u6709\u5e2e\u52a9\u3002<\/p>\n\n\n\n
But what I lacked in basic economics, I made up for with my ability to see patterns and develop new solutions and paradigms, and with the sheer will to turn my ideas into reality. Finance proved to be the means for me to learn about the world, form relationships, tackle significant challenges, and channel my ambition. It also allowed me to refine my ability to simplify complex problems by focusing on only the two or three issues that will determine the outcome<\/p>\n\n\n\n
\u975e\u5e38\u503c\u5f97\u5b66\u4e60\u7684\u65b9\u6cd5\u8bba\u3002\u81ea\u5df1\u611f\u89c9\u4ee5\u6295\u8d44\u6765\u770b\uff0c\u771f\u6b63\u91cd\u8981\u7684\u4e00\u662f\u6709\u80fd\u529b\u627e\u5230\u793e\u4f1a\u8fd0\u884c\u7684\u8303\u5f0f\uff0c\u7406\u89e3\u5176\u8fd0\u884c\uff0c\u53d1\u73b0\u201c\u8303\u5f0f\u8f6c\u6362\u201d\u5e26\u6765\u7684\u5de8\u5927\u673a\u4f1a\uff1b\u7b2c\u4e8c\u5c31\u662f\u80fd\u591f\u628a\u590d\u6742\u95ee\u9898\u7b80\u5355\u5316\uff0c\u6838\u5fc3\u662f\u6293\u4f4f\u5176\u4e2d2-3\u4e2a\u5173\u952e\u70b9\u3002<\/p>\n\n\n\n
We believe in meritocracy and excellence, openness and integrity. And we work hard to hire only people who share those beliefs. We are fixated on managing risk and never losing money. We are strong believers in innovation and growth\u2014constantly asking questions in order to anticipate events so that we can evolve and change before we are forced to. <\/p>\n\n\n\n
\u575a\u4fe1\u7cbe\u82f1\u3001\u5353\u8d8a\u3001\u5f00\u653e\u548c\u6b63\u76f4\uff0c\u4e13\u6ce8\u4e8e\u63a7\u5236\u98ce\u9669\u548c\u4e0d\u8f93\u672c\u91d1\uff0c\u76f8\u4fe1\u56de\u62a5\u6765\u6e90\u4e8e\u5bf9\u521b\u65b0\u548c\u589e\u957f\u8ffd\u6c42\uff0c\u53d1\u73b0\u8d8b\u52bf\u5e76\u9884\u8ba1\u5230\u672a\u6765\u7684\u53d8\u5316\u3002\u8fd9\u662f\u884c\u4e1a\u7684\u57fa\u77f3\u6027\u771f\u7406\u4e86\u3002<\/p>\n\n\n\n
\u201cWhen people ask me how I succeed, my basic answer is always the same: I see a unique opportunity, and I go for it with everything I have. And I never give up.\u201d<\/p>\n\n\n\n
16\/25. \u53d1\u73b0\u673a\u4f1a\uff0c\u52c7\u6562\u53bb\u8ffd\uff0c\u6c38\u4e0d\u653e\u5f03\u3002<\/p>\n\n\n\n
\u4ee5\u4e0b\u5206\u7ae0\u8282<\/p>\n\n\n\n
1<\/p>\n\n\n\n
\u201cYou can learn to be a manager. You can even learn to be a leader. But you can\u2019t learn to be an entrepreneur.\u201d<\/p>\n\n\n\n
\u4f01\u4e1a\u5bb6\u662f\u81ea\u5e26\u5929\u8d4b\u7684\uff0c\u5bfb\u627e\u5929\u8d4b\u578b\u7684\u4f01\u4e1a\u5bb6\u3002<\/p>\n\n\n\n
\u201cIf you want something badly enough, you can find a way. You can create it out of nothing. And before you know it, there it is.\u201d<\/p>\n\n\n\n
\u201cmy experience at Abington with Little Anthony had taught me a lesson I have replicated throughout my life: if you\u2019re going to commit yourself to something, it\u2019s as easy to do something big as it is to do something small. Both will consume your time and energy, so make sure your fantasy is worthy of your pursuit, with rewards commensurate to your effort.\u201d<\/p>\n\n\n\n
1\/25.<\/p>\n\n\n\n
2<\/p>\n\n\n\n
\u201cHe had told me I could do anything to which I set my mind. At some point in life, we have to figure out who we are, he said. The sooner we do it the better, so we can pursue the opportunities that are right for us, not some false dream created by others. But if I was going to turn my worthy fantasies into reality, to become a telephone switchboard filled with inputs, I\u2019d need money.\u201d<\/p>\n\n\n\n
\u8ffd\u68a6\u56fa\u7136\u597d\uff0c\u8d8a\u65e9\u8d8a\u597d\uff0c\u4f46\u73b0\u5b9e\u5f88\u91cd\u8981\uff0c\u5148\u8d5a\u5230\u94b1\u5f88\u91cd\u8981\u3002<\/p>\n\n\n\n
\u201cThe lesson was that everything in business relates to everything else. For a business to succeed, each part has to work on its own and with all the other parts. It\u2019s a closed, integrated system, organized by managers. <\/p>\n\n\n\n
5\/25\u3002\u5546\u4e1a\u662f\u7531\u5f88\u591a\u96f6\u90e8\u4ef6\u6784\u6210\u7684\u4e00\u4f53\u5316\u7684\u95ed\u73af\u7cfb\u7edf\uff0c\u90e8\u4ef6\u4e4b\u95f4\u5bc6\u5207\u76f8\u5173\u3002\u8981\u83b7\u5f97\u6210\u529f\uff0c\u8d77\u7801\u9700\u8981\u6bcf\u4e2a\u90e8\u5206\u90fd\u80fd\u826f\u597d\u8fd0\u884c\u3002\u8fd9\u4e5f\u662f\u6211\u6700\u8fd1\u601d\u8003\u7684\u53d1\u73b0\uff0c\u6295\u8d44\u548c\u5546\u4e1a\u7684\u6210\u529f\uff0c\u867d\u7136\u6709\u5176\u5076\u7136\u6027\uff0c\u4f46\u4e5f\u6709\u5176\u5fc5\u7136\u6027\uff0c\u4e5f\u53ef\u4ee5\u8bf4\u662f\u79d1\u5b66\u6027\u3002\u5546\u4e1a\u7684\u79d1\u5b66\u540c\u7b49\u91cd\u8981\u3002<\/p>\n\n\n\n
\u201cIn the cases we studied, I could spot patterns, sense the problems, and suggest potential solutions without getting lost in the numbers. And my extracurricular activities had taught me I enjoyed working with people to take on difficult, even improbable challenges.\u00a0I would rather work somewhere where my personality was a natural fit. \u201d<\/p>\n\n\n\n
\u627e\u5230\u8303\u5f0f\u5f88\u91cd\u8981\uff0c\u627e\u5230\u597d\u961f\u53cb\u5f88\u91cd\u8981\u3002<\/p>\n\n\n\n
3<\/p>\n\n\n\n
\u201cFinance, and investing especially, is a dynamic world in which you must adjust to new information, people, and situations quickly. If a candidate doesn\u2019t demonstrate the ability to connect, engage, pivot, and change course within the bounds of a conversation, chances are that person won\u2019t fare well at Blackstone.<\/p>\n\n\n\n
\u7528\u4eba\u4e4b\u9053\u3002\u8981\u5728\u9762\u8bd5\u4e2d\u770b\u5230connect, engage, pivot, and change course\u7684\u80fd\u529b\u3002<\/p>\n\n\n\n
Our people are all different, but they share some common traits: self-confidence, intellectual curiosity, courtesy, an ability to adjust to new situations, emotional stability under pressure, a zero-defect mentality, and an unwavering commitment to behaving with integrity and striving for excellence in all we choose to do. Being nice\u2014thoughtful, considerate, and decent\u2014doesn\u2019t hurt either. I will never hire anyone who isn\u2019t nice regardless of his or her talent. It\u2019s also important to me that Blackstone remains free of internal politics, so if jockeying for position is part of your nature, we don\u2019t want you.\u201d<\/p>\n\n\n\n
\u76f4\u63a5copy\u5b66\u4e60\uff0c\u503c\u5f97\u6253\u51fa\u6765\uff0c\u6302\u5899\u4e0a\u3002<\/p>\n\n\n\n
4<\/p>\n\n\n\n
\u201cYou build a model of why this is a good investment. Everything\u2019s a spread.\u201d<\/p>\n\n\n\n
\u7b80\u5355\u800c\u6df1\u523b\u7684\u9053\u7406\u3002Everything\u2019s a spread.<\/p>\n\n\n\n
\u201cPutnam gave me a lesson in raising money that would stay with me throughout my career as I raised fund after fund at Blackstone. Investors are always looking for great investments. The easier you make it for them, the better for everyone.\u201d<\/p>\n\n\n\n
\u60f3\u6295\u8d44\u4eba\u4e4b\u6240\u60f3\uff0c\u518d\u53bb\u52df\u8d44\u3002\u6362\u4e2a\u89d2\u5ea6\u770b\uff0c\u4e89\u53d6\u5931\u53bb\u5e2e\u52a9\u6295\u8d44\u4eba\u89e3\u51b3\u4ed6\u4eec\u7126\u8651\u7684\u95ee\u9898\uff0c\u800c\u4e0d\u662f\u627e\u4ed6\u4eec\u6240\u8981\u4ec0\u4e48\u4e1c\u897f\uff0c\u624d\u662f\u6700\u597d\u7684\u52df\u8d44\u59ff\u52bf\u3002<\/p>\n\n\n\n
\u201cSimilarly, people who succeed in finance must start with repetitive practice before they can ever hope to achieve mastery.\u201d<\/p>\n\n\n\n
\u6295\u8d44\u8fd8\u771f\u662f\u95e8\u7ecf\u9a8c\u79d1\u5b66\uff0c\u8981\u4e0d\u65ad\u7ec3\u4e60\uff0c\u4f53\u4f1a\u7cbe\u8fdb\uff0c\u65b9\u80fd\u6709\u4e00\u4e8c\u6240\u5f97\u3002<\/p>\n\n\n\n
\u201cGetting to know Jack and watching him in action reinforced my growing belief that the most important asset in business is information. The more you know, the more perspectives you have and the more connections you can make, which allow you to anticipate issues. The more you know, the more perspectives you have, and the more likely you are to spot patterns and anomalies before your competition. So always be open to new inputs, whether they are people, experiences, or knowledge.<\/p>\n\n\n\n
