David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]

My guest today is David Rubenstein, co-founder of The Carlyle Group - one of the largest private equity firms in the world. David has worked in the White House, built a $300 billion investment institution, become a prominent philanthropist, published books, and even hosts his own TV show. It was a thrill to sit down with him and cover the whole spectrum of his experience as a father, investor, historian, and titan of American business. Please enjoy this great conversation with David Rubenstein.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

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Show Notes

[00:03:02] - [First question] - What his perspective on the world today is compared to the last forty years

[00:05:35] - The long term implications of the Ukraine war on a global scale

[00:07:54] - Concerns and thoughts on the US’s role in a radically different world

[00:10:07] - How inflation and reduced globalization impacts business behavior in the US

[00:14:11] - His method when interviewing people and how it’s changed over time

[00:15:03] - How his interest in leadership as a topic began; How to Lead

[00:17:55] - The time he was the most personally in awe of a leader

[00:19:05] - The most basic ingredients for strong leadership

[00:21:34] - Learning from Oprah and developing his own interviewing style

[00:24:25] - His leadership style while running Carlyle and key variables that drove Carlyle’s success

[00:28:41] - The ways that were most effective in terms of investment for Carlyle’s brand

[00:29:50] - How should a new investor think about the relationship between government and business

[00:32:17] - What he’s learned about leadership that he thinks is the most portable for other people

[00:34:04] - His interest in masters of leadership and what he has learned from them

[00:35:08] - How Carlyle retained their talent and building relationships with LP investors

[00:37:20] - Lessons from working in media with what worked and what didn’t; How to Invest

[00:38:55] - How he approached writing How to Invest

[00:41:13] - The importance of intuition when evaluating backers and why geniuses aren’t always chosen

[00:43:04] - Big aspects of American history and why he finds it so interesting; The American Story

[00:44:17] - Key drivers of American outcomes and biggest areas for improvement

[00:47:00] - Lessons he learned going from humble beginnings to amassing wealth and how he’s teaching his children about it

[00:49:20] - The state of private equity and what are its best and highest functions today

[00:51:03] - Experience and impressions on the emerging cryptosphere

[00:52:25] - What makes for a good chairman and why he is always drawn to that role

[00:53:42] - The most interesting system outside of the US that he’s observed

[00:55:33] - What he has learned about being a giving pledge signer and philanthropy

[00:57:02] - His interest in Monticello and the Magna Carta

[00:59:13] - View on how speeches from leaders have changed over the years; Citizenship in a Republic

[01:01:24] - What subject he would write his next book on

[01:03:58] - Thoughts on the line between giving your life for your country versus your state

[01:05:17] - The American Experiment

[01:06:10] - Looking back on his career at a time where he felt the most alive

[01:08:07] - The kindest thing anyone has ever done for him