Sublime

$1.2 million risk-adjusted value.

Blackstone is a remarkable success because of our culture. 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—constantly asking questions in order to anticipate events

To be taken seriously as M&A specialists, we had to master this dynamic new area of finance. But the even bigger opportunity, Pete and I thought, would be to become investors ourselves.

focus on industries with attractive economic characteristics, selectively use leverage to buy occasional large properties, improve operations, pay down debt, and repeat.

through a combination of self-discipline and sound risk assessment, even when market conditions reverse.