6\/25. \u4fe1\u606f\u662f\u4f01\u4e1a\u7684\u6700\u91cd\u8981\u8d44\u4ea7\uff0c\u6bcb\u5eb8\u7f6e\u7591\u3002\u6c38\u8fdc\u5f00\u653e\u5fc3\u6001\uff0c\u4fdd\u6301\u4fe1\u606f\u3001\u77e5\u8bc6\u3001\u7ecf\u9a8c\u548c\u65b0\u4eba\u7684\u8f93\u5165\u3002<\/p>\n\n\n\n
5<\/p>\n\n\n\n
\u201cHow you initiate and manage that change is the measure of your success.\u201d<\/p>\n\n\n\n
\u5bf9\u53d8\u5316\u7684\u5e94\u5bf9\u548c\u7ba1\u7406\u5f88\u5927\u7a0b\u5ea6\u4e0a\u51b3\u5b9a\u7740\u662f\u5426\u6210\u529f\u3002\u673a\u4f1a\u591a\u6765\u6e90\u4e8e\u53d8\u5316\uff0c\u62e5\u62b1\u53d8\u5316\u624d\u662f\u6210\u529f\u7684\u524d\u63d0\u3002<\/p>\n\n\n\n
6<\/p>\n\n\n\n
\u201cListening to people seemed obvious. But it evidently marked me out on Wall Street. I didn\u2019t just try selling whatever it was I had to sell. I listened. I waited to hear what people wanted, what was on their mind, then set about making it happen. I rarely take notes in meetings. I just pay very close attention to what the other person is saying and the way he or she is saying it. \u201d<\/p>\n\n\n\n
\u201cOne effect of my intense listening is that I can recall events and conversations in detail. It\u2019s as if they are imprinted and stored away in my brain. A lot of people fail because they start from a position of self-interest. What\u2019s in this for me? They will never get to do the most interesting and rewarding work. Listening closely and watching the way people talk puts me much closer to answering the question I\u2019m always asking myself, which is: How can I help? If I can help someone and become a friend to their situation, everything else follows.\u201d<\/p>\n\n\n\n
\u8046\u542c\uff0c\u4e0d\u53ea\u662f\u4fee\u517b\u548c\u5fc3\u6001\uff0c\u9996\u5148\u662f\u975e\u5e38\u91cd\u8981\u7684\u4fe1\u606f\u8f93\u5165\u65b9\u5f0f\u3002\u5176\u6b21\u662f\u89e3\u51b3\u95ee\u9898\u7684\u5f00\u59cb\uff0c\u5f88\u591a\u60c5\u51b5\u4e0b\uff0c\u7b54\u6848\u81ea\u5df1\u5c31\u85cf\u5728\u95ee\u9898\u91cc\uff0c\u8ba4\u771f\u542c\uff0c\u542c\u61c2\u4e86\uff0c\u7b54\u6848\u5c31\u4e0d\u8fdc\u4e86<\/p>\n\n\n\n
7<\/p>\n\n\n\n
\u201cIn April 1985, Pete and I began meeting every day in the courtyard restaurant at the Mayfair Hotel on East Sixty-Fifth Street and Park Avenue. We were the first to arrive and the last to leave, talking for hours, reflecting on our careers and thinking of what we could do together.\u201d<\/p>\n\n\n\n
\u4f1f\u5927\u7684\u521b\u4e1a\u8d77\u70b9\u9996\u5148\u662f\u8ba4\u771f\u7684\u60f3\u6e05\u695a\u3002\u8fd9\u4e24\u4f4d\u4e00\u4e2a\u5927\u6295\u884c\u7684CEO\uff0c\u4e00\u4e2a\u90e8\u95e8\u660e\u661f\u8d1f\u8d23\u4eba\uff0c\u672c\u53ef\u4ee5\u968f\u4fbf\u5f00\u59cb\u4efb\u4f55\u4e8b\uff0c\u4f46\u4ed6\u4eec\u5c45\u7136\u80fd\u5982\u6b64\u8ba4\u771f\u5730\u63a2\u8ba8\u4ed6\u4eec\u7684\u5f00\u59cb\uff0c\u80fd\u9996\u5148\u6295\u5165\u82e6\u529f\u53bb\u60f3\u6e05\u695a\uff0c\u8fd9\u6837\u60f3\u4e0d\u6210\u529f\u90fd\u96be\u3002<\/p>\n\n\n\n
\u201c I had reached an important conclusion about starting any business: it\u2019s as hard to start and run a small business as it is to start a big one. You will suffer the same toll financially and psychologically as you bludgeon it into existence. It\u2019s hard to raise the money and to find the right people. So if you\u2019re going to dedicate your life to a business, which is the only way it will ever work, you should choose one with the potential to be huge.\u201d<\/p>\n\n\n\n
\u4eba\u751f\u8fd9\u4e48\u77ed\uff0c\u5927\u4e8b\u5c0f\u4e8b\u90fd\u662f\u4e00\u8f88\u5b50\uff0c\u8981\u5e72\u5c31\u5e72\u70b9\u5927\u7684\uff0c\u624d\u4e0d\u865a\u6b64\u751f\u3002<\/p>\n\n\n\n
\u201cKKR had put in just 5 percent of the cash to buy Houdaille, an industrial manufacturing conglomerate, and borrowed the rest. Leverage on that scale meant the company could grow at 5 percent, but the equity would grow at 20 to 30 percent.\u201d<\/p>\n\n\n\n
LBO\u7684\u9b45\u529b\u6240\u5728\uff0c\u8981\u6709\u6760\u6746L\uff0c\u5e76\u4e14L\u8fd8\u8db3\u591f\u9ad8\u3002<\/p>\n\n\n\n
\u201cCompared to most other businesses on Wall Street, private equity firms were simpler in structure, and the financial rewards were concentrated in fewer hands. But you needed skill and information to make this model work. I believed we had both and could acquire more.\u201d<\/p>\n\n\n\n
PE\u9886\u57df\uff0c\u6280\u672f\u548c\u4fe1\u606f\u662f\u5173\u952e\u3002<\/p>\n\n\n\n
\u201cPete and I thought of the people we wanted to run these new business areas as \u201c10 out of 10s.\u201d We had both been judging talent long enough to know a 10 when we saw one. Eights just do the stuff you tell them. Nines are great at executing and developing good strategies. You can build a winning firm with 9s. But people who are 10s sense problems, design solutions, and take the business in new directions without being told to do so. Tens always make it rain.\u201d<\/p>\n\n\n\n
23\/25. \u627e\u523010\u5206\u7684\u4eba\u624d\u624d\u80fd\u6210\u529f\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u4eba\u624d\u30028\u5206\u7684\u4eba\u662f\u80fd\u80dc\u4efb\u5de5\u4f5c\uff0c\u8bf4\u5565\u505a\u5565\uff1b9\u5206\u5c31\u80fd\u4e3b\u52a8\u5236\u5b9a\u7b56\u7565\u7136\u540e\u5f88\u597d\u7684\u6267\u884c\uff0c10\u5206\u80fd\u55c5\u5230\u95ee\u9898\uff0c\u8bbe\u8ba1\u89e3\u51b3\u65b9\u6848\u5e76\u4e14\u4e3b\u52a8\u53d1\u73b0\u65b0\u673a\u4f1a\u7684\u4eba\uff0c\u662f\u9020\u96e8\u8005\u3002<\/p>\n\n\n\n
\u201cBusinesses often succeed and fail based on timing. Get there too early, and customers aren\u2019t ready. Arrive too late, and you\u2019ll be stuck behind a long line of competitors.\u201d<\/p>\n\n\n\n
\u65f6\u673a\u5f88\u91cd\u8981<\/p>\n\n\n\n
\u201cHe proposed we draw on the English translations of our two names. The German schwarz means black. Pete\u2019s father\u2019s original Greek name was \u201cPetropoulos.\u201d Petros means stone or rock. We could be Blackstone or Blackrock. I preferred Blackstone. Pete was happy to go along.\u201d<\/p>\n\n\n\n
\u9ed1\u77f3\u540d\u5b57\u7684\u6765\u6e90\uff0c\u5e94\u8be5\u8ba4\u771f\u53d6\u3002<\/p>\n\n\n\n
\u201cI thought the time and money we spent when both were scarce were essential to getting this right. When you\u2019re presenting yourself, the whole picture has to make sense, the entire, integrated approach that gives other people cues and clues as to who you are. \u201d<\/p>\n\n\n\n
\u82b1\u70b9\u94b1\u628a\u7ec6\u8282\u505a\u597d\u662f\u5f88\u503c\u5f97\u7684\uff0c\u8fd9\u6bb5\u8bdd\u5199\u5728\u4ed6\u4eec\u82b1\u5fc3\u601d\u5370\u540d\u7247\u4e4b\u540e\uff0c\u6838\u5fc3\u662f\u8ba4\u771f\u3002\u56de\u5230\u4e4b\u524d\u603b\u7ed3\u7684\u5546\u4e1a\u662f\u4e2a\u4e00\u4f53\u5316\u95ed\u73af\u7cfb\u7edf\uff0c\u6bcf\u4e00\u73af\u8282\u90fd\u5f88\u91cd\u8981\uff0c\u4f53\u73b0\u7684\u90fd\u662f\u4ef7\u503c\u89c2\uff0c\u56e0\u6b64\u5370\u540d\u7247\u4e5f\u4e0d\u5e94\u8be5\u9a6c\u864e\u3002\u8fd9\u70b9\u5728\u7f8e\u5f0f\u6587\u5316\u91cc\u5f88\u597d\u7406\u89e3\uff0c\u4f46\u4e0d\u540c\u4e8e\u5f53\u4e0b\u56fd\u5185\u63d0\u5021\u7684\u91ce\u86ee\u751f\u957f\u65f6\u7684\u751f\u5b58\u6cd5\u5219\u3002\u6211\u60f3\u8fd9\u4ef6\u4e8b\u672c\u8eab\u4e5f\u662f\u8981\u533a\u522b\u5316\u6765\u770b\u7684\uff0c\u4e1a\u52a1\u5fd9\u5230\u4e0d\u53ef\u5f00\u4ea4\u81ea\u7136\u53ef\u4ee5\u4e0d\u62d8\u5c0f\u8282\uff0c\u4f46\u4e8b\u60c5\u4e0d\u591a\u7684\u8bdd\uff0c\u5c31\u5e94\u8be5\u8ba4\u771f\u5bf9\u5f85\u6bcf\u4e00\u4e2a\u7ec6\u8282\uff0c\u65e0\u8bba\u591a\u5c0f\u3002<\/p>\n\n\n\n
8<\/p>\n\n\n\n
