The concept of fair value accounting is correct and useful, but the application during periods of crisis is problematic. It's another one of those unintended consequences of making a rule that's supposed to be good that turns out the other way. Stephen A. Schwarzman More Quotes by Stephen A. Schwarzman More Quotes From Stephen A. Schwarzman My personal taxes are 53% of my taxable income. That's 36% on the federal level and 17% for state and local. Stephen A. Schwarzman income wealth levels Down cycles are not fun. But they form the basis for enormous future profitability Stephen A. Schwarzman enormous form fun 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. Stephen A. Schwarzman understanding america needs It's wonderful to learn about new cultures and to be able to travel easily to so many countries. Stephen A. Schwarzman able country culture My biggest job really is to figure other people out. I need to understand what makes a person tick. Stephen A. Schwarzman jobs people needs 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. Stephen A. Schwarzman assets economy periods 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. Stephen A. Schwarzman brother years thinking 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. Stephen A. Schwarzman senior people world I'm not feeling undertaxed. Tax reform is an important issue. You have to have an inherent sense of fairness. Stephen A. Schwarzman issues important feelings 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. Stephen A. Schwarzman growing frustration needs If I get angry, it's obvious. I don't have to say much. Stephen A. Schwarzman angry obvious ifs I have a saying: There are no brave old people in finance. Because if you're brave, you mostly get destroyed in your 30s and 40s. If you make it to your 50s and 60s and you're still prospering, you have a very good sense of how to avoid problems and when to be conservative or aggressive with your investments. Stephen A. Schwarzman good you brave people Every day should be a good day. People fool themselves that they'll be here forever. Stephen A. Schwarzman day good fool people I like being in warm weather. I find that relaxes me. I like being near water. I like sitting on a beach and sort of hearing the water, watching waves break, looking at the shimmering. I find that really relaxing. Stephen A. Schwarzman looking me weather water You can't grow unless your banking system is expanding and you are extending credit. Stephen A. Schwarzman grow your you credit We have limited time, and we have to maximize it. Stephen A. Schwarzman maximize limited limited-time time Today, whenever I'm under pressure to make a decision on a transaction but I don't know what the right one is, I try desperately to postpone it. I'll insist on more information - on doing extra laps around the intellectual parking lot - before committing. I take the same approach with people, too. Stephen A. Schwarzman decision pressure today people There are no patents in finance. Stephen A. Schwarzman patents finance I love houses. I'm not sure why. Stephen A. Schwarzman sure why i-love love Public service is a core value for people of my generation. Stephen A. Schwarzman value generation service people
