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King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone Hardcover – Deckle Edge, 5 Oct 2010

3.9 out of 5 stars 10 customer reviews

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Product details

  • Hardcover: 400 pages
  • Publisher: Crown Publishing Group, Division of Random House Inc (5 Oct. 2010)
  • Language: English
  • ISBN-10: 0307452999
  • ISBN-13: 978-0307452993
  • Product Dimensions: 16.5 x 3.4 x 24.4 cm
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Bestsellers Rank: 814,486 in Books (See Top 100 in Books)

Product Description

Review

King of Capital aspires to be a serious portrait of Blackstone and the way that Schwarzman so brilliantly built it up, scoring numerous coups along the way and avoiding the mistakes of many competitors. And it does a fine job in what it sets out to do. --The Financial Times, 20/10/2010

New book offers fresh portrait of buyout powerhouse...The authors were given rare access to Blackstone s inner circle and have produced an intimate portrait of the secretive firm. --Financial News, 18/10/2010

About the Author

DAVID CAREY is senior writer for The Deal, a news service and magazine covering private equity and mergers and acquisitions. Before joining The Deal he was the editor of Corporate Finance magazine and wrote for Adweek, Fortune, Institutional Investor, and Financial World.

JOHN E. MORRIS, now an editor with Dow Jones Investment Banker, was for many years an assistant managing editor at The Deal in New York and London and before that was an editor and writer at The American Lawyer magazine.
To find out more visit: www.king-of-capital.com

From the Hardcover edition." --This text refers to the MP3 CD edition.


Customer Reviews

3.9 out of 5 stars
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Top Customer Reviews

By DOPPLEGANGER TOP 1000 REVIEWER on 27 Mar. 2012
Format: Hardcover Verified Purchase
This journey through the world of buy-outs and private equity and in particular Blackstone and it's co-founder and longtime driving force Steve Schwarzman, is comprehensively told by the authors David Carey and John E Morris, both experienced financial journalists. It is a very complete account of virtually (if not all) of the deals, both successes and failures undertaken by Blackstone from its start in 1985 through to fairly recently, and it explains in understandable jargon all of the 'in's-and-out's' and technicalities of the Private Equity money making merry-go-round.

The book also strives to give a balanced view on the whole business, ethics and usefulness to society of Private Equity buccaneers from Knights on White Horses riding to save ailing businesses to bloodsuckers interested only in lining their own pockets with little or no regard for others. The reader is left to make his own mind up in this respect.

However, I found that, whilst "King Of Capital" was a well researched and compiled book that was instructive as well as informative, it was perhaps a tad short of instilling a sense into the reader of the 'passion' and cut and thrust that surely must be a involved in the wheeling and dealing of company take-overs and buy-outs. Steve Schwarzman is undoubtedly some hell of a good business man and deal-maker but by the end of the book I did not feel that I 'knew' the man - perhaps this enigmatic persona is what has kept him on top of the pile?
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Format: Kindle Edition
King of Capital, about Blackstone Capital, and it's head, Steve Schwarzman, is a great read - very underrated.

Schwarzman was at Lehman's in the 80s during the first LBO boom and formed Blackstone as a part M&A boutique, part buyout shop, with a partner in 1985. Getting business was tough at the start, before a huge run of successes applying the LBO formula, often in partnership with a customer, supplier or someone with a strategic interest in the target.

The S&L crisis and two credit crunches in the 90s stalled the debt available for periods, they occasionally didn't get the management-led improvements they sought from businesses. 2/3 of the investments Blackstone made in 2000 at the height of the market were wipeouts. (The same pattern replicated itself in 2007 when the credit markets crashed and the economy collapsed).

But the company is still worth $22b today, and the formula applied since the 80s is broadly the same, albeit improved.

And that's the interest part of the book - the mechanics and financial engineering of LBOs and private equity. If you're ever looking for investment, it pays to know what drives your buyer and what model he's got to meet.

The Mechanics of an LBO
* The buyout firm put down raised equity as a down-payment on the purchase of the target company. But the company, not the buyout firm, will borrow money. Hence buyout investors look for companies that a) produce enough cash to cover the interest on the debt, and b) are likely to increase in value. The nearest analogy is an income property where the rent covers the mortgage and expenses.
* LBO's also enjoy a generous tax break. They deduct the interest on their debt as a business expense.
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Format: Hardcover
Prior reviewers have mentioned issues with the quality of the printing. I have to reinforce those experiences. The content of the book is interesting, well written and well researched. The appearance of the book is appalling. Pages have been badly cut, the paper on which it is printed is of a very low grade and my copy has a number of misaligned pages. Not sure why the publishers would send product in this state. Detracts from the book itself.
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Format: Kindle Edition Verified Purchase
Great read, with a nice focus on the deals not the personal lives of the people. Will be looking for more from this author.
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Format: Hardcover
Just received the book, but have to say that it has been poorly printed. Great cover, but the pages are all uneven and with ragged edges. Not sure if this is the style of the book or it has just been poorly printed?
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