\u201cAs an investment banker and later as an investor, I found that the harder the problem, the more limited the competition. If something\u2019s easy, there will always be plenty of people willing to help solve it. But find a real mess, and there is no one around. If you can clean it up, you will find yourself in rare company. People with tough problems will seek you out and pay you handsomely to solve them. You will earn a reputation for doing what others cannot. For a pair of entrepreneurs trying to break through, solving hard problems was going to be the best way of proving ourselves.\u201d<\/p>\n\n\n\n
\u8fd9\u5176\u5b9e\u662f\u4e2a\u771f\u7406\uff0c\u4f5c\u8005\u6700\u540e\u6ca1\u603b\u7ed3\uff0c\u4f46\u6211\u8ba4\u4e3a\u5f88\u91cd\u8981\u3002\u7acb\u8db3\u89e3\u51b3\u8d8a\u96be\u7684\u95ee\u9898\uff0c\u7ade\u4e89\u5c31\u8d8a\u5c11\uff0c\u5f53\u7136\u56de\u62a5\u4e5f\u4f1a\u5f88\u597d\u3002\u5bb9\u6613\u7684\u4e8b\u60c5\u3001\u4f4e\u58c1\u5792\u7684\u4e8b\u60c5\u7ade\u4e89\u592a\u6fc0\u70c8\uff0c\u8fd8\u662f\u8981\u4ece\u9ad8\u58c1\u5792\u5165\u624b\u3002\u4e5f\u5bb9\u6613\u8131\u9896\u800c\u51fa\u3002<\/p>\n\n\n\n
\u201cIt was step two of our business plan: going from providing advice and transaction services to the more complex but (we hoped) more durable and profitable business of investing. \u201d<\/p>\n\n\n\n
\u539f\u6765\u662f\u4eba\u5bb6\u4e00\u5f00\u59cb\u5c31\u8ba1\u5212\u597d\u7684\u3002<\/p>\n\n\n\n
\u201cBecause it\u2019s us. And because it\u2019s a moment.\u201dWhen I began my career, I was like most other ambitious young people: I believed success was achieved in a straight line. As a baby boomer, I had grown up seeing only growth and opportunity. Success seemed a given. But working through the economic ups and downs of the 1970s and early 1980s, I had come to understand that success is about taking advantage of those rare moments of opportunity that you can\u2019t predict but come to you provided you\u2019re alert and open to major changes.\u201d<\/p>\n\n\n\n
17\/25\u3002\u6210\u529f\u662f\u9700\u8981\u673a\u9047\u7684\uff0c\u6240\u4ee5\u4e00\u65e6\u673a\u4f1a\u6765\u4e86\u5343\u4e07\u522b\u72b9\u8c6b\u3002\u4f46\u5982\u679c\u673a\u4f1a\u6ca1\u6765\uff0c\u4e5f\u522b\u778e\u6298\u817e\uff0c\u9759\u9759\u7b49\uff0c\u5f00\u653e\u5fc3\u6001\u3002<\/p>\n\n\n\n
\u201cAs a salesman, I\u2019d learned you can\u2019t just pitch once and be done. Just because you believe in something doesn\u2019t guarantee anyone else will. You\u2019ve got to sell your vision over and over again. Most people don\u2019t like change, and you have to overwhelm them with your argument, and some charm. If you believe in what you\u2019re selling and they say no, you have to presume that they don\u2019t fully understand, so you give them another opportunity. \u201d<\/p>\n\n\n\n
15\/25. \u81f3\u7406\u540d\u8a00\uff0c\u7279\u522b\u662f\u5bf9\u6ca1\u6709\u9500\u552e\u7ecf\u9a8c\u7684\u4eba\u6765\u8bf4\u3002\u6ca1\u6709\u4e00\u8e74\u800c\u5c31\u7684\u9500\u552e\uff0c\u8fd9\u5f88\u6b63\u5e38\uff0c\u8981\u53cd\u590d\u8bf4\uff0c\u4e0d\u65ad\u8bb2\uff0c\u6ca1\u5356\u51fa\u53bb\u4e4b\u524d\u5c31\u662f\u5047\u5b9a\u5bf9\u65b9\u6ca1\u542c\u61c2\uff0c\u7ee7\u7eed\u53bb\u3002<\/p>\n\n\n\n
9<\/p>\n\n\n\n
\u201cHe was not someone who failed. He hated failure. But at the same time, he was sixty years old. He was at a different place than I was, with a different mentality. If I had the drive, he had the patience and equanimity. He picked me up and kept me going. He assured me that when you believe in what you\u2019re doing, overwhelmed or not, you have to keep moving forward, even when the quest feels hopeless. Which it did.\u201d<\/p>\n\n\n\n
\u4e00\u6b21\u5931\u8d25\u7684\u8def\u6f14+\u4e0b\u96e8\u6dcb\u4e86\u4e2a\u843d\u6c64\u9e21\uff0c\u72fc\u72c8\u4e0d\u582a\u4e4b\u65f6\u4f5c\u8005\u7684\u60f3\u6cd5\uff0c\u5f88\u6709\u610f\u601d\u3002<\/p>\n\n\n\n
\u201cPete said that one of my unique qualities is that my \u201cgoals are so demanding and dynamic that sometimes it is even hard for me to accept yes for an answer.\u201d<\/p>\n\n\n\n
\u975e\u5e38\u9ad8\u8981\u6c42\u7684\u4eba\uff0c<\/p>\n\n\n\n
\u201cThere is a saying in finance that time wounds all deals. The longer you wait, the more nasty surprises can hurt you.\u201d<\/p>\n\n\n\n
18\/25\u3002\u65f6\u95f4\u80fd\u6740\u4f24\u6240\u6709\u7684\u9879\u76ee\u3002\u7b49\u7684\u8d8a\u4e45\uff0c\u574f\u4e8b\u8d8a\u591a\u3002\u6211\u7684\u7406\u89e3\u6ca1\u90a3\u4e48\u6df1\uff0c\u4e00\u65b9\u9762\u786e\u5b9e\u662f\u548c\u9884\u671f\u6bd4\uff0c\u73b0\u5b9e\u603b\u662f\u8981\u66f4\u9aa8\u611f\uff0c\u9884\u7b97\u603b\u662f\u4e0d\u591f\uff1b\u540c\u65f6\u5bf9\u4e8e\u9000\u51fa\u6765\u8bf4\uff0c\u8d8a\u665a\u9000\u51fa\u56de\u62a5\u7387\u8d8a\u4f4e\u3002\u4f46\u6362\u4e2a\u89d2\u5ea6\u770b\uff0c\u5982\u679c\u505a\u65f6\u95f4\u670b\u53cb\u7684\u8bdd\uff0c\u53c8\u80fd\u8eba\u8d62\u3002\u6709\u70b9\u51b2\u7a81\u3002<\/p>\n\n\n\n
10<\/p>\n\n\n\n
\u201cSince we weren\u2019t yet either the biggest or the best in our business, we had to pick spots where the problems were toughest and we were the only ones offering a way forward.\u201d<\/p>\n\n\n\n
\u627e\u6700\u96be\u7684\u9898\uff0c\u627e\u81ea\u5df1\u552f\u4e00\u80fd\u89e3\u7684\u673a\u4f1a\u3002<\/p>\n\n\n\n
\u201cI told them they were wrong. We had analyzed the opportunity in depth. Steel was a commodity, vulnerable to shifts in the price of its inputs, iron ore, coal, and nickel, and supply and demand in the market. The price for shipping steel, though, was based on volume, and the Interstate Commerce Commission set the tariffs.\u201d<\/p>\n\n\n\n
\u5bf9\u5f53\u65f6\u94a2\u94c1\u9879\u76ee\u7684\u4e00\u4e2a\u8bc4\u4ef7\u3002\u94a2\u94c1\u786e\u5b9e\u662f\u5927\u5b97\u5546\u54c1\u751f\u610f\uff0c\u8981\u66f4\u591a\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u8981\u7406\u89e3\u4ea7\u4e1a\uff0c\u8fd9\u4e5f\u662f\u6211\u4eec\u63a5\u4e0b\u6765\u6df1\u5165\u884c\u4e1a\u7684\u57fa\u7840\u3002<\/p>\n\n\n\n
\u201cBlackstone put in $13.4 million in equity; USX put up $125 million in vendor financing, lending us money to take the division off their hands\u201d<\/p>\n\n\n\n
\u9ed1\u77f3\u7684\u7b2c\u4e00\u4e2a\u5927\u9879\u76eeUSX\uff0c6.5\u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\uff0c51%\u7684\u80a1\u6743\uff0c\u4e4b\u4ed8\u4e862%\u7684\u91d1\u989d\u6536\u8d2d\u80a1\u6743\uff0c\u591a\u4e48\u725b\u7684\u4ea4\u6613\u3002\u8fd9\u4e2aL\u8fbe\u5230\u4e8625\u500d\u3002<\/p>\n\n\n\n
\u201cBut our first new business line had just popped up in front of us, and it ticked all the boxes: an amazing opportunity, beautifully timed, in a giant asset class, with one of the two top people in the world to manage it. We had prepared ourselves to expect the unexpected, and here it was. We would be fools to let it slip. Pete and I decided we would each invest a further $2.5 million personally in Blackstone to fund Larry\u2019s new venture. We would own half of the new company, Blackstone Financial Management, and Larry and his managers would own the other half.\u201d<\/p>\n\n\n\n
\u521a\u6210\u7acb2\u5e74\uff0c\u5c31\u80fd\u6709\u52c7\u6c14\u518d\u6295\u5165\u5f53\u521d\u91d1\u989d\u768410\u500d\u4e13\u95e8\u652f\u6301\u4e00\u9879\u65b0\u4eba\u7684\u65b0\u4e1a\u52a1\uff0c\u8fd8\u4ec5\u4ec550%\u6301\u80a1\uff0c\u8fd9\u624d\u6210\u5c31\u4e86\u4eca\u65e5\u7684Blackrock\uff0c\u4e0d\u5f97\u4e0d\u4f69\u670d\u3002\u6700\u96be\u7684\u8fd8\u662f\u673a\u4f1a\u548c\u4eba\u624d\u3002<\/p>\n\n\n\n
\u201cOnce again, we needed someone to get us in the door.\u201d<\/p>\n\n\n\n
\u52df\u8d44\u5728\u7f8e\u56fd\uff0c\u4e5f\u9700\u8981\u5e08\u5085\u9886\u8fdb\u95e8\uff0c\u9700\u8981\u719f\u4eba\u4ecb\u7ecd\u3002<\/p>\n\n\n\n
\u201cWhat Jim had was far more important than a business card from one of the big placement firms: he had the credibility and temperament for the work. Visiting pension funds with Jim turned out to be like going around Japan after Nikko invested with us.\u201d<\/p>\n\n\n\n
\u627e\u5230\u5408\u9002\u7684\u4eba\u52df\u8d44\u592a\u91cd\u8981\u4e86\u3002\u6295\u8d44\u4eba\u5f88\u5927\u7a0b\u5ea6\u4e0a\u8981\u770b\u662f\u8c01\u5728\u52df\uff0c\u4e0d\u540c\u7684\u4eba\u51fa\u6765\uff0c\u7ed3\u679c\u5b8c\u5168\u4e0d\u4e00\u6837\u3002<\/p>\n\n\n\n
