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.
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.
【和书。。。好像没啥关系】 近日通过研究中国TMT行业目前活跃的天使/VC,简要分析一下其分类和构成。 1、 投资行业专注TMT的天使/VC。以红衫、GGV、IDG、经纬为代表,此类机构管理的资金动辄上数十亿、百亿美金,对于自己投下的项目也有很强的消化能力。另外也有一些如GGV、I...
评分在豆瓣开了一个专栏,主要写投资自我管理方面,欢迎关注:http://read.douban.com/column/93927/ 杠杆收购没有什么秘密,就是一家公司借来巨款,收购比可能比自己大得多的公司,然后一般会对这家公司进行改革,可能会分拆出售,也可能会整体上市,赚取巨额的差价。值得一说的...
评分国内的私募股权(Private Equity)起步很晚,在上个世纪末出现在了中国,而后经过迅速发展,在2007年前后形成了全民PE、遍地开花的热潮。PE这一舶来品能在中国这片大地上开花结果,和中国A股市场的IPO高溢价是密不可分的。实践中,IPO是PE的主要退出路径,为上市公司股东和PE投...
评分PE靠什么赚钱?这本书给出了部分答案,比较客观。 最初靠杠杆多些,后来靠改进企业运营效率盈利增长多些。PE是传统融资渠道的有益补充,银行和资本市场要么太死板要么太短视,PE可谓是企业的诤友。当然,上面是说美国的PE。国内的PE目前还是大部分靠一二级市场的制度性差价,上...
评分PE靠什么赚钱?这本书给出了部分答案,比较客观。 最初靠杠杆多些,后来靠改进企业运营效率盈利增长多些。PE是传统融资渠道的有益补充,银行和资本市场要么太死板要么太短视,PE可谓是企业的诤友。当然,上面是说美国的PE。国内的PE目前还是大部分靠一二级市场的制度性差价,上...
融资能力和对行业周期的把握,是黑石成长路上的两个核心要素
评分废话太多扣一星
评分比较杂,感觉主线不太清晰。罗列了一些历史吧。我终于知道blackstone和blackrock啥关系了。
评分开头有点无聊 后来越来越好看。 相比 peterson的那本书 这本书更关注这个行业 和公司的起伏 而且作者写得真心好 推荐阅读
评分一本关于黑石创立者之一Schwartzman修行成资本之王的传记,其实更像是公司传记,包括在各个市场环境下黑石发展的方向和成功或失败的项目。书非常具有可读性,刀光剑影跃于名书锦轴之上。 本身所从事的二级市场虽然属于技术类,但是一直认为,投资是艺术和科学的结合。最近高密度阅读了一些资本市场的书,更加加深了这种看法。一二级市场是融会贯通的,一级市场更是人性化的艺术。不论是股权私募杠杆收购企业并购,中间所经过的大量研究,筹措资金,从中斡旋,战略性合作,分拆资产,精简重组企业,以黑石为代表的一级市场投资者都在扮演着成为企业从一个阶段到下一个阶段衔接的角色。这之中有谋划有权衡,也有着经验累积的人脉和商业头脑。
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