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Strippers and Flippers . . . or a New Positive Force Helping to Drive the Economy . . .
The untold story of Steve Schwarzman and Blackstone, the financier and his financial powerhouse that avoided the self-destructive tendencies of Wall Street. David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors.
The financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were the cowboys, recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster.
Blackstone is now ready to break out once again since it is sitting on billions of dollars
that can be invested at a time when the market is starved for capital.
The story of a financial revolution—the greatest untold success story on Wall Street: Not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance.
Great human interest story: How Blackstone went from two guys and a secretary to being one of Wall Street’s most powerful institutions, far outgrowing its much older rival KKR; and how Steve Schwarzman, with a pay packet one year of $398 million and $684 million from the Blackstone IPO, came to epitomize the spectacular new financial fortunes amassed in the 2000s.
Controversial: Analyzes the controversies surrounding Blackstone and whether it and other private equity firms suck the lifeblood out of companies to enrich themselves—or whether they are a force that helps make the companies they own stronger and thereby better competitors.
The story by two insiders with access: Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson.
Forward-looking: How Blackstone and private equity will drive the economy and provide a model for how financing will work.
The untold story of Steve Schwarzman and Blackstone, the financier and his financial powerhouse that avoided the self-destructive tendencies of Wall Street. David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors.
The financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were the cowboys, recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster.
Blackstone is now ready to break out once again since it is sitting on billions of dollars
that can be invested at a time when the market is starved for capital.
The story of a financial revolution—the greatest untold success story on Wall Street: Not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance.
Great human interest story: How Blackstone went from two guys and a secretary to being one of Wall Street’s most powerful institutions, far outgrowing its much older rival KKR; and how Steve Schwarzman, with a pay packet one year of $398 million and $684 million from the Blackstone IPO, came to epitomize the spectacular new financial fortunes amassed in the 2000s.
Controversial: Analyzes the controversies surrounding Blackstone and whether it and other private equity firms suck the lifeblood out of companies to enrich themselves—or whether they are a force that helps make the companies they own stronger and thereby better competitors.
The story by two insiders with access: Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson.
Forward-looking: How Blackstone and private equity will drive the economy and provide a model for how financing will work.
著者について
DAVID CAREY is senior writer for The Deal, a news service and magazine covering private equity and mergers and acquisitions. Before joining The Deal he was the editor of Corporate Finance magazine and wrote for Adweek, Fortune, Institutional Investor, and Financial World.