\u201cWhat that thinking ignores is all the value you can realize once you own an asset: the improvements you can make, the refinancing you can do to improve your returns, the timing of your sale to make the most of a rising market. If you waste all your energy and goodwill in pursuit of the lowest possible purchase price and end up losing the asset to a higher bidder, all that future value goes away. Sometimes it\u2019s best to pay what you have to pay and focus on what you can then do as an owner. The returns to successful ownership will often be much higher than the returns on winning a one-off battle over price.\u201d<\/p>\n\n\n\n
\u53e6\u4e00\u6761\u771f\u7406\uff0c\u4e0d\u7ea0\u7ed3\u4ef7\u683c\uff0c\u4e13\u6ce8\u4e8e\u540e\u7eed\u589e\u503c\u3002\u5bf9\u5404\u7c7b\u6295\u8d44\u4eba\u90fd\u540c\u7b49\u91cd\u8981\uff0c\u8fd9\u4e5f\u662f\u6211\u4eec\u5949\u4e3a\u572d\u81ec\u7684\u53e6\u4e00\u6761\u54f2\u5b66\u3002\u53ef\u4ee5\u6302\u5899\u4e0a\u7684\u3002<\/p>\n\n\n\n
\u201cAs the economy recovered, the vacant 20 percent of apartments would fill up, lifting the 23 percent return to 45 percent. And rents would then rise, taking the 45 percent to 55 percent. If all we had to do for this 55 percent compound return was buy the asset, I reasoned, we shouldn\u2019t be worrying about getting the lowest possible price at the auction. \u201d<\/p>\n\n\n\n
\u8e0f\u5bf9\u5468\u671f\u7684\u53ef\u6015\u56de\u62a5\uff0c\u5c24\u5176\u662f\u5bf9EOP\u8fd9\u79cd\u51e0\u767e\u4ebf\u7f8e\u5143\u7684\u6848\u4f8b\u3002\u867d\u7136\u662f\u9884\u6d4b\uff0c\u4f46\u540e\u6765\u679c\u771f\u5982\u6b64\u4e86\uff0c\u8fd9\u624d\u662f\u53ef\u6015\u4e4b\u5904\u3002<\/p>\n\n\n\n
\u201cA few times in every investor\u2019s life, an immense opportunity appears. \u201d<\/p>\n\n\n\n
\u6bcf\u4e2a\u6295\u8d44\u4eba\u90fd\u80fd\u9047\u4e0a\u51e0\u6b21\u771f\u6b63\u7684\u5927\u673a\u4f1a\u3002\u8fd9\u4e2a\u95ee\u9898\u4e0d\u5927\uff0c\u4f46\u95ee\u9898\u662f\u80fd\u5426\u6293\u4f4f\u3002<\/p>\n\n\n\n
\u201cWe decided that for every three dollars an investor pledged to our real estate fund, two dollars could be discretionary. They could make a pledge, but if they didn\u2019t like the specific deals we were presenting, they could hold back two-thirds of it.\u201d<\/p>\n\n\n\n
\u4e3a\u5730\u4ea7\u57fa\u91d1\u52df\u8d44\u56f0\u96be\u65f6\uff0c\u7ed9LP\u7684\u4f18\u60e0\u6761\u4ef6\uff0c\u5927\u5bb6\u4e0d\u5f97\u4e0d\u63a5\u53d7\u3002\u89c4\u5219\u771f\u662f\u7528\u6765\u6253\u7834\u7684\uff0c\u521b\u65b0\u4e5f\u771f\u662f\u89e3\u51b3\u95ee\u9898\u7684\u6cd5\u5b9d\u3002<\/p>\n\n\n\n
11<\/p>\n\n\n\n
\u201cThe success of any investment depends in large part on where you are in the cycle when you make it. Cycles can have a major impact on the growth trajectory of a business, the valuation, and, of course, the potential rate of return. \u201d<\/p>\n\n\n\n
\u5468\u671f\u5b9a\u6210\u8d25\u3002\u65f6\u673a\/timing\u3002\u7ecf\u6d4e\u5468\u671f\u7684\u5f71\u54cd\u65f6\u5168\u9762\u7684\u3002<\/p>\n\n\n\n
\u201cIn my career, I have seen seven major market declines or recessions: 1973, 1975, 1982, 1987, 1990\u20131992, 2001, and 2008\u20132010. Recessions happen.<\/p>\n\n\n\n
\u8427\u6761\u5e76\u4e0d\u5c11\u51fa\u73b0\uff0c\u7e41\u8363\u4e5f\u662f\u3002\u5173\u952e\u662f\u8e0f\u5bf9\u5468\u671f\u3002<\/p>\n\n\n\n
Market bottoms can be difficult to detect as markets are declining and the economy weakens. Most public and private investors buy too early and underestimate the severity of recessions. It\u2019s important not to react too quickly. Most investors don\u2019t have the confidence or discipline to wait until a cycle fully plays out. These investors suffer by not maximizing the profit they would have otherwise made from executing the same idea at a later point.<\/p>\n\n\n\n
Timing the bottom of a cycle isn\u2019t easy, and it\u2019s often a bad idea to try in any case. The way to avoid this type of situation is to invest only when values have recovered at least 10 percent from their lows. Asset values tend to increase as economies gain momentum. It\u2019s better to give up the first 10 to 15 percent of a market recovery to ensure that you are buying at the right time.\u201d<\/p>\n\n\n\n
\u5468\u671f\u4e2d\u6210\u4e3a\u53f3\u4fa7\u4ea4\u6613\u8005\uff0c\u4e0d\u8981\u8ffd\u6c42\u5229\u6da6\u6700\u5927\u5316\uff0c\u6ca1\u6709\u610f\u4e49\uff0c\u4ee3\u4ef7\u53ef\u80fd\u662f\u8fdb\u5165\u65e9\u4e86\u88ab\u5957\u4f4f\uff0c\u6240\u4ee5\u8981\u505a\u53f3\u4fa7\u4ea4\u6613\u8005\uff0c\u7b49\u5f85\u4ece\u4f4e\u8c37\u51fa\u676510%\u5de6\u53f3\u518d\u8fdb\u573a\uff0c\u8d5a\u4e3b\u8981\u8d8b\u52bf\u5373\u53ef\u3002<\/p>\n\n\n\n
12<\/p>\n\n\n\n
\u201cAs I sat there absorbing the punishment, I knew that he was right. We were losing their money because our analysis was flawed. I was the person who had made the decision. I don\u2019t think I have been as ashamed as that in my life before or since. Even messing up those deal book numbers for Eric Gleacher as a first-year associate at Lehman didn\u2019t compare. I wasn\u2019t capable. I wasn\u2019t competent. I was a disgrace.\u201d<\/p>\n\n\n\n
Edgcomb\u9879\u76ee\u5931\u8d25\u540e\uff0c\u9762\u5bf9LP\u6279\u8bc4\u65f6\u7684\u53cd\u601d\uff1a\u5f52\u8d23\u4e8e\u5185\uff0c\u624d\u80fd\u6301\u7eed\u7cbe\u8fdb\u3002<\/p>\n\n\n\n
\u201cBack in the office, I worked like a demon to make sure that even if Blackstone and our investors lost money on Edgcomb, our creditors\u2014the banks we had borrowed from to fund part of the deal\u2014didn\u2019t lose a nickel. \u201d<\/p>\n\n\n\n
\u4fdd\u62a4\u503a\u6743\u4eba\uff0c\u4e5f\u662f\u5408\u4f5c\u4f19\u4f34\u7684\u91cd\u8981\u6027\u3002<\/p>\n\n\n\n
\u201cFailures are often the best teachers in any organization. You must not bury your failures but talk about them openly and analyze what went wrong so you can learn new rules for decision making. Failures can be enormous gifts, catalysts that change the course of any organization and make it successful in the future. Edgcomb\u2019s failure showed that the change had to start with me and my approach to investing and evaluating potential investments.\u201d<\/p>\n\n\n\n
22\/25. \u5931\u8d25\u662f\u5b9d\u85cf<\/p>\n\n\n\n
\u201cIn my enthusiasm to give a new partner a shot with the Edgcomb deal, I had made myself and the firm vulnerable.\u201d<\/p>\n\n\n\n
\u7ed9\u540c\u4e8b\u673a\u4f1a\u8fd9\u79cd\u65b9\u5f0f\u653e\u624b\uff0c\u5176\u5b9e\u662f\u4e0d\u8d1f\u8d23\u4efb\u7684\uff0c\u4e5f\u8ba9\u516c\u53f8\u66f4\u8106\u5f31\u3002\u4e0d\u80fd\u540c\u610f\u66f4\u591a\u4e86\uff0c\u8b66\u793a\u81ea\u5df1\u3002<\/p>\n\n\n\n
\u201cFinance is full of people with charm and flip charts who talk so well and present so quickly you can\u2019t keep up. So you have to stop that show. Decisions are much better made through systems designed to protect businesses and organizations than through individuals. We needed rules to depersonalize our investment process. It could never again rely on one person\u2019s abilities, feelings, and vulnerabilities. We needed to review and tighten our process.\u201d<\/p>\n\n\n\n
\u6295\u8d44\u7ecf\u7406\u90fd\u5de7\u820c\u5982\u7c27\uff0cppt\u51b3\u7b56\u662f\u4e0d\u884c\u7684\u3002<\/p>\n\n\n\n
\u201cNext, we insisted that anyone with a proposal would have to write a thorough memorandum and circulate it at least two days before any meeting so it could be carefully and logically evaluated. The two-day requirement would give readers time to mark up the memo, spot any holes, and refine their questions. No additions could be made to the memo at the meeting unless there was a significant subsequent development. We did not want extra sheets of paper going around the room.\u201d<\/p>\n\n\n\n
\u201cThese discussions had two fundamental rules. The first was that everyone had to speak, so that every investment decision was made collectively. The second was that our focus should be on the potential investment\u2019s weaknesses. Everyone had to find problems that hadn\u2019t been addressed. \u201d<\/p>\n\n\n\n
