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In Good Company with Nicolai Tangen

HIGHLIGHTS: David Rubenstein

10 min episode · 2 min read
·
David Rubenstein

Episode

10 min

Read time

2 min

Topics

Investing, Startups, Sales & Revenue

AI-Generated Summary

Key Takeaways

  • Investor background traits: Top investors typically come from middle class families, possess strong math skills, demonstrate humility to accept losses, and exit positions quickly when wrong rather than fighting markets.
  • Contrarian positioning: Successful investing requires going against conventional wisdom because following the crowd means buying high and selling low. People avoid this because they fear social rejection and being called stupid.
  • Presidential ambition paradox: Every modern president faces assassination attempts, impeachment, scandal, or reelection failure, yet ambitious politicians still pursue the role because reaching the top of their profession outweighs these risks.

What It Covers

Carlyle Group founder David Rubenstein shares lessons on successful investing traits, presidential ambition patterns, and why humility and historical knowledge matter for leaders.

Key Questions Answered

  • Investor background traits: Top investors typically come from middle class families, possess strong math skills, demonstrate humility to accept losses, and exit positions quickly when wrong rather than fighting markets.
  • Contrarian positioning: Successful investing requires going against conventional wisdom because following the crowd means buying high and selling low. People avoid this because they fear social rejection and being called stupid.
  • Presidential ambition paradox: Every modern president faces assassination attempts, impeachment, scandal, or reelection failure, yet ambitious politicians still pursue the role because reaching the top of their profession outweighs these risks.

Notable Moment

Rubenstein asked Bill Gates if having a college degree could have made him more successful, but Gates initially missed the dry humor and answered seriously until an audience laughed.

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Episode Transcript

Hi, everybody. Tune in to this short version of the podcast, which we do every Friday. For the long version, tune in on Wednesdays. Hi, everybody. And welcome to In Good Company. And today, I'm here with David Rubinstein. David is the founder and chairman of the Carlyle Group, one of the biggest private equity firms. And he also hosts the David Rubinstein Show, where he interviews prominent leaders in business and so on. And earlier this year, I had the pleasure of being on your show. So So this is like revenge time, actually, David. Well, thank you for inviting me. And, you were great on my show. And anytime you wanna come back, please let me know. You were an adviser in the White House at age 27. And now you are here. Just what are the what are the highlights in your life since then? I mean, briefly. Well, briefly, I came from very, modest, stock. My parents were not graduates of of college or high school. They both dropped out of high school. They were married young. I was their only child. So I grew up in a blue collar setting. And, you know, so if you grew up in that setting, you have to make it on your own. So there's a plus about that. My own children have had some advantages that I didn't have. Yeah. But I, was only interested in politics and government at the time when I was young. I had no interest in making money. In the days of of in the nineteen sixties or so, there were no hedge funds, private equity funds, tech startups. There was no there were no billionaires, and you didn't aspire to be a billionaire. And my family was Jewish. If you were Jewish and you wanted to go into business, you wanted your family's business, your family might have a business. If you didn't have a family business, you became a lawyer, a doctor, or a dentist, and that's what your mother my mother inspired me to be. It was the You became a lawyer? I became a lawyer because I wasn't that good in sciences, and I thought I was interested in politics. And and being a lawyer, you could go into politics. And my role model was John Kennedy's adviser. John Kennedy was a charismatic person who became president of The United States at 43. But, his role model his role his adviser and my role model was a guy named Ted Sorensen, who had been his speechwriter and great, intellectual blood bank at the year '31. So at 31, Ted Sorensen was writing the inaugural address and write every other great speech that Kennedy gave. And I thought, I'm I'm not a charismatic figure. I don't have any money, but I could be like like Ted Sorensen. So I attached myself You became a Ted Sorensen as 27? Well, I I did. In effect, I wasn't as prominent as he …

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