JOHN E. MORRIS, now an editor with Dow Jones Investment Banker, was for many years an assistant managing editor at The Deal in New York and London and before that was an editor and writer at The American Lawyer magazine.
To find out more visit: www.king-of-capital.com
From the Hardcover edition.
JOHN E. MORRIS, now an editor with Dow Jones Investment Banker, was for many years an assistant managing editor at The Deal in New York and London and before that was an editor and writer at The American Lawyer magazine.
To find out more visit: www.king-of-capital.com
From the Hardcover edition.
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最も参考になったカスタマーレビュー
10 人中、10人の方が、｢このレビューが参考になった｣と投票しています。
形式:ハードカバー
世界で最も成功しているPEファーム、Blackstoneとその共同経営者Schwarzmanについて書いた”King of Capital"。Private Equityの仕事は、King of Capitalismとよばれることも多いが、本書のタイトルもそこに由来しているのだろう。
非常に読み応えがあり、学ぶところが多かった。いくつか興味深かった点を列挙しておこう。
組織づくり
・共同経営者には補完者
正直で、規律があり、人望厚く、熟慮タイプのPetersonと、貪欲で、エネルギッシュで、勘が異常に鋭いSchwarzmanのタッグで Blackstoneは創業された。ディールを作るときも、相手企業の重役室のドアを開けるまではPetersonの仕事、その後のディールクローズまではSchwarzmanの仕事。役割分担がしっかり出来ていたので、多少の意見の違いがあっても、それが組織を揺るがす不和にはつながりにくかった。
・能力ある人の採用、フェアな態度
自分以上の人間だけを雇った。Juniorの人間に対しても傾聴する姿勢を失わなかった。部下に対しても、自分に対する以上の要求はしなかった（その要求が非常に高くはあったが）。フェア。
・意思決定権を独占
特に初期においては、意思決定権を二人の共同経営者で独占するようにした（二人のLehman時代の「船頭多くして船山のぼる」の経験から。Petersonは社内人事制度の改正とそれによる混乱から、LehmanのCEOを自ら退いていた）。
事業展開
・後発型
他社に先んじて何かを行うことはあまり多くない。PEを始めたのも、KKRらから10年以上遅れての1985年。不動産投資も他社にかなり遅れて始めた。投資として成立するかを見極めてから参入してもキャッチアップできるということの持つImplicationは大きいと思う。
・MAアドバイザリー
最初の仕事をMAアドバイザリーから始めた。安全なFeeビジネスである上に、ソーシングにも役立つため。（LIPの活動においても同様で、今僕達が目指しているのは、こういったファンドの投資先のDD業務で世界レベルになること。）
・Affiliates制
様々なアセットクラスに特化した会社を傘下においた。
超過リターンの源泉は、マクロ・ミクロレベルでの、市場のビューとのギャップにある。そのギャップに基づいて得られるリターンを最大化するためには、ロングオンリー以外の投資手法も可能であることが望ましかった。
具体的な子会社：
（１）不動産投資部門（マーケットサイクルへのベット）
（２）ヘッジファンド部門（Short sellingが可能なため、ダウントレンドでも利益得られる。またIPO時にバイアウト部門とコラボして利益をさらに高められる）
（３）債券投資部門（Mezz投資も可能となる。この部門が後のBlackRock）
など。
投資のスタイル
・Loyalty to Management
自分たちの位置づけを”an operating problem solver “(Peterson)として事業展開。
決して対象会社とは敵対的にならず、常にLoyalty to managementを全面に出した。White-night案件も多い。オペレーションについても過度に入ることはせず、起業家精神あふれるCEOをサポートするのがPEの仕事と理解している。本書では、オペレーションに入りこんでいったファンドの失敗にも言及されていた。
・危機対応能力
投資先が危機に瀕しても、東奔西走して会社を存命させた案件多数。
・Discipline
規律が最も利いている会社。皆が酔っ払って赤信号を渡ろうとしているときにでもストップすることができる（それは一部はSchwarzmanの勘によるものでもあるのだろうけれど）。本書に紹介されていた、次の二つの言葉が印象的。
“First, don’t pay too much when you’re buying cyclicals. Second, don’t have ambitious turnaround expectations for medium-sized companies. Don’t expect to reinvent them. Third, if an investment calls for reengineering operations, plan in consultation with seasoned executives and consultants knowledgeable enough to judge if the plan will fly.”
“We’re not going to be investing, we’re going to be lowering the prices, we’re going to be changing the kinds of companies that we’re going to buy, because when everything feels good and you can’t see any problems, historically you’ve been near a peak.”
実際、Blackstoneがマーケット過熱時に手を出して失敗した案件は、他社に比べて少ない。
・LBOの先
“Leveraged” Buyoutは主流ではなくなってきている。Blackstoneの00年代半ばの成功ディールの多くはGrowth Playによるもの。ビジネスのあり方の変革をサポートした案件で大きなゲインを出している。
その他、面白かったこと
・Lehmanの元CEOとパートナーの二人で始めても、ファンドレイジングには苦労した。ファンドレイジングに勢いをもたらしたのは日興の$100MMの出資だったのは本当に偶然のもの。
・Blackstoneという名称の由来は、Schwarzがドイツ語でBlack、Peterがギリシャ語でStoneだったことにある。（不勉強ではじめて知りました）
非常に読み応えがあり、学ぶところが多かった。いくつか興味深かった点を列挙しておこう。
組織づくり
・共同経営者には補完者