\u201cOnce this group dissection process concluded, whoever was running the deal now had a list of problems to address and questions to answer. \u201d<\/p>\n\n\n\n
\u503c\u5f97\u501f\u9274\u3002\u4e5f\u503c\u5f97\u6302\u5899\u4e0a\u3002<\/p>\n\n\n\n
\u201cI also resolved that I would never talk to just the lead partner on any potential investment. If I had detailed questions, I would call the most junior person, the one working the spreadsheets and closest to the numbers. \u201d<\/p>\n\n\n\n
\u4e0d\u8981\u79c1\u4e0b\u52fe\u5151\uff0c\u6574\u4f53\u7814\u7a76\u3002<\/p>\n\n\n\n
13<\/p>\n\n\n\n
\u201cPeople often smile whenever they hear my number one rule for investing: Don\u2019t. Lose. Money. \u201d<\/p>\n\n\n\n
19\/25. \u592a\u91cd\u8981\u4e86\u3002\u5c45\u7136\u548c\u5df4\u83f2\u7279\u662f\u4e00\u4e2a\u7ecf\u9a8c\uff0c\u4e0d\u8981\u8f93\u94b1\u3002\u5176\u5b9eVC\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u4e5f\u662f\u3002<\/p>\n\n\n\n
\u201cWe train our professionals to distill every individual investment opportunity down to the two or three major variables that will define the success of our investment case and create value.\u201d<\/p>\n\n\n\n
\u627e\u5173\u952e\u70b9\u3002<\/p>\n\n\n\n
\u201cWe structure our investment process to democratize decision making and encourage intellectual engagement by everyone involved\u2014the deal team and committee members. There is no \u201cus\u201d and \u201cthem,\u201d no seeking of approval from a group of elders. Instead, there is only a collective sense of responsibility for identifying the critical drivers of a deal and analyzing the extent to which those drivers could affect the financial performance of an investment in various scenarios.\u201d<\/p>\n\n\n\n
\u201cAt Blackstone, investment committees are about discussion and discovery, not about getting a deal approved. \u201d<\/p>\n\n\n\n
\u6295\u59d4\u4f1a\u8981\u771f\u6b63\u53d1\u6325\u96c6\u4f53\u667a\u6167\uff0c\u96c6\u601d\u5e7f\u76ca\u800c\u4e0d\u662f\u6295\u7968\uff0c\u8fd8\u9700\u8981\u6301\u7eed\u6df1\u5165\u7684\u7406\u89e3\u3002<\/p>\n\n\n\n
14<\/p>\n\n\n\n
\u201cWe formulated a clear set of expectations, which I laid out in a welcome speech to our new analysts. It boiled down to two words: excellence and integrity. To ensure my message got through, I defined excellence in narrow, practical terms: It meant 100 percent on everything. No mistakes. That is different from school or college, where you can get an A with 95 percent. At Blackstone, that 5 percent of underperformance can mean a massive loss for our investors. It is a lot of pressure, but I suggested two ways to relieve it.<\/p>\n\n\n\n
\u5353\u8d8a\u5c31\u662f100\u5206\uff0c100\u5206\u5c31\u662f\u6ca1\u6709\u4efb\u4f55\u5931\u8bef\u3002\u4e0d\u540c\u4e8e\u5b66\u6821\uff0c95\u5206\u5c31\u5f88\u597d\uff0c\u5728\u6295\u8d44\u754c\uff0c5\u5206\u7684\u5931\u8bef\u5c31\u662f\u707e\u96be\u3002\u8fd9\u4e2a\u9ad8\u8981\u6c42\u6ca1\u9519\u3002<\/p>\n\n\n\n
The first was focus. If you ever felt overwhelmed by work, I said, pass on some of your work to others. It might not feel natural. High achievers tend to want to volunteer for more responsibility, not give up some of what they have taken on. But all that anyone higher up in the firm cares about is that the work is done well. There is nothing heroic or commendable about taking on too much and then screwing it up. Far better to focus on what you can do, do it well, and share the rest.<\/p>\n\n\n\n
\u201cThe second way to maximize your chances of achieving excellence was to ask for help when needed. Blackstone is full of people who have worked on a lot of deals. If you are spending all night trying to solve a problem, chances are there is someone a few offices away with more experience who could solve it in far less time. Don\u2019t waste your time trying to reinvent the wheel, I advised. There were plenty of wheels all around you, ready-made, just waiting for you to spin them faster, further, and in new directions.\u201d<\/p>\n\n\n\n
\u201cSo my message to our new analysts was simple: stick to our values and never risk our reputation.\u201d<\/p>\n\n\n\n
\u503c\u5f97\u5b66\u4e60\u3002<\/p>\n\n\n\n
15<\/p>\n\n\n\n
\u201cBut I made the mistakes of an inexperienced CEO: I let the differences between us brew. I stood my ground on the dilution of our equity because I considered it a moral principle to respect the terms of the original deal. Instead, I should have recognized that when a situation changes and a business is doing extremely well, sometimes you have to make accommodations.<\/p>\n\n\n\n
\u5199\u5728Blackrock\u62c6\u5206\u540e\u7684\u53cd\u601d\u3002\u5f53\u65f6\u4e0d\u613f\u610f\u53d8\u901a\u5f53\u521d\u80a1\u6743\u6bd4\u4f8b\u7684\u7ea6\u5b9a\uff0c\u624d\u6709\u4e86\u4eca\u5929\u7684\u9057\u61be\uff0c\u5982\u679c\u8981\u662f\u7a0d\u5fae\u53d8\u901a\u4e0b\u7684\u8bdd\uff0c\u6548\u679c\u4f1a\u597d\u5f88\u591a\u3002\u9ed1\u77f3\u4f1a\u6bd4\u4eca\u5929\u5927\u5f88\u591a\u500d\uff0c\u6240\u4ee5\u601d\u8003\u95ee\u9898\u8fd8\u662f\u8981\u8003\u8651\u5f53\u4e0b\u7684\u72b6\u6001\uff0c\u4e0d\u8981\u592a\u88ab\u5386\u53f2\u6216\u89c4\u5219\u7275\u7eca\u81ea\u5df1\u3002<\/p>\n\n\n\n
\u201cWhen we first thought of adding business lines to Blackstone, our idea wasn\u2019t to enter just any area. We wanted to build businesses that were great in their own right but also made our whole firm smarter. We believed that the more we learned from different lines of business, the better we would become at everything. It was the one thing they taught at Harvard Business School: everything in business is connected. We would see opportunities and markets in unusual and different ways from our competitors. Our perspective would broaden and deepen. The more feeds we had running into the firm, the more we\u2019d know, the smarter we\u2019d be, and the better the people who\u2019d want to work with us.\u201d<\/p>\n\n\n\n
\u4e0d\u540c\u7684\u4e1a\u52a1\u7ebf\u80fd\u5e26\u6765\u4e0d\u540c\u89c6\u89d2\uff0c\u4e0d\u540c\u673a\u4f1a\u3002\u8fd9\u4e2a\u89c2\u70b9\u975e\u5e38\u8ba4\u53ef\uff0c\u4f55\u51b5\u6211\u4eec\u6b63\u5728\u8fdb\u884c\u7c7b\u4f3c\u7684\u5c1d\u8bd5\u3002<\/p>\n\n\n\n
16<\/p>\n\n\n\n
\u201cEvery Monday morning, for example, all of our investment teams gathered to talk about their deals and their context, starting at 8:30 a.m. and running until early afternoon. We discussed the global economy, politics, conversations with our investors, media, any issues that might affect the business. Then we went through a list of live deals, sharing our insights and ideas from our different activities around the world. Everyone could attend. Those who had something relevant to say were encouraged to say it, whatever their age or rank within the firm. All that mattered was the quality of their thinking.\u201d<\/p>\n\n\n\n
\u4f8b\u4f1a\u6a21\u7248\u3002<\/p>\n\n\n\n
\u201cHe reached out to families and invited our employees to bring their children to work to learn about what their parents did all day. He instituted 360-degree performance reviews to assess everyone at the firm. He overhauled the compensation system toward one based on group bonus pools, written feedback, and open reviews.\u201d<\/p>\n\n\n\n
\u516c\u53f8\u7684\u5236\u5ea6\u548c\u6587\u5316\u5efa\u8bbe\u3002<\/p>\n\n\n\n
\u201cWe are in the business of buying, fixing, and selling. We are managers and owners as much as we are investors. We try to improve the companies we buy and help them grow faster. The faster a company grows, the more someone else will pay for it. The perceived problems arise when we buy a company that is poorly managed and we have to fire people to make room for better ones, or change strategy. \u201d<\/p>\n\n\n\n
PE\u751f\u610f\u7684\u672c\u8d28\u3002<\/p>\n\n\n\n
