"Father of Blackrock" Peter Peterson: My success comes from "dogs"

Peter Peterson

He was the assistant to President Nixon, the US Secretary of Commerce, and one of the founders of the Blackstone Group, the "king of global private equity." From a Greek immigrant, he took $200 to MIT to go to school, led Lehman Brothers, created Blackstone, became a billionaire in retirement, and was active in American politics. He is a legend.

The plagiarism paper was ordered by the Massachusetts Institute of Technology to drop out of school

In June 1926, Peterson was born into a Greek immigrant family in the small town of Kearney, Nebraska, in the United States. His parents opened a 24-hour restaurant in the town. When he was a child, Peterson often worked in his father's restaurant: making a restaurant cashier. When I was in high school, Peterson was not taken to military service because of myopia. After graduating from high school, he was admitted to the Massachusetts Institute of Technology. But unfortunately, only after less than a year, he was ordered to drop out of school because he copied other people's papers. But Peterson did not give up on this. In 1945, he was admitted to Northwestern University. This time, he learned the lessons from MIT and successfully graduated from Northwestern University.

27-year-old vice president of global 4A advertising company

At the age of 27, he entered the global 4A advertising company, McCann, and became an executive vice president of the company after earning an MBA from the University of Chicago Business School. Peterson then served as the head of the advertising company, and in the film equipment manufacturer Bell. Howell, all the way to the company's chairman and CEO.

Invited by Nixon to serve as assistant to the president

The American richest man, John D. Rockefeller, is an expensive person in Peterson's life and his Bole. In 1969, Peterson accepted the invitation of Rockefeller and former US Treasury Secretary Clarence Douglas Dillon to serve as chairman of a private charitable foundation. It was during this foundation that he had the opportunity to have a comprehensive understanding of American diplomacy, national security, and economic and social policies at the time, and his talents were fully tapped and recognized in Washington.

In 1971, he accepted Nixon's invitation to serve as the President's Assistant Director of International Economic Affairs. He was called "Kissinger in the Nixon Administration's Economic Sector". In February 1972, he was appointed Minister of Commerce and served as Chairman of the US-Soviet Business Council. After the "Watergate Incident", Peterson was tired of politics. In 1973, Peterson resigned from the Minister of Commerce.

Start investing in banker career

After leaving Washington, Peterson chose Wall Street. At the time, Peterson, who had no professional experience in the financial world, won the opportunity to go to Wall Street investment banks with his extensive network of contacts in Washington politics and previous corporate executives. At that time, large investment banks, including Salomon Brothers, First Boston, and Lehman Brothers, extended an olive branch to him. In the end, Peterson chose Lehman Brothers, the oldest investment bank on Wall Street, to serve as vice chairman and began his career as an investment banker.

In the following five years, Lehman Brothers' revenue and profit continued to set a record high and became the star of Wall Street. By 1983, Lehman Brothers had a capital of $250 million, making it one of the largest investment banks on Wall Street and the longest-established partnership. The so-called glory, in 1983, there was a serious division within Lehman Brothers. Peterson did not want to join the company's second-hand Glaxman brothers on the wall and took the initiative to submit his resignation to the board. However, less than nine months after Graxman seized power, Lehman Brothers was incorporated by American Express because of poor management. The 100-year-old store was reopened after it went public in 1994.

Founding Blackstone Group

In 1985, 59-year-old Peterson and his nearly 21-year-old Schwarzman each invested $200,000 to rent a small office on Park Avenue in New York to start the Blackstone Group. Blackstone's name comes from the two founders, Schwarzman means black in German, and Peter means stone in Greek. After more than 20 years of development, Blackstone Group has grown into one of the world's largest private equity firms and has developed into a strong financial services kingdom, spanning commercial banks, private equity funds, real estate, hedge funds and corporate bonds.

In 2007, Blackstone completed an IPO, raising a total of 7.6 billion US dollars, becoming the first private equity firm to be listed. The Blackstone Group is headquartered in New York, USA and has offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco, London, Paris, Mumbai, Hong Kong, Beijing, Shanghai and Tokyo.

According to data from the New York Stock Exchange, Blackstone Group's average annual profit for the past five years exceeded US$1 billion. In 2006, its profit reached US$2.27 billion, with an annual growth rate of 71%. In terms of this profit, each employee of Blackstone Group earned 2.95 million US dollars for the company, which is 9 times that of Wall Street's most profitable investment bank, Goldman Sachs Group. Blackstone became the most profitable company on Wall Street. Recently, Blackstone was listed, and it is the first private equity fund to list the main company.

