The 2023 Blackstone CEO Conference: Knowledge, Network, Values

“It doesn’t capture the full frame, we should take another shot” Stephen A. Schwarzman commented at the photo Jenny Z. had just clicked of us. This focus on small details was a live lesson in delivering excellence from the Chairman, Founder & CEO of Blackstone , with its $120 billion market cap, $187 billion of dry powder and nearly $1 trillion in Assets Under Management (AUM).

It was an eclectic delight partaking the intellectual capital generated at the conference and exchanging notes with partners and peers from 200 portfolio companies world-wide.

Superior growth and a healthy cash-flow, in tandem with high margins delivered by a powerful brand, enable high returns on invested capital - critical for sustained profitability. What supersedes all is great management, said Jon Gray in conversation with Kathleen McCarthy Baldwin . “We want to build the best culture possible. Who you hire, who you fire, who you promote really determines culture.” This was also an opportunity to see a reflective Jon share gratitude for his 105 years old father-in-law living with his family.

“We want to be the private markets solution provider to every company in the world” Jon added as his modest ambition for Blackstone!

Joe Baratta brought to the fore critical lessons in transforming industries in a dialog with Lal Karsanbhai ( 艾默生 ) and Jeffrey Meredith ( Chamberlain Group ). While David Calhoun ( Boeing ) and Steve Singh ( IDG (International Data Group) , Madrona ) shared their perspective of a resilient CEO in dialog with David Faber ( CNBC ).?

Chris Nassetta ( 希尔顿全球酒店集团 ) and Michael C. Bush ( Great Place To Work US ), in dialog with Courtney della Cava , espoused humility, curiosity and mutual respect as critical for a fair and healthy workplace. Michael spoke of Great Listening - the ability to empty your mind, hear others and change your opinions – as a secret weapon. It honours others and builds an organisation that gets the best out of everyone.

Mark Hawkins (Former Salesforce ) in an involved dialog with Brett Biggs (Former 沃尔玛 ) and Michael Chae listed the top 3 attributes for an effective CFO – be a learner, be a truth teller and serve the whole stakeholders.

Martin Band & Matthew Katz demonstrated live the potential of ChatGPT. Stephen A. Schwarzman added a thoughtful allegory in conversation with Becky Quick ( CNBC ) - the average human has an IQ of 160, AI will reach an IQ of 12,000 within a couple of years. While this will provide transformative energy for enterprise, we will need an evaluation of the ethical considerations this technology will raise.

Dr. Arthur Brooks shared his delightful research over dinner pointing to the 4 tenets of Happiness - Faith, Family, Friends & Meaningful Work. We need real friends, than deal friends. We expand what we share. Let us teach others our success secrets, starting with our families and our employees.

Jon Moeller ( 宝洁 ) in dialog with Ruth Porat ( Alphabet Inc. ) and Jennifer Morgan made the case for driving both the top-line and the bottom-line for superior shareholder returns. Ruth spoke of pattern recognition as a necessity for success. Ruth and Jon asserted that culture can’t be left to chance. Leaders have to continuously state values and reinforce desired behaviours since culture takes a long time to internalise.

Besides this knowledge smorgasbord, the opportunity to learn from peers has been remarkable. Luke Petherbridge (running the 545 million sft Link Logistics platform) played host to a post-conference Logistics roundtable with Emmanuel Van der Stichele ( Mileway ), Michael Slattery ( Logicor ), Sarwjit Sambhi ( Formerly known as St. Modwen Properties (NOT IN USE) ), David Owen, CFA ( Pure Industrial ) and Rahul Pandit ( Horizon Industrial Parks ).?

Beyond the power of the global network, small things left big impressions. Jennifer Morgan - (who would get an Oscar if there was a category for “Excellence in Curating an Impactful Conference”) admitting that she was taking only a day’s mental break before starting planning for the 2024 conference,? Amit Dixit – a totally committed host, personally attending to each guest at the Asia CEOs dinner, or Kenneth Caplan - seeing a couple of us wait amidst a snow shower, offer to himself drive us to our hotels. Humility with responsibility, personal accountability for outcomes, and selfless care for colleagues – true ingredients of Blackstone ’s success.

P.S. Sharing a list of 69 books recommended by 200 portfolio CEOs.