17<\/p>\n\n\n\n
\u201cMy experience of entrepreneurship was anything but a smooth, upward curve. It was so grueling that I have never understood the idea of people wanting to be \u201cserial entrepreneurs.\u201d Doing it once is hard enough.\u201d<\/p>\n\n\n\n
\u54c8\u54c8\uff0c\u4f01\u4e1a\u5bb6\u6210\u529f\u5730\u505a\u4e00\u6b21\u90fd\u8db3\u591f\u96be\u4e86\uff0c\u4e3a\u4f55\u8fd8\u8981\u8fde\u7eed\u521b\u4e1a\u3002\u975e\u5e38\u6709\u610f\u601d\u7684\u89c2\u5bdf\u3002\u6211\u60f3\u53ef\u80fd\u662f\u8fde\u7eed\u521b\u4e1a\u8005\u7684\u6210\u529f\u6765\u7684\u592a\u5bb9\u6613\u4e86\uff0c\u6216\u8005\u8bf4\u53ea\u662f\u8fde\u7eed\u5931\u8d25\uff0c\u5c1a\u672a\u6210\u529f\u5462\u3002<\/p>\n\n\n\n
\u201c If you are going to start a business, I told them, I believe it has to pass three basic tests. First, your idea has to be big enough to justify devoting your life to it. Make sure it has the potential to be huge.<\/p>\n\n\n\n
Second, it should be unique. When people see what you are offering, they should say to themselves, \u201cMy gosh, I need this. I\u2019ve been waiting for this. This really appeals to me.\u201d Without that \u201caha!\u201d you are wasting your time.<\/p>\n\n\n\n
Third, your timing must be right. The world actually doesn\u2019t like pioneers, so if you are too early, your risk of failure is high. The market you are targeting should be lifting off with enough momentum to help make you successful.<\/p>\n\n\n\n
If you pass these three tests, you will have a business with the potential to be big, that offers something unique, and is hitting the market at the right time. Then you have to be ready for the pain. No entrepreneur anticipates or wants pain, but pain is the reality of starting something new. It is unavoidable.\u201d<\/p>\n\n\n\n
\u591f\u5927\u3001\u591f\u72ec\u7279\/\u9ad8\u58c1\u5792\u3001\u65f6\u673a\u6b63\u597d\u3002\u521b\u4e1a\u4e09\u8981\u7d20\uff0c\u4e09\u8005\u5177\u5907\u5c31\u503c\u5f97\u5e94\u5bf9\u4e00\u6b21\u521b\u4e1a\u7684\u82e6\u96be\u4e86\u3002<\/p>\n\n\n\n
\u201cAs a decent person you think your role is to coax the bad ones along, to find workarounds. As employees, these are 6s and 7s out of 10. If you keep them, you will end up with a dysfunctional company, where you do all the work, staying up all night with the few people who can make it happen.\u201d<\/p>\n\n\n\n
\u201cIf you are ambitious, you have to fill your company with 9s and 10s, and give them the difficult tasks to do.<\/p>\n\n\n\n
\u7528\u4eba\u4e4b\u9053\uff0c6-7\u5206\u4e0d\u80fd\u7528\uff0c9\u300110\u5206\u624d\u884c\uff0c\u8fd9\u70b9\u4eca\u540e\u8981\u7528\u597d\u3002<\/p>\n\n\n\n
Finally, to succeed as an entrepreneur, you have to be paranoid. You always have to believe your company, regardless of size, is a little company. The moment you start to become big and successful, challengers will appear and do their best to take your customers and defeat your business. You are never more vulnerable than at the moment you think you have succeeded.\u201d<\/p>\n\n\n\n
\u5bf9\u4f01\u4e1a\u5bb6\u4e5f\u662f\uff0c\u8c26\u865a\u4f7f\u4eba\u8fdb\u6b65\uff0c\u9a84\u50b2\u4f7f\u4eba\u843d\u540e\u3002\u8fd9\u53e5\u8981\u6302\u5899\u4e0a\u3002<\/p>\n\n\n\n
18<\/p>\n\n\n\n
\u201cIn an increasingly globalized economy, you had to be able to make connections that a decade or two earlier might not have existed. Cheap, readily available credit was now virtually borderless, flowing around the world in pursuit of opportunity. If we were seeing real estate bubbles in Spain and India, chances were that it was happening elsewhere. This was no time to reach for high-priced real estate deals in overheated markets.\u201d<\/p>\n\n\n\n
\u4e3e\u4e00\u53cd\u4e09\u7684\u80fd\u529b\u592a\u5f3a\u5927\uff0c\u4ece\u897f\u73ed\u7259\u548c\u5370\u5ea6\u6ce1\u6cab\u5c31\u80fd\u60f3\u5230\u5168\u7403\u6ce1\u6cab\uff0c\u786e\u5b9e\u4e5f\u662f\uff0c\u8fd9\u4e0d\u5c31\u662f\u5168\u7403\u5316\u7684\u540e\u679c\u5417\u3002\u4ece\u8fd9\u70b9\u51fa\u53d1\uff0c\u6211\u4eec\u7684\u4e1a\u52a1\u76ee\u6807\u4e4b\u4e00\u8fd8\u662f\u8981\u5728\u7f8e\u5143\u4e16\u754c\u7acb\u8db3\uff0c\u867d\u7136\u662f\u8fde\u4e2a\u591f\u4e16\u754c\uff0c\u4f46\u540e\u8005\u66f4\u5168\u7403\u5316\u3002<\/p>\n\n\n\n
\u201cAll my life, I have been looking and listening for patterns. The suspicions raised by that real estate meeting earlier in the week now grew into outright fears of an imminent collapse. As I sat there in the Florida sunshine, I began to have serious concerns about the risk of a global collapse.\u201d<\/p>\n\n\n\n
\u5bfb\u627e\u8303\u5f0f\u4e4b\u4f59\u611f\u53d7\u7591\u95ee\u3002<\/p>\n\n\n\n
\u201cChanging your behavior in the face of changing information is always hard. But when people are doing well, they don\u2019t want to change. They choose to ignore the discordant notes and the tunes you are hearing. They feel threatened by bad news and dread the uncertainty of change and the hard work it demands. This tendency makes them passive and rigid at the very moment they should be most active and flexible.<\/p>\n\n\n\n
\u8fd9\u5176\u5b9e\u5c31\u662f\u4eba\u7684\u60ef\u6027\u3002<\/p>\n\n\n\n
I have always regarded worry as an active, liberating kind of activity. Worrying allows you to articulate the downside in any situation and leads to action to avoid it.\u201d<\/p>\n\n\n\n
21\/25 \u7126\u8651\u5176\u5b9e\u662f\u6f5c\u610f\u8bc6\u7684\u8b66\u793a\uff0c\u662f\u96be\u5f97\u8d22\u5bcc\u3002<\/p>\n\n\n\n
\u201cWe were going to do our real estate deals to the same standard we demanded in our private equity business: the same analytical rigor, the same discipline, the same level of trust. We might lose some deals in the short term. But in the long run, we would maintain our reputation as a firm that meant what it said.\u201d<\/p>\n\n\n\n
\u9762\u5bf9\u5730\u4ea7\u884c\u4e1a\u56db\u5957\u8d26\u7684\u5e38\u89c4\u505a\u6cd5\u4e4b\u4f59\uff0c\u9ed1\u77f3\u80fd\u575a\u6301\u201c\u6b63\u201d\u7684\u96be\u5f97\u3002<\/p>\n\n\n\n
\u201cJon\u2019s second insight was that public companies containing lots of properties were frequently valued at less than the sum of their parts. Real estate investors tended to be individual proprietorships or small family firms without our intellectual or financial resources. \u201d<\/p>\n\n\n\n
\u201cIf you offered a good price for the whole lot at the right moment, they might take it because they did not have the people or patience to go through the entire portfolio, putting precise values on every piece of it and finding different buyers willing to pay the highest price. We had experts who could value a piece of real estate, fix it up, and then find the perfect buyer from our network of relationships. We also had the financing available to be patient. By doing all the work that other owners either couldn\u2019t or wouldn\u2019t, we could earn the difference between the \u201cstreet value\u201d of these properties and the \u201cscreen value,\u201d the value we could establish through our disciplined analysis. This increased our reward while lowering our risk.\u201d<\/p>\n\n\n\n
A\u80a1\u5c31\u9762\u4e34\u8fd9\u6837\u7684\u7cfb\u7edf\u6027\u673a\u4f1a\uff0c\u8d22\u62a5\u6398\u91d1\u3002<\/p>\n\n\n\n
19<\/p>\n\n\n\n
\u201cThis deal is so dangerous,\u201d I told Jon and his team, \u201cI want to sell half of it immediately at a profit to make the price for the rest of it more conservative. I want to sell it on the day we close. I don\u2019t want any daylight. We need to execute the exact same day we buy.\u201d Everyone around the table froze. Who did that? Even thinking about doing it was surreal. But I wasn\u2019t kidding. This deal could bankrupt us.\u201d<\/p>\n\n\n\n
EOP\u9879\u76ee\u7684\u5de8\u5927\u521b\u65b0\uff0c\u63a5\u624b\u540c\u65f6\u5c31\u5356\u4e861\/3\uff0c\u5f88\u5feb\u53c8\u5356\u4e861\/3\uff0c\u53ea\u6301\u6709\u5269\u4f591\/3\u3002<\/p>\n\n\n\n
20<\/p>\n\n\n\n