Blackstone in China

After the financial crisis, Blackstone Group increased its investment in emerging markets, and gradually accelerated its investment in Asian markets, especially China. In order to enter the Chinese market, Blackstone invited former Hong Kong Financial Secretary Antony Leung to join Blackstone. After taking up his post, Liang Jinsong raised $3 billion for Blackstone and adopted the strategy of “going up the route” to facilitate the expansion of the Chinese market. Therefore, unlike the opponents of Carlyle and other countries in China, Blackstone’s trip to China is relatively smooth, which also confirms Blackstone’s investment wisdom. Blackstone's investment in China, including Bluestar Group and Shouguang Logistics Park, is also satisfactory. In 2008, Blackstone Group purchased the property of Shanghai Channel1 Shopping Center with a price of 1 billion yuan and a total area of ​​42,000 square meters. During the three years of holding the property, Blackstone Group increased its occupancy rate to 90%. September 2011, the Blackstone Group will be held Channel195% of the shares sold to the New World 600 628, bought Development Co., Ltd., the price of 1.46 billion yuan.

Success comes from "dogs"

At the end of 2008, Peterson retired. Dedicated to charity, donated 1 billion yuan to establish a foundation named after him.

Peterson’s success has inevitability and contingency, and personality has commonality. He attributed it to "dogs and dogs". Peterson reviewed his career and summed up five points: 1. Choose the field he loves; 2. Try to do something worthwhile, change what is worth changing; 3. Be mentally not lazy, think more about the company, industry and national economy. The future; 4, adhere to their own principles, do their own, adhere to the moral bottom line; 5, thoroughly understand the situation and requirements of a job and then promise and do.

Blackstone Group

Blackstone Group Blackstone Group

Established: Established in 1985

Headquarters Address: New York

Focus areas: tourism, hotels, chemicals, automotive, defense, consumer goods, medicine, etc.

Management scale: approximately $125 billion

Peter Peterson Chronology

In 1942, he studied at Kony Middle School.

In the spring of 1943, he graduated from Longfellow High School with the first place in grade (180).

At the end of 1943, he received an offer from the Massachusetts Institute of Technology.

In the fall of 1944, he was expelled from the Massachusetts Institute of Technology for copying Roykang's thesis.

In the autumn of 1944 - the fall of 1945, the procurement department of the Radiation Laboratory of the Massachusetts Institute of Technology did the procurement work.

In the autumn of 1945, the Northwest University approved my application for admission.

In 1946, he was invited to be the advertising manager of the annual "Syllabus".

In 1947, the United Nations organized a long history of the student's current musical, the Waa-MU show.

In August 1947, he graduated from Northwestern University with honors and obtained a degree in retail education and went to the west.

From August to December 1947, he worked in the Toys Department and Purchasing Department of the "Robert Brothers" department store.

In the summer of 1948, a wedding was held with Kris KrenGEl.

From 1948 to 1953, he worked for the small market research company "Market Facts" in Chicago and became the company's vice president in 1953.

In 1950, he divorced with Chris Klinger and graduated from the University of Chicago Business School with an MBA.

In 1951, a call from George Fry made me enter Eisenhower's camp for the first time.

In July 1953, I married Sally Hornbogen at her home in Marquette.

In 1953, he joined the McCann Erickson advertising company as the marketing manager of the Chicago branch and was promoted to the company's vice president in 1954.

In 1954, the first child, son John was born.

In 1956, the second child, son Jim was born.

In 1958, he left the McCann Erickson Advertising Company and joined the film equipment manufacturer Belling Qiao as the second executive vice president.

In December 1958, the third child, son David, was born.

In 1961, he served as president of Behringer.

On December 21, 1964, the fourth child, daughter Holly was born.

1963-1971, Chairman and CEO of Behringer.

In 1969, the fifth child, Michael, was born; at Rockefeller's invitation to manage a private charitable fund under the Rockefeller family.

In 1971, Assistant President of International Economic Affairs and Chairman of the New International Economic Policy Committee of the President of the Nixon Administration

In 1972, served as the US Secretary of Commerce.

July 1977-1977, Deputy Chairman and CEO of Lehman Brothers.

From 1977 to 1984, Lehman Brothers, Kuhn, Loeb, Inc., a new company merged with Lehman Brothers and investment bank Kuhn Loeb, served as chairman and CEO.

In 1985, he succeeded David Rockefeller as chairman of the Council on Foreign Relations.

1985-2008, founder and chairman of the Blackstone Group.

In 2008, he was the senior chairman of the Blackstone Group.