If you had a meeting with these legendary Wall St. guys...

If you had a meeting, or opportunity to personally speak, with the following Wall Street legends:
1. what would you ask?
2. what questions/comments could impress these guys coming from a graduating college senior?
3. how could one try to get these guys into introducing you to other prominent Wall St. big shots they are friends with?

-Steve Schwarzman
-Joe Perella
-Bruce Wasserstein
-Henry Kravis
-Steve A. Cohen
-David Shaw
-David Rubinstein
-David Bonderman
-Steve Feinberg

 
Best Response

I'd ask Schwarzman what it felt like when he and Peterson started out and intially got shut out from institutions and ended up having to give up investment banking fees and a 9% hurdle rate to LPs

One of Peterson's and Schwarzman's favorite pastimes was arguing over what constituted their single worst experience. Their current favorite has them flying to Boston in May in the belief that a university endowment group wanted to invest. On arriving, they were told there was no record of their appointment. The head of the fund relented with a courtesy chat, but the bottom line was a total lack of interest. Chastened, the two returned to the street to hail a cab -- a challenge in Boston on the sunniest of days. They waited 45 minutes in a downpour. "It was awful," shudders Schwarzman. "The person didn't want to see us and had no intention of investing, so we were insulted. And we were rained on symbolically as well. We thought, 'What have we come to as individuals?'"

In order to succeed, Peterson and Schwarzman had to put up with more than just indignities. They had to make significant concessions to investors in their fund, which include Prudential and Nikko Securities Co., both of which kicked in $ 100 million, plus others such as John Hancock, Metropolitan Life, General Electric, and General Motors' pension fund.

As the first to commit, Prudential drove a particularly hard bargain. In addition to the returns from the fund, Blackstone has to share its investment banking fees with the Pru and other limited partners. These partners also must get a 9% compounded rate of return on the fund before general partners Peterson and Schwarzman draw a penny of the rewards from their deals. "It's not typical, and it may in fact be unique," says one former Shearson banker. "The money came at a fairly high cost." Other investors who followed in Prudential's footsteps "were enternally grateful," admits Schwarzman.

Nikko took the bargaining one step further. Beyond its return on the fund, says Toshio Mori, chairman of Nikko's U.S. subsidiary, "we should be able to learn a lot." To that end, Nikko and Blackstone agreed to introduce each other to clients, and Nikko is sending a trainee to Blackstone for a year to soak up the atmosphere.

 

I'd rather talk to Hamilton "Tony" James. Word is that he's running the place now. The guys at my fund told me that BX, moreso than other firms, has some really big personalities in their roster, so I am wondering how he controls everyone and keeps egos in check.

I'd love to ask Wasserstein what the hell he was thinking getting into the Time Warner mess?

I want to ask Steven Cohen: what's the secret sauce?!

I don't know. I actually think that a lot of these guys are no longer involved actively in the investing/advising sides of their businesses. It'd be more interesting to talk to their COOs about the current situation. These guys are probably more involved in fund-raising and institution-building. The head of our fund is the same way, even though it's a relatively smaller fund.

 

SS: Steve, why are you wearing such high-heeled shoes? Seriously, take them off; I’m not that tall myself.

JP: Hi Santa, what am I getting this year for Christmas? I’ve been a really good boy, promise. Can I sit on your lap? I promise I won’t pull your beard.

BW: Time to exire stage left, buddy!

HK: So, how does it feel to be upstaged by a man even shorter than you?

SC: My daughter is really very good at doodling. The guys at Christie’s tell me she’s going to be the female Pollock. Let me just bring out a few samples. You did bring your cheque book right?

DS: Ah me too, I remember a few full moons on the quad with a couple of dollies. What’s that? You don’t know what I’m talking about? No, I suppose you wouldn’t, would you. Hey, at least you're a billionaire now.

DR: That Balzac quote with a straight face?! What balls!

DB: O’Leary’s some man, isn’t he?

SF: Dude, you had a nice gig going! Why did you go talking to that pesky little so-and-so? He made you sound like a bumbling oaf!

 

I would ask David Shaw why he is such a tool.

More to come.

"Oh - the ladies ever tell you that you look like a fucking optical illusion?"

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
 

So for whatever reason I have found myself face to face with a bunch of prominent business personalities. I have never met any of these men, but I have actually had brief conversations with Paul Allen, Bill Gates, Warren Buffett and Steve Ballmer. When it comes to their wallets these men crap on the likes of those mentioned above, but I think they are all probably easier to talk to and get along with than the wall street gurus.

I've never tried to leverage these mostly chance meetings into anything, but at the same time I have always taken the initiative to say hello, introduce myself and try to start some brief and friendly conversation. I found that most of the time they didn't want to talk about anything related to their business, but were willing to entertain my young and curious mind for a short while.

Paul Allen: lived near my parents on Mercer Island, saw him outside with Monica Selis and we talked sports for awhile; seahawks and trailblazers to be exact

Bill Gates: saw him at a restaurant in Seattle, got my picture taken with him (I was in High School) He was annoyed, but nice. Huge dork.

Warren Buffett: Came to my college to speak, all I did was say hi, introduce myself and then proceed to drool over his shoes and tell him how brilliant he was. He was actually really nice, and pretended to be interested in what I was doing in school, career aspirations, etc.

Steve Ballmer: Met at a Microsoft event, my date knew his wife. The guy talks really loud... sounds like he is screaming. I wonder if he was drunk. I couldn't tell.

Some other cool business personalities I've met are: Jeff Bezos (Amazon.com ceo) - met at amazons holiday party Blake Nordstrom (nordstrom ceo) - met at charity thing Alan Mulally (ford ceo) - knew his kids, he is one of the nicest guys around Howard Schultz (Starbucks ceo) - sat next to him at a NBA game

Oh, and if its not already obvious I grew up in the Seattle area. Small city, where the prominent biz figures are easily recognized.

 
PatrickBateman:
Steve Ballmer: Met at a Microsoft event, my date knew his wife. The guy talks really loud... sounds like he is screaming. I wonder if he was drunk. I couldn't tell.

I think this may show how old I am, but oh well . . . http://video.google.com/videoplay?docid=-4860483760049380308 http://achurch.org/media/ballmer.avi

http://video.google.com/videoplay?docid=-1668365808879026423

That stuff will never get old to me.

 

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