\u201cI insisted we adopt the same approach we used for all of our investments. Start with an idea. Discuss it, criticize it, and question it. And only when we were as certain as we could possibly be, make a decision. \u201d<\/p>\n\n\n\n
\u6d41\u7a0b\u3002<\/p>\n\n\n\n
\u201cI had written a section for the prospectus myself, titled \u201cWe Intend to Be a Different Kind of Company.\u201d<\/p>\n\n\n\n
\u8fd9\u7bc7\u4e0b\u6b21\u627e\u51fa\u6765\u597d\u597d\u8bfb\u8bfb\u3002<\/p>\n\n\n\n
\u201cThe deal required the approval of China\u2019s State Council and premier, both of whom, to my astonishment, took just a few days to reply. In the United States or Europe, it could have taken months or longer. The speed with which official China acted showed me that this decision was more than just financial. This had profound political and diplomatic ramifications.\u201d<\/p>\n\n\n\n
\u5165\u80a1\u9ed1\u77f3\u7684\u4e8b\u60c5\uff0c\u5c45\u7136\u8981\u5230\u56fd\u52a1\u9662\u6279\u3002\u4e2d\u56fd\u6548\u7387\uff0c\u8fd9\u4e2a\u4e8b\u4e5f\u5f88\u6709\u4e2d\u56fd\u7279\u8272\u3002<\/p>\n\n\n\n
\u201cJust as I was about to relax, I got another call. There was a problem with Tony\u2019s plane. One of its engines had failed over Iranian airspace, but the pilot hadn\u2019t filed for permission to fly over Iran.\u201d<\/p>\n\n\n\n
\u8def\u6f14\u95f4\u9699\u7684\u5c0f\u63d2\u66f2\uff0c\u5c45\u7136\u80fd\u6709\u8fd9\u79cd\u4e8b\u60c5\u53d1\u751f\uff0c\u505a\u70b9\u4e8b\u60c5\u771f\u4e0d\u5bb9\u6613\uff0c\u65e0\u8bba\u5927\u5c0f\u3002<\/p>\n\n\n\n
21<\/p>\n\n\n\n
\u201cBut what the hell are you talking about? I\u2019m not writing any checks. This game is for grown-ups. We\u2019ve got a prospectus. People take risks. Sometimes you win, sometimes you lose.\u201d I told him that such logic did not apply to a firm as big as Bear Stearns, with so much else at stake. \u201d<\/p>\n\n\n\n
\u201cI don\u2019t know about markets,\u201d I said. \u201cBut there are times when you just have to stand up and write a check. You have to show customers that you own this, because if you don\u2019t, they\u2019re not going to trust you ever again.\u201d I had felt the pain of this dilemma after our experience with Edgcomb, I had made sure we paid back the banks that lent to us. It would have cost us a lot more to earn back their trust on later deals if we had not made them whole right then.\u201d<\/p>\n\n\n\n
\u7c7b\u4f3c\u201c\u521a\u5151\u201d\u7684\u65f6\u523b\uff0c\u4fdd\u62a4\u6295\u8d44\u4eba\u662f\u4e2a\u57fa\u7840\u539f\u5219\uff0c\u56fa\u7136\u6709\u5f88\u591a\u5408\u7406\u7684\u7406\u7531\uff0c\u4f46\u8fd8\u662f\u8981\u4fe1\u8a89\u81f3\u4e0a\uff0c\u4fe1\u8a89\u7684\u6838\u5fc3\u5c31\u662f\u5927\u5bb6\u7684\u5229\u76ca\u4f60\u80fd\u4fdd\u62a4\uff0c\u4f60\u80fd\u62c5\u7740\u3002<\/p>\n\n\n\n
\u201cFAS 157 required the opposite. In the name of transparency, it made the balance sheets of financial institutions look insanely volatile. Portfolios of assets that had been built up to be held over long durations now had to be priced when their values were collapsing. \u201d<\/p>\n\n\n\n
\u63cf\u8ff0\u5bfc\u81f4\u91d1\u878d\u5371\u673a\u7684Mark to market\u539f\u5219\u7684\u8352\u8bde\u3002<\/p>\n\n\n\n
\u201cYou\u2019re not bailing anybody out. You\u2019re lending them money, which is going to be repaid. It\u2019s just a bridge loan where the taxpayers are going to get all their money back, with interest and probably with a big profit when the banks recover. Describing it as a bailout is going to create a PR nightmare. It\u2019s going to be completely misunderstood.\u201d<\/p>\n\n\n\n
\u201cWhat an amazing thing, I thought. I have been helpful here. It felt extremely good. Nobody knew what to do as we risked heading into something worse than the Great Depression. Thanks to Christine\u2019s persistence, I had volunteered to be part of the solution, and Hank had taken the time to listen. \u201d<\/p>\n\n\n\n
\u91d1\u878d\u5371\u673a\u671f\u95f4\uff0c\u7ed9\u8d22\u957f\u7684\u7535\u8bdd\u5185\u5bb9\u548c\u540e\u7eed\u7684\u5230\u8ba4\u53ef\u65f6\u7684\u611f\u53d7\u3002<\/p>\n\n\n\n
22<\/p>\n\n\n\n
\u201cLife is long, and helping people when they need it often comes back to you in ways you least expect it. You never forget the friends who came to your aid in tough situations.\u201d<\/p>\n\n\n\n
24\/25 \u52a9\u4eba\u4e3a\u4e50\uff0c\u624b\u6709\u4f59\u9999\u3002<\/p>\n\n\n\n
\u201cSuccess breeds arrogance and complacency, he said. You only learn from your mistakes and when the worst happens.\u201d<\/p>\n\n\n\n
\u6210\u529f\u5bb9\u6613\u5e26\u6765\u9a84\u50b2\u548c\u81ea\u6ee1\uff0c\u53ea\u6709\u5931\u8d25\u6216\u8005\u6700\u7cdf\u7cd5\u7684\u60c5\u51b5\u51fa\u73b0\u624d\u80fd\u5b66\u5230\u6559\u8bad\u3002<\/p>\n\n\n\n
\u201cOn Hilton alone, we had to write down the value of our investment by 70 percent as the company\u2019s revenues and earnings collapsed. I told Ken not to worry. These low-asset valuations were just marks. They would come back. We invest based on a thesis. If we still believed it, we just had to keep working and be patient. If the financial system collapsed, we would all be finished. As long as it survived, so would we.\u201d<\/p>\n\n\n\n
\u5c45\u7136\u4f1a\u670970%\u8fd9\u4e48\u5927\u7684\u51cf\u503c\uff0c\u8fd9\u4e2a\u9879\u76ee\u540e\u6765\u6210\u4e86\u6700\u8d5a\u94b1\u7684\u4e4b\u4e00\u3002<\/p>\n\n\n\n
\u201cIn both the housing boom that preceded the crisis and the bust that followed, the government\u2019s policies exacerbated the situation. When the market was going too fast, they slammed on the gas. When it was grinding to a halt, they hit the brakes. The poor American consumer suffered whiplash in the passenger seat.\u201d<\/p>\n\n\n\n
\u653f\u7b56\u603b\u662f\u52a0\u5267\u7ecf\u6d4e\u5468\u671f\uff0c\u800c\u4e0d\u662f\u71a8\u5e73\u3002<\/p>\n\n\n\n
\u201cLooking back, our initial observation seems to have been a simple one: When people are being stopped, for no good reason, from buying what they need, the system has to adjust. When it adjusts, the price of the commodity will rise. People needed houses, but after the crash, irrational regulators and fearful bankers got in their way. It was just a question of buying in the right way at the right time in the cycle.<\/p>\n\n\n\n
\u6295\u8d44\u5730\u4ea7\u9879\u76ee\u7684\u7f18\u7531\u3002\u3002<\/p>\n\n\n\n
The opportunity, then, was to buy or build pieces of the energy industry\u2019s infrastructure and sell them at full market prices.When the opportunity reached the investment committee, we had a lot of concerns. We don\u2019t care if a deal is the best oil and gas deal out there. It has to stand up against the entire universe of investments we can make, from health care to real estate, media to technology. Another concern was Charif himself. Founder entrepreneurs can have strong ideas and personalities to match, so we drafted a clear set of expectations and targets to minimize the risk of any future disagreements. As long as the project stayed on track, he stayed in charge. \u201d<\/p>\n\n\n\n
\u6295\u8d44\u6848\u4f8b\u7684\u5206\u4eab\u3002<\/p>\n\n\n\n
\u201cIt was a curious request, but as an entrepreneur, I\u2019ve learned that finance is a simple business. When somebody asks you for something new, the odds that he or she is the only person on the planet at that point of time who would find that of interest is zero. When you get one of those inquiries, it\u2019s potentially a huge opportunity. Those who are asking don\u2019t know that. They are just looking at their own needs. But if those needs make sense and you create the right product to fit those needs, you can roll it out more broadly and your competitors will be left wondering how you figured it out.\u201d<\/p>\n\n\n\n
\u503c\u5f97\u6302\u5899\u4e0a\u3002\u5403\u7684\u82e6\u4e2d\u82e6\u65b9\u4e3a\u4eba\u4e0a\u4eba\uff0c\u91d1\u878d\u884c\u4e1a\u4e5f\u5982\u6b64\u3002<\/p>\n\n\n\n
23<\/p>\n\n\n\n
