Summary of David Carey & John E. Morris' King of Capital

By IRB Media

Get the Summary of David Carey & John E. Morris' King of Capital in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors while the financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance.

• Language: English
• Publisher: IRB Media
• Release date: Nov 29, 2021
• ISBN: 9781638159292

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights on David Carey and John E. Morris's King of Capital

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 10

Insights from Chapter 11

Insights from Chapter 12

Insights from Chapter 13

Insights from Chapter 14

Insights from Chapter 15

Insights from Chapter 16

Insights from Chapter 17

Insights from Chapter 18

Insights from Chapter 19

Insights from Chapter 20

Insights from Chapter 21

Insights from Chapter 22

Insights from Chapter 23

Insights from Chapter 24

Insights from Chapter 25

Insights from Chapter 1

#1

Stephen Schwarzman, the head of Blackstone Group, had a huge coming-out party in 2007 when he announced his firm’s intentions to go public. His party amplified the awe and intrigue surrounding Blackstone when it revealed its plan in March 2008.

#2

Blackstone, a private equity firm, went public in June 2007 and its shares soared. The company was worth $38 billion, and its executives took home millions.

#3

After the financial crisis of 2008, private equity firms became even more powerful on Wall Street. They bought recognizable companies like the Safeway supermarket chain and Tropicana juice, and then turned around and sold them off for huge profits.

#4

The private equity industry had grown immensely wealthy through the 1980s and 1990s, but their wealth was built on the backs of workers who were ultimately laid off and forced to pay off massive debts. As a result, private equity firms began to face a backlash from politicians and unions.

#5

Private equity embodies the capitalist ethos in its purest form: obsessions with making companies more valuable, whether by growing, shrinking, folding one business and launching another, or merging.

#6

Despite the allegations of private equity firms being only in it for the money, buying companies and turning them around is how they make their money.

#7

The private equity industry has weathered several crises, and the 2007-2009 financial crisis was not the first.

#8

Blackstone, another of the private equity giants, is a good example of how private