Core Insights - The article discusses the key principles and investment rules shared by Stephen Schwarzman, co-founder of Blackstone, in his book "What It Takes: Lessons in the Pursuit of Excellence" [3] Group 1: Work Principles - Setting ambitious goals is essential as the difficulty of achieving big and small tasks is similar, thus ensuring that rewards match efforts [1] - Successful executives are not born but made through continuous learning and self-improvement [2] - Building relationships with respected individuals can provide valuable insights and opportunities for personal growth [3] - Understanding others' problems and offering solutions can lead to meaningful connections and ideas [4] - Every business operates as a closed integrated system, and effective management requires knowledge of both individual components and their interrelations [5] Group 2: Investment Rules - Utilizing all available tools is crucial for successful investing [8] - Sudden market reversals or poor investments can significantly impact financial stability [9] - Diversifying business types helps mitigate competition and market fluctuations [10] - Simplifying decision-making for investors can enhance mutual benefits [11] - Managing change effectively is a key indicator of success in a volatile investment environment [12] - Encouraging collective responsibility can help eliminate personal biases in investment processes [13] - Time negatively impacts all transactions, with longer waits increasing the likelihood of unforeseen complications [14] - Insight into patterns and persistent effort can turn ideas into reality [15] - Objective assessment of situations and focusing on key transaction points are essential under pressure [16] - Avoiding individual decision-making and tightening processes can improve investment outcomes [17] - Extra effort often leads to unexpected rewards and becomes a valuable asset in investment [18] - Leveraged buyouts can generate income regardless of economic conditions and improve acquired companies [19] - The success of investments largely depends on the economic cycle, which affects growth trajectories and potential returns [20]