Billionaire Memo
Painted portrait of Stephen Schwarzman Stephen Schwarzman · set in the movement 18 memos drawn
quoted verbatim

The Principals · Jewel XIX of XXI

Stephen Schwarzman

Co-founder and CEO of Blackstone Group.

Calibres
What It Takes
Jewels set
18 memos drawn to date
Most recent
March 2026

Drawn from Schwarzman

All memos →
Ref. 220 · deep dives

How 4 Billionaires Think About Scaling — And Where They Fundamentally Disagree

What It Takes, The Virgin Way, What I Know for Sure, Shoe Dog: A Memoir by the Creator of Nike

Power reserve 13 min
Ref. 156 · versus

Schwarzman vs. Thiel: Learning From Failure vs. Never Accepting It

What It Takes, Zero to One

Power reserve 5 min
Ref. 98 · versus

Schwarzman vs. Zell: Pursuing Excellence vs. Embracing the Rebel Edge

What It Takes, Am I Being Too Subtle

Power reserve 5 min
Ref. 110 · quick takes

Stephen Schwarzman on What Actually Defines You

What It Takes

Power reserve 1 min
Ref. 131 · quick takes

Stephen Schwarzman on What Failures Actually Teach You

What It Takes

Power reserve 1 min
Ref. 191 · quick takes

Stephen Schwarzman’s Case Against Chasing Prestige

What It Takes

Power reserve 1 min
Ref. 150 · quick takes

Stephen Schwarzman’s Counterintuitive Formula for Excellence

What It Takes

Power reserve 1 min
Ref. 177 · Single Quotes

Stephen Schwarzman’s Definition of Character — It’s Not What Happens to You

What It Takes

Power reserve 2 min
Ref. 90 · Single Quotes

Stephen Schwarzman’s Quiet Rule for Achieving Excellence: Follow Enthusiasm, Not Prestige

What It Takes

Power reserve 2 min
Ref. 84 · deep dives

What Billionaires Really Mean When They Talk About Customer Obsession

Losing My Virginity, What It Takes, Measure What Matters, Principles: Life and Work

Power reserve 11 min
Ref. 97 · Single Quotes

Why Stephen Schwarzman Tells Future Leaders to Welcome Failure

What It Takes

Power reserve 2 min
Ref. 263 · Single Quotes

Why Stephen Schwarzman Tells His Scholars to Embrace Failure First

What It Takes

Power reserve 2 min

Their calibres in the library

Cal. 001 What It Takes 11 memos drawn

The next Schwarzman memo arrives on a Tuesday

One memo a week from the manufacture: the passage as written, the chapter it lives in, and what it is worth to whatever you are building.

Lifetime guarantee · Stop any Tuesday