But one of the great things about the entrepreneurial experience is that over time, if everything works out, life does get easier. As your business matures, the quality of the people around you gets better and your systems become more consistent. You put the right risk controls in place. You create an institution with successors who care. Your reputation improves and starts doing some of the work for you. The virtuous cycle spins faster, and in the case of Blackstone, clients and investors give us more money in larger amounts than they ever did before.<\/p>\n\n\n\n
\u6210\u529f\u4f01\u4e1a\u5bb6\u7684\u611f\u609f\uff0c\u4f01\u4e1a\u53ef\u4ee5\u8d8a\u7ba1\u8d8a\u7b80\u5355\uff0c\u8d8a\u7ba1\u8d8a\u5bb9\u6613\u3002<\/p>\n\n\n\n
Somehow everything was going to take twice as long and cost twice as much than we anticipated. <\/p>\n\n\n\n
\u5b9e\u9645\u6240\u9700\u7684\u65f6\u95f4\u548c\u8d39\u7528\u90fd\u4f1a\u662f\u9884\u7b97\u76842\u500d…\u8981\u6709\u5fc3\u7406\u51c6\u5907\u3002<\/p>\n\n\n\n
24<\/p>\n\n\n\n
\u201cI spoke to all of them beforehand to preview what they wanted to discuss and insisted that we didn\u2019t spend time at these meetings arguing over the source or nature of the problems. I wanted to frame the issues for a productive discussion. The members of our forum were serious, direct people who were good at being heard.\u201d<\/p>\n\n\n\n
\u4e3a\u603b\u7edf\u5de5\u4f5c\u4e5f\u662f\u8fd9\u4e48\u4e2a\u597d\u4e60\u60ef\u3002<\/p>\n\n\n\n
\u201cI asked if China would consider cutting its steel capacity by 15 to 20 percent. To my astonishment, Vice Premier Wang said yes. Wilbur was delighted. But President Trump wanted nothing of the deal. China had far too much steel capacity as it was. They would have closed their excess plants anyway. It wasn\u2019t a big enough concession to warrant his support\u201d<\/p>\n\n\n\n
\u4e2d\u7f8e\u8d38\u6613\u6218\u8fd9\u4e48\u5927\u7684\u4e8b\u60c5\uff0c\u6210\u5c31\u8fd9\u4e2a\u8f6c\u6298\u70b9\u5c31\u662f\u65af\u74e6\u8328\u66fc\u5148\u751f\u672c\u4eba\u3002\u4e0d\u5f97\u4e0d\u8bf4\uff0c\u5f53\u521d\u80fd\u51b3\u7b56\u6295\u8d44\u9ed1\u77f3\u7684\u4eba\u591a\u4e48\u82f1\u660e\uff0c\u6709\u65f6\u5019\u4ea4\u5bf9\u670b\u53cb\u5f88\u91cd\u8981\uff0c\u4e0d\u4ec5\u80fd\u5e2e\u8d5a\u94b1\uff0c\u8fd8\u80fd\u5e2e\u4e0a\u5927\u5fd9\u3002\u56fd\u5bb6\u5982\u6b64\uff0c\u505a\u4eba\u4e5f\u5982\u6b64\u3002<\/p>\n\n\n\n
25<\/p>\n\n\n\n
\u201cIn our world, we found the opposite happening: as our funds grew and our rivals struggled, our size became a major source of advantage. We found buyers and sellers eager to work with us, and us alone. We moved away from participating in many competitive auctions with other private equity firms into situations where we could focus more specifically on the value to both sides and less on rival bidders.\u201d<\/p>\n\n\n\n
\u89c4\u6a21\u4f18\u52bf\u51fa\u6765\u4e86\u3002\u4f46\u672c\u8d28\u5176\u5b9e\u8fd8\u662f\u8981\u505a\u522b\u4eba\u505a\u4e0d\u4e86\u7684\u4e8b\u60c5\uff0c\u9ad8\u58c1\u5792\u7684\u4e8b\u60c5\u3002<\/p>\n\n\n\n
\u201cJon is always emotionally balanced, eager to learn new facts, and confident in his own judgment. \u201d<\/p>\n\n\n\n
\u4f18\u79c0\u4eba\u624d\u7684\u6807\u51c6\uff1a\u60c5\u7eea\u63a7\u5236\u80fd\u529b\u5f3a\uff0c\u5b66\u4e60\u65b0\u4e1c\u897f\u3001\u81ea\u4fe1\u4e14\u6709\u5224\u65ad\u3002<\/p>\n\n\n\n
\u201cWhenever we promote people to senior roles at Blackstone, I congratulate them in person and we talk about their new responsibilities. My conversation with Kathleen was typical of those I have with many people across the firm. She began by asking me about how we maintain the spirit of entrepreneurship at Blackstone. The trick, I told her, was finding fantastic people and giving them the chance to be the best at what they do. We keep our edge by reinventing everything we do to make it better. We also talked about the emotions that surround succession. When people are promoted, there are a lot of feelings to consider. Those promoted might feel a sense of pride in their own success but also anxiety about their new responsibilities. Others will have thought they would get promoted and didn\u2019t. Some will feel excited about having a new boss; others will feel unmoored and frightened of change. The effects of those feelings will show up in unusual ways and at strange times, and being aware of them, understanding and managing them, is essential to the success of any leader. This was one of those management lessons you learn only from experience.\u201d<\/p>\n\n\n\n
\u63d0\u5347\u8c08\u8bdd\u7684\u6a21\u7248\uff0c\u503c\u5f97\u5b66\u4e60\u3002<\/p>\n\n\n\n
\u5176\u4ed6\u672a\u66fe\u5305\u62ec\u7684\u603b\u7ed3\u7684\u70b9\u8fd8\u670912\u4e2a\uff1a<\/p>\n\n\n\n
3. Write or call the people you admire, and ask for advice or a meeting. You never know who will be willing to meet with you. You may end up learning something important or form a connection you can leverage for the rest of your life. Meeting people early in life creates an unusual bond.<\/p>\n\n\n\n
4. There is nothing more interesting to people than their own problems. Think about what others are dealing with, and try to come up with ideas to help them. Almost anyone, however senior or important, is receptive to new ideas provided they are thoughtful.<\/p>\n\n\n\n
7. When you\u2019re young, only take a job that provides you with a steep learning curve and strong training. First jobs are foundational. Don\u2019t take a job just because it seems prestigious.<\/p>\n\n\n\n
8. When presenting yourself, remember that impressions matter. The whole picture has to be right. Others will be watching for all sorts of clues and cues that tell who you are. Be on time. Be authentic. Be prepared.<\/p>\n\n\n\n
9. No one person, however smart, can solve every problem. But an army of smart people talking openly with one another will.<\/p>\n\n\n\n
10. People in a tough spot often focus on their own problems, when the answer usually lies in fixing someone else\u2019s.<\/p>\n\n\n\n
11. Believe in something greater than yourself and your personal needs. It can be your company, your country, or a duty for service. Any challenge you tackle that is inspired by your beliefs and core values will be worth it, regardless of whether you succeed or fail.<\/p>\n\n\n\n
12. Never deviate from your sense of right and wrong. Your integrity must be unquestionable. It is easy to do what\u2019s right when you don\u2019t have to write a check or suffer any consequences. It\u2019s harder when you have to give something up. Always do what you say you will, and never mislead anyone for your own advantage.<\/p>\n\n\n\n
13. Be bold. Successful entrepreneurs, managers, and individuals have the confidence and courage to act when the moment seems right. They accept risk when others are cautious and take action when everyone else is frozen, but they do so smartly. This trait is the mark of a leader.<\/p>\n\n\n\n
14.\u00a0Never get complacent. Nothing is forever. Whether it is an individual or a business, your competition will defeat you if you are not constantly seeking ways to reinvent and improve yourself. Organizations, especially, are more fragile than you think.<\/p>\n\n\n\n
20.\u00a0Make decisions when you are ready, not under pressure. Others will always push you to make a decision for their own purposes, internal politics, or some other external need. But you can almost always say, \u201cI need a little more time to think about this. I\u2019ll get back to you.\u201d This tactic is very effective at defusing even the most difficult and uncomfortable situations.<\/p>\n\n\n\n
25.\u00a0Everyone has dreams. Do what you can to help others achieve theirs.
<\/p>\n","protected":false},"excerpt":{"rendered":"
\u9ed1\u77f3\u521b\u59cb\u4ebaSteve Schwarzman\u7684\u81ea\u4f20\uff0c\u526f\u6807\u9898\u662fLessons in the pursuit of 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