Michael Ovitz

And there was an opportunity to take CBS Records away from the Tisch family who really didn't want to keep it. And Sony became the candidate. And Pete was on the board of Sony and I was working for Mr. Morita. And we got to be friends aside from we knew each other from MoMA. So it made a great common denominator. And Steve was the banker.

And there was an opportunity to take CBS Records away from the Tisch family who really didn't want to keep it. And Sony became the candidate. And Pete was on the board of Sony and I was working for Mr. Morita. And we got to be friends aside from we knew each other from MoMA. So it made a great common denominator. And Steve was the banker.

And you'll die when I tell you who was the number cruncher was Roger Altman. He was at Black Sun at the beginning. And there was a tiny little office that they had. But Steve had something that Pete didn't have. that nobody else had.

And you'll die when I tell you who was the number cruncher was Roger Altman. He was at Black Sun at the beginning. And there was a tiny little office that they had. But Steve had something that Pete didn't have. that nobody else had.

Steve had my template, the common denominator amongst all these guys that I'm crazy about, a drive that had no end, a desire to do something different, a desire to break all the rules illegally, but to not stand on ceremony and to create a financial institution out of thin air. It's easy to look at it now. They have $450 billion credit fund.

Steve had my template, the common denominator amongst all these guys that I'm crazy about, a drive that had no end, a desire to do something different, a desire to break all the rules illegally, but to not stand on ceremony and to create a financial institution out of thin air. It's easy to look at it now. They have $450 billion credit fund.

I was having dinner with the heads of one of the banks in New York, and we were talking about Blackstone, and Steve in particular, and I said, would you ever have thought that someone from scratch would create a competitor to you in the credit markets? Because they get the first call, you don't. And they're the biggest bank in the city. And Steve had a drive and a brain

I was having dinner with the heads of one of the banks in New York, and we were talking about Blackstone, and Steve in particular, and I said, would you ever have thought that someone from scratch would create a competitor to you in the credit markets? Because they get the first call, you don't. And they're the biggest bank in the city. And Steve had a drive and a brain

And I kept, I related to him so much because in 1974, when I wanted to start CA, I will never forget this as long as I live, an agent at William Morris, we were friends and he said to me, why are you doing this? You're going to fail. And I said, what do you mean I'm going to fail? And he said to me, no one could build an independent agency. There are 200 agencies. You're going to get killed.

And I kept, I related to him so much because in 1974, when I wanted to start CA, I will never forget this as long as I live, an agent at William Morris, we were friends and he said to me, why are you doing this? You're going to fail. And I said, what do you mean I'm going to fail? And he said to me, no one could build an independent agency. There are 200 agencies. You're going to get killed.

You're not going to get any clients. You won't be able to represent movie stars. You're not going to get writers. You're going to be looking for a job in a year. Why not just stay at William Morris? It'd be easier and you'll make more money. And I kept sitting there saying, what's wrong with this guy? I'm saying that to myself. What's wrong with this guy? And Steve was the same way.

You're not going to get any clients. You won't be able to represent movie stars. You're not going to get writers. You're going to be looking for a job in a year. Why not just stay at William Morris? It'd be easier and you'll make more money. And I kept sitting there saying, what's wrong with this guy? I'm saying that to myself. What's wrong with this guy? And Steve was the same way.

I know people said to him, and they talked behind his back, yeah, yeah, Blackstone, sure. It'd be a boutique bank, great. Maybe someone will buy it. Well, look who's got the last laugh now. CA is 50 years old. Blackstone's an institution. It's all about the founder. And Steve had a vision. I'm going to be an institution. And never did he stop.

I know people said to him, and they talked behind his back, yeah, yeah, Blackstone, sure. It'd be a boutique bank, great. Maybe someone will buy it. Well, look who's got the last laugh now. CA is 50 years old. Blackstone's an institution. It's all about the founder. And Steve had a vision. I'm going to be an institution. And never did he stop.

So when we started, we started representing people on television only. Then we went to movies, then to music. What's next? We just kept going. Investment banking, advertising, consulting. Steve did the same thing. One business line after the other, but...

So when we started, we started representing people on television only. Then we went to movies, then to music. What's next? We just kept going. Investment banking, advertising, consulting. Steve did the same thing. One business line after the other, but...

The genius move is the people, same as Stefan Cohn at Ballantyre, got the best people, picked up the best men and women in the financial universe, paid them more money, gave them more freedom, creativity, and let them run. And now you go into the Blackstone building and it's like, you know, it's crazy. It's like, it feels like it's been there a hundred years.

The genius move is the people, same as Stefan Cohn at Ballantyre, got the best people, picked up the best men and women in the financial universe, paid them more money, gave them more freedom, creativity, and let them run. And now you go into the Blackstone building and it's like, you know, it's crazy. It's like, it feels like it's been there a hundred years.

And this is what Andreessen Horowitz is doing. And Mark are building an institution that's going to outlive them. And that's their goal. They don't want to be a boutique. They don't want to be small. And one has to admire that vision because it's the driving factor to success. And success spawns philanthropy, jobs, social movements, and basic running the wheels of the economy.

And this is what Andreessen Horowitz is doing. And Mark are building an institution that's going to outlive them. And that's their goal. They don't want to be a boutique. They don't want to be small. And one has to admire that vision because it's the driving factor to success. And success spawns philanthropy, jobs, social movements, and basic running the wheels of the economy.