[Schwarzman, founder and CEO of Blackstone Group, shared in an exclusive interview with Forbes.GwdslotThis paper introduces his investment concept and his views on the greatest risks faced by investors at present, and recommends his own book "my experiences and lessons"]

Schwarzman, 77, founder and chief executive of Blackstone, recalled his early experience of working in his father's store at the age of 10, starting a lawn mowing business at 14, and then becoming the leader of the world's largest alternative asset management company. Schwarzman shared in an exclusive interview with ForbesGwdslotHis investment philosophy, career changes, prospects for the future development of Blackstone Group, as well as his personal investment strategies and suggestions.

Education and early career: Schwarzman showed a strong interest in business during his time at Yale, proposing a nationwide expansion at his father's fabric store, though rejected by his father on the grounds of satisfaction with the status quo. He worked at Lehman Brothers for 13 years before becoming managing director and co-founded Blackstone with Peter Peterson in 1985.

The evolution of investment strategy: Schwarzman points out that great changes have taken place in the private equity sector since the company was founded. Blackstone initially focused on only one investment strategy, but over time, it has grown to 72 different investment strategies. He stressed the importance of diversified investment strategies and the search for investment opportunities in undervalued areas in different market cycles.

Successful investment case: Schwarzman highlighted Blackstone's investment in Hilton Hotel, which was made in July 2007. Although it was the peak of the stock market at the time, he believed that Hilton had significant room for profit growth through international expansion and improved management efficiency. The investment eventually brought a return of $14 billion.

The lesson of failed investment: Schwarzman also frankly shared a failed investment experience-his investment in Edgcomb Steel in 1989. Due to the mistake of market analysis, the company was faced with operational difficulties and ended up at a loss. The failure prompted Blackstone to improve its decision-making process to ensure that all risk factors were fully discussed among partners.

Current investment environment: Schwarzman believes that the biggest risk faced by investors is the uncertainty of the geopolitical environment, followed by regulatory policy and political uncertainty. He advises investors to focus on changes in the credit sector, the real estate market, and developments in private equity.

Investment advice and book recommendations: Schwarzman advises young investors to meet smart people, build a system that generates a lot of proprietary data, and be patient when investing. He recommended his book, my experiences and lessons, and shared his love for the book Shoe Dog.

Forbes exclusive interview: in this exclusive interview conducted by Forbes magazine, Schwarzman discussed his investment philosophy and views on the current market environment in depth.