正直で、規律があり、人望厚く、熟慮タイプのPetersonと、貪欲で、エネルギッシュで、勘が異常に鋭いSchwarzmanのタッグで Blackstoneは創業された。ディールを作るときも、相手企業の重役室のドアを開けるまではPetersonの仕事、その後のディールクローズまではSchwarzmanの仕事。役割分担がしっかり出来ていたので、多少の意見の違いがあっても、それが組織を揺るがす不和にはつながりにくかった。
・能力ある人の採用、フェアな態度
自分以上の人間だけを雇った。Juniorの人間に対しても傾聴する姿勢を失わなかった。部下に対しても、自分に対する以上の要求はしなかった（その要求が非常に高くはあったが）。フェア。
・意思決定権を独占
特に初期においては、意思決定権を二人の共同経営者で独占するようにした（二人のLehman時代の「船頭多くして船山のぼる」の経験から。Petersonは社内人事制度の改正とそれによる混乱から、LehmanのCEOを自ら退いていた）。
事業展開
・後発型
他社に先んじて何かを行うことはあまり多くない。PEを始めたのも、KKRらから10年以上遅れての1985年。不動産投資も他社にかなり遅れて始めた。投資として成立するかを見極めてから参入してもキャッチアップできるということの持つImplicationは大きいと思う。
・MAアドバイザリー
最初の仕事をMAアドバイザリーから始めた。安全なFeeビジネスである上に、ソーシングにも役立つため。（LIPの活動においても同様で、今僕達が目指しているのは、こういったファンドの投資先のDD業務で世界レベルになること。）
・Affiliates制
様々なアセットクラスに特化した会社を傘下においた。
超過リターンの源泉は、マクロ・ミクロレベルでの、市場のビューとのギャップにある。そのギャップに基づいて得られるリターンを最大化するためには、ロングオンリー以外の投資手法も可能であることが望ましかった。
具体的な子会社：
（１）不動産投資部門（マーケットサイクルへのベット）
（２）ヘッジファンド部門（Short sellingが可能なため、ダウントレンドでも利益得られる。またIPO時にバイアウト部門とコラボして利益をさらに高められる）
（３）債券投資部門（Mezz投資も可能となる。この部門が後のBlackRock）
など。
投資のスタイル
・Loyalty to Management
自分たちの位置づけを”an operating problem solver “(Peterson)として事業展開。
決して対象会社とは敵対的にならず、常にLoyalty to managementを全面に出した。White-night案件も多い。オペレーションについても過度に入ることはせず、起業家精神あふれるCEOをサポートするのがPEの仕事と理解している。本書では、オペレーションに入りこんでいったファンドの失敗にも言及されていた。
・危機対応能力
投資先が危機に瀕しても、東奔西走して会社を存命させた案件多数。
・Discipline
規律が最も利いている会社。皆が酔っ払って赤信号を渡ろうとしているときにでもストップすることができる（それは一部はSchwarzmanの勘によるものでもあるのだろうけれど）。本書に紹介されていた、次の二つの言葉が印象的。
“First, don’t pay too much when you’re buying cyclicals. Second, don’t have ambitious turnaround expectations for medium-sized companies. Don’t expect to reinvent them. Third, if an investment calls for reengineering operations, plan in consultation with seasoned executives and consultants knowledgeable enough to judge if the plan will fly.”
“We’re not going to be investing, we’re going to be lowering the prices, we’re going to be changing the kinds of companies that we’re going to buy, because when everything feels good and you can’t see any problems, historically you’ve been near a peak.”
実際、Blackstoneがマーケット過熱時に手を出して失敗した案件は、他社に比べて少ない。
・LBOの先
“Leveraged” Buyoutは主流ではなくなってきている。Blackstoneの00年代半ばの成功ディールの多くはGrowth Playによるもの。ビジネスのあり方の変革をサポートした案件で大きなゲインを出している。
その他、面白かったこと
・Lehmanの元CEOとパートナーの二人で始めても、ファンドレイジングには苦労した。ファンドレイジングに勢いをもたらしたのは日興の$100MMの出資だったのは本当に偶然のもの。
・Blackstoneという名称の由来は、Schwarzがドイツ語でBlack、Peterがギリシャ語でStoneだったことにある。（不勉強ではじめて知りました）
Amazon.com で最も参考になったカスタマーレビュー (beta)
Amazon.com:
14件のカスタマーレビュー
33 人中、32人の方が、｢このレビューが参考になった｣と投票しています。
Carey's book is the Definitive Primer on Private Equity - It is Spellbinding
2010/11/23
形式:ハードカバー
The story begins with the history of private equity. Stephen Schwarzman the ultimate central character in this book is a young mergers and acquisitions partner at Lehman Brothers. Henry Kravis of Kohlberg, Kravis and Roberts (KKR) is doing one of the first private equity buyouts called Houdaille Industries. It's a $380 million dollar deal. Schwarzman is sitting in his office at Lehman Brothers, and saying how could this be? How could KKR get this done? What are the details? It was a eureka type moment.
Schwarzman orders up the financing document, and can't believe what he is reading. He is looking at a revolutionary financial concept that he never dreamed could exist. He knows that all great achievements start out as merely a thought, and then someone must act on the thought. KKR has already been in the business the better part of a decade when Schwarzman latches onto the concept.
