Want to fix the plumbing for a bathroom sink? “You can spend an hour scraping your knuckles and cursing if you try to do it with a simple set of pliers. But break out a plumber’s wrench, with its long neck and angled head, and you can hook up those pipes in a matter of minutes.” “That’s exactly how I feel about investing,” says Root. “You need to have the right tools. And to me, one of the most valuable tools in any investor tool kit is a basic understanding of corporate financial statements.”
HIS FIRST 15 MINUTES ON WALL STREET
Root wasn’t on Wall Street for more than 15 minutes before he received a crushing message... He had taken a job at Blackstone – the venerable, secretive, and powerful firm started by legendary financers Pete Peterson and Stephen Schwarzman. Today it’s the largest alternative-asset manager in the world, with more than $550 billion in assets under management... and it provided
the initial capital to start BlackRock, the world’s largest asset manager, with more than $6 trillion in assets. “I had just moved from Ohio to New York,” says Root. “When I arrived immediately escorted to a large conference room.” Joining him there were a dozen other new banking hires – mostly from Ivy League schools – all wearing their best suits and eager to start their Wall Street careers. That’s when Schwarzman walked in. “The room went silent,” says Root. at 345 Park Avenue that morning, I was
“And he delivered a message I will never forget.”
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January 2020
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