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Stephen Schwarzman on deals and empathy: interview summary

Stephen Schwarzman, Academy Class of 1999, Full Interview

Academy of Achievement · Apr 30, 2018 · about 78 min

Uploaded Apr 30, 2018 · 17K views (as of Oct 30, 2026)

Good value given

Schwarzman sees himself as a switchboard connecting people and ideas.
He thinks through what the other side wants before deals.
He handled Lehman's sale to American Express at 36.
He admits Blackstone's early ambition was hubris that worked out.
He says hard things get easier as you learn what's necessary.

How does Stephen Schwarzman prepare for a negotiation?

He says you don't even have to meet the other people to know what's on their mind. You ask, if I were them, what would I want? That habit made him good at deals, starting with handling the sale of Lehman Brothers to American Express at 36.

Worth watching?Good value given. A long, candid interview on Schwarzman's path from Lehman to Blackstone. His habit of thinking from the other side's view stands out.

ActionableLessons

Actionable

Before your next negotiation, write what the other side wants.
Connect two people who should know each other.
When you see a needed change, start it quickly.
Prepare more than you think you need.

Lessons

Empathy wins deals.
Connectors create value.
Ambition can outrun doubt.
Experience makes hard things easier.

Quick answer

Stephen Schwarzman sat down with Academy of Achievement for this interview, published Apr 30, 2018. Here's our summary in our own words: a verdict, the answer to the big question, 5 takeaways, Actionable and Lessons tabs, then the stories, frameworks and how to use them.

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Watch the interview

Watch on YouTube: Stephen Schwarzman, Academy Class of 1999, Full Interview

Channel: Academy of Achievement. Published Apr 30, 2018. About 78 minutes.

Who is Stephen Schwarzman?

Stephen Schwarzman co-founded Blackstone, one of the world's largest investment firms.

This is a full Academy of Achievement interview.

Key stories from the interview

He describes his upbringing and Yale.
He recalls his first Lehman interview.
He tells of the Lehman and American Express deal.
He talks about Blackstone's early hubris.

Frameworks and ideas

Switchboard: connect people.
If I were them.
Act on course corrections.
Prepare always.

In their words (paraphrased)

If I were them what would I want.
That's the height of ridiculous hubris.
It gets easier and easier as you get older.

How to apply this

Write the other side's goals for your next deal.
Introduce two contacts this week.
Start one change you've been delaying.

Read the biography

Want the longer story? Read our What It Takes summary.

A note on this summary

This page reports what was said in the interview, in our own words. Lines under 'In their words' are paraphrased from the transcript, so check the video for exact wording.

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FAQ: questions people ask

How does Schwarzman negotiate?

He asks, if I were them, what would I want?

What deal did Schwarzman handle at 36?

The sale of Lehman Brothers to American Express.

Is the Stephen Schwarzman Academy interview worth watching?

Good value given. Long and candid.