He tries to get Lehman Brothers to buy into the concept. They won't go, even though he explains that with one deal we could make more money than we make in a year doing everything else we do. Ultimately there is a falling out between glamour boy Pete Peterson who is running the firm with Lou Glucksman, the in your face trader who can't stand Peterson. Glucksman wins; Peterson leaves the firm and with Schwarzman and a secretary proceed over time to build Blackstone from nothing, just an idea. Together Schwarzman the young man, and Peterson the old tiger, they build Blackstone into a private equity powerhouse.
It's all here, blemishes and all. You are reading financial history as firms collapse and private equity ascends. Blackstone proceeds to do deal after deal, year after year, making billions for 60 plus partners, Schwarzman would have paydays as big as $400 million in one year, most of it taxed at capital gains rates of 15% because of what is called "the carry".
By 2007, one out of every five mergers would be worldwide would be done by private equity groups. Blackstone with 1000 employees would dominate the industry with just a handful of other players called Carlyle, Apollo, and TPG. They would build the private equity industry into a giant that would take on traditional investment banking firms.
Schwarzman in January of 2007 gives himself a multi-million dollar birthday party by renting the Park Avenue Armory, and paying Rod Stewart a million dollars for a couple of hours of singing. By the way, you really need to know this. I have been in Wall Street for 40 years, whenever you have outlandish things happening like this birthday party, It is ALWAYS a sign of a market top developing, and there is going to be a price to be paid.
Within months of the party, Blackstone goes public with a valuation built up over 20 years equal to one third of Goldman Sachs valuation built up over more than a century. Blackstone has a 1000 employees and Goldman 30,000 plus. Blackstone has 2.3 billion in profits in 2006, and Schwarzman's personal net worth approaches $10 billion. Pete Peterson who is worth a couple of billion is there for the ride as well. Peterson made an absolutely brilliant comment at a luncheon I attended a number of months ago. He said the difference between him and other investment bankers he has known is that "He knows the meaning of the word enough." Think about it, it is profound.
The book tells the whole story from the ground up. It takes you through the public offering, and the ups and downs of the whole industry. You will see how other firms operate as well. After reading this book, there will be no surprises for you as a reader regarding the private equity industry. There is one last vital point that needs to be made and the book talks about it.
In the next few years, the entire industry must refinance the debts of many of the corporations and businesses they have bought through the years. If the money is not there to be borrowed, than it is possible that private equity by itself could be the driver of another financial crisis. I personally believe not.
Whenever these types of crisis hit, they come out of nowhere, and there are only one or two people who predict them, and they had luck on their side. You are dealing with an outlier event or what some people now call a black swan event. I promise you will love this book, and thank you for reading this review.
Richard C. Stoyeck
Schwarzman orders up the financing document, and can't believe what he is reading. He is looking at a revolutionary financial concept that he never dreamed could exist. He knows that all great achievements start out as merely a thought, and then someone must act on the thought. KKR has already been in the business the better part of a decade when Schwarzman latches onto the concept.
He tries to get Lehman Brothers to buy into the concept. They won't go, even though he explains that with one deal we could make more money than we make in a year doing everything else we do. Ultimately there is a falling out between glamour boy Pete Peterson who is running the firm with Lou Glucksman, the in your face trader who can't stand Peterson. Glucksman wins; Peterson leaves the firm and with Schwarzman and a secretary proceed over time to build Blackstone from nothing, just an idea. Together Schwarzman the young man, and Peterson the old tiger, they build Blackstone into a private equity powerhouse.
It's all here, blemishes and all. You are reading financial history as firms collapse and private equity ascends. Blackstone proceeds to do deal after deal, year after year, making billions for 60 plus partners, Schwarzman would have paydays as big as $400 million in one year, most of it taxed at capital gains rates of 15% because of what is called "the carry".
By 2007, one out of every five mergers would be worldwide would be done by private equity groups. Blackstone with 1000 employees would dominate the industry with just a handful of other players called Carlyle, Apollo, and TPG. They would build the private equity industry into a giant that would take on traditional investment banking firms.
Schwarzman in January of 2007 gives himself a multi-million dollar birthday party by renting the Park Avenue Armory, and paying Rod Stewart a million dollars for a couple of hours of singing. By the way, you really need to know this. I have been in Wall Street for 40 years, whenever you have outlandish things happening like this birthday party, It is ALWAYS a sign of a market top developing, and there is going to be a price to be paid.
