Building Blackstone, Backing Costco, with Tony James

About this episode

David Haber speaks with Tony James about building enduring firms and the principles that drive long-term success in finance.

David Haber speaks with Tony James about building enduring firms across multiple eras of finance. From joining DLJ when it was a subscale firm to helping grow Blackstone into one of the largest asset managers in the world, James reflects on the decisions, structures, and cultural principles that enabled long-term success. They discuss the origins of leveraged buyouts, the evolution of private markets, and how identifying structural opportunities early can create lasting competitive advantage. James also shares lessons from backing companies like Costco, where culture, customer focus, and long-term thinking drove exceptional outcomes. The conversation covers leadership, talent development, and the challenges of scaling organizations while maintaining performance. James also reflects on succession, firm-building, and why culture, incentives, and alignment ultimately determine whether an organization compounds or stagnates.

People in this episode

Host: David Haber

Guest: Tony James

Topics covered

• finance
• private markets
• leadership
• organizational culture
• long-term success
• talent development

Keywords

• Blackstone
• Costco
• leveraged buyouts
• private markets
• organizational culture
• leadership
• talent development

Mentioned in this episode

Organizations: Blackstone, Costco, DLJ

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