Within months of the party, Blackstone goes public with a valuation built up over 20 years equal to one third of Goldman Sachs valuation built up over more than a century. Blackstone has a 1000 employees and Goldman 30,000 plus. Blackstone has 2.3 billion in profits in 2006, and Schwarzman's personal net worth approaches $10 billion. Pete Peterson who is worth a couple of billion is there for the ride as well. Peterson made an absolutely brilliant comment at a luncheon I attended a number of months ago. He said the difference between him and other investment bankers he has known is that "He knows the meaning of the word enough." Think about it, it is profound.
The book tells the whole story from the ground up. It takes you through the public offering, and the ups and downs of the whole industry. You will see how other firms operate as well. After reading this book, there will be no surprises for you as a reader regarding the private equity industry. There is one last vital point that needs to be made and the book talks about it.
In the next few years, the entire industry must refinance the debts of many of the corporations and businesses they have bought through the years. If the money is not there to be borrowed, than it is possible that private equity by itself could be the driver of another financial crisis. I personally believe not.
Whenever these types of crisis hit, they come out of nowhere, and there are only one or two people who predict them, and they had luck on their side. You are dealing with an outlier event or what some people now call a black swan event. I promise you will love this book, and thank you for reading this review.
Richard C. Stoyeck
54 人中、48人の方が、｢このレビューが参考になった｣と投票しています。
A Captivating Read - I Finished It In a Day
2010/10/7
形式:ハードカバー
My favorite Stephen Schwarzman story is a personal one. I used to work at Lehman Brothers as an investment banker. We were (of course) bookrunners on the Blackstone IPO, and as was typical for every other IPO, the management of the company comes and teaches our traders about the value of the company. They, in turn, go and pitch the stock to their clients.
Usually it's the CEO and CFO of a company generating about $20mm of net income, an $86mm IPO, and we would struggle to fill the room. In this case, it was Stephen Schwarzman. The man was already a billionaire several times over, and the room was standing room only. Dick Fuld himself came down from the perch of the 33rd floor, and told a room full of his own employees and Stephen Schwarzman, "If we do this IPO right, Steve will be worth more than this whole company."
Boy, he had no idea how right he was.
When I heard this book was coming out, the finance nerd in me eagerly awaited and found it which local store would get it the fastest because I didn't want to wait for the online shipping time.
So, I bought it yesterday and read it in a day. It's awesome. Steve is a genius in so many ways, and the book does a good job of balancing personal/lighter stories along with the heavier finance stuff. You learn about Pete Peterson (author of the scary Running on Empty), and how together, they formed what's still the worlds largest PE firm.
I'm being purposly vague because I want people to read and experience this book for themselves.
Get it, read it. You won't be disappointed.
Usually it's the CEO and CFO of a company generating about $20mm of net income, an $86mm IPO, and we would struggle to fill the room. In this case, it was Stephen Schwarzman. The man was already a billionaire several times over, and the room was standing room only. Dick Fuld himself came down from the perch of the 33rd floor, and told a room full of his own employees and Stephen Schwarzman, "If we do this IPO right, Steve will be worth more than this whole company."
Boy, he had no idea how right he was.
When I heard this book was coming out, the finance nerd in me eagerly awaited and found it which local store would get it the fastest because I didn't want to wait for the online shipping time.
So, I bought it yesterday and read it in a day. It's awesome. Steve is a genius in so many ways, and the book does a good job of balancing personal/lighter stories along with the heavier finance stuff. You learn about Pete Peterson (author of the scary Running on Empty), and how together, they formed what's still the worlds largest PE firm.
I'm being purposly vague because I want people to read and experience this book for themselves.
Get it, read it. You won't be disappointed.
31 人中、26人の方が、｢このレビューが参考になった｣と投票しています。
If you like this kind of thing
2010/11/4
形式:ハードカバー|Amazonが確認した購入
This might be the kind of thing you will like. The writers clearly had access to Steve S, and are being much more positive about him than any other source I have seen (I should say that while I do not know Schwartzman, I know many of the senior people of the pre-2004 Blackstone. While all of them did very well out of the business, none of them were fond of their fearless leader). The authors are also very positive about private equity in general, which makes the book read more like a puff piece than I would have liked. The actual contents are mostly a laundry list of deals, and some of the narrative is fairly insightful, while some just puts one to sleep (they did this, it did not work, they did this, it did work, etc, etc, etc).
To summarize: if you are very interested in the private equity business, by all means, read this book, otherwise I am not sure it will keep your attention.
To summarize: if you are very interested in the private equity business, by all means, read this book, otherwise I am not sure it will keep your attention.
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