【双语音】完整访谈：将黑石集团打造为价值1.3万亿美元帝国的
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剧集目录
| 集 | 标题 | 时长 |
|---|---|---|
| P1 | 【双语音】完整访谈：将黑石集团打造为价值1.3万亿美元帝国的 | 23:07 |
P1 · 【双语音】完整访谈：将黑石集团打造为价值1.3万亿美元帝国的人|董事长兼CEO （史蒂芬·施瓦茨曼） p01 英文版 (P1)
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:01 | You're close to President Trump. | 你和川普总统很亲近 |
| 0:02 | What do they ask you about one another? | 他们问你们什么? |
| 0:05 | Most of what people want to know is what the other side thinks. | 多数人想知道的是对方的想法。 |
| 0:11 | I've been involved on some issues between the two countries where the primary objective | 我曾经参与过两国之间的一些议题 两国的首要目标 |
| 0:19 | is de-escalation. | 降级。 |
| 0:27 | Stephen Schwarzman is a Wall Street heavyweight. | 史蒂芬·施瓦兹曼是华尔街的重量级人物. |
| 0:30 | He co-founded Blackstone, the world's largest alternative asset manager. | 他共同创办了"黑石",是世界上最大的替代资产管理人. |
| 0:34 | He helped private equity go from niche to mainstream. | 他帮助私募股权从优势走向主流. |
| 0:40 | He also saw capitalism shift away from the public markets and into private ownership. | 他还看到资本主义从公共市场转向私有制。 |
| 0:45 | And Blackstone was at the front of this trend. | 而布莱克斯通则站在这一趋势的前列. |
展开字幕全文（329 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | You're close to President Trump. | 你和川普总统很亲近 |
| 2 | What do they ask you about one another? | 他们问你们什么? |
| 3 | Most of what people want to know is what the other side thinks. | 多数人想知道的是对方的想法。 |
| 4 | I've been involved on some issues between the two countries where the primary objective | 我曾经参与过两国之间的一些议题 两国的首要目标 |
| 5 | is de-escalation. | 降级。 |
| 6 | Stephen Schwarzman is a Wall Street heavyweight. | 史蒂芬·施瓦兹曼是华尔街的重量级人物. |
| 7 | He co-founded Blackstone, the world's largest alternative asset manager. | 他共同创办了"黑石",是世界上最大的替代资产管理人. |
| 8 | He helped private equity go from niche to mainstream. | 他帮助私募股权从优势走向主流. |
| 9 | He also saw capitalism shift away from the public markets and into private ownership. | 他还看到资本主义从公共市场转向私有制。 |
| 10 | And Blackstone was at the front of this trend. | 而布莱克斯通则站在这一趋势的前列. |
| 11 | It pioneered and expanded the alternative assets industry. | 它开创并扩大了替代资产产业. |
| 12 | Blackstone is now in every corner of private markets. | 黑石公司现在在私人市场的每一个角落。 |
| 13 | That means Blackstone mostly puts investors' money into private companies, real estate | 也就是说黑石将投资者的钱 投给私人公司 房地产 |
| 14 | and loans made outside the banking system, rather than simple portfolios of public stocks, | 以及银行系统以外的贷款,而不是简单的公共股票组合, |
| 15 | bonds or cash. | 债券或现金。 |
| 16 | But since many of these assets don't trade openly, it can be harder for outsiders to | 但是,由于这些资产中有许多并不公开交易,所以外人更难做到 |
| 17 | see what they're worth or how they're performing. | 看看它们值多少钱 或者它们是如何表演的 |
| 18 | Because of this and the size of private markets as a whole, some in markets are now worried. | 由于这种情况和整个私人市场的规模,一些市场上的人现在感到担忧. |
| 19 | As for Blackstone, today it manages $1.3 trillion. | 至于黑石,今天它管理着1.3万亿美元。 |
| 20 | In July 2026, it held more than 12,500 real estate assets and 250 portfolio companies. | 2026年7月,它持有超过12500个房地产资产和250个组合公司. |
| 21 | It went public in 2007. | 2007年公开. |
| 22 | Schwarzman sits at the center of it all, with the view of Wall Street few others can claim. | 施瓦兹曼坐落于这一切的中心,在华尔街的景色中,很少有其他人可以声称. |
| 23 | Blackstone sits on hundreds of thousands of data points. | 黑石座坐落着数十万个数据点. |
| 24 | How does that inform your decision on what to invest in next? | 你如何决定下一步要投资什么? |
| 25 | So when we started the business, I was always interested in having contemporary feedback, | 所以,当我们开始 业务,我总是感兴趣 有当代反馈, |
| 26 | knowledge. | 知识。 |
| 27 | If you give me enough information, I can see something in that pattern that doesn't make sense. | 如果你给我足够的信息,我可以看到 那种模式中的东西是不合理的。 |
| 28 | Most people, when they're presented with something that doesn't make sense, they try to pay no | 大多数人,当他们被呈现 的东西不合理,他们试图支付 |
| 29 | attention to it, because it interrupts their understanding of the world. | 因为它打断了他们对世界的理解 |
| 30 | I just focus on that, and it's a keystone to tell you where the world's going to shift. | 我只是把注意力放在这一点上,它是一个关键石来告诉你世界将如何转变。 |
| 31 | Blackstone's portfolio companies give the firm deep insight into the broader economy. | Blackstone的证券公司让公司深入了解更广泛的经济. |
| 32 | While traditional asset managers mostly own small stakes in public companies, Blackstone | 虽然传统的资产管理人大多拥有公共公司的小股股份,但黑石公司 |
| 33 | also takes majority or controlling stakes in private businesses, from healthcare and | 私人企业的多数或控股股份,从卫生保健和 |
| 34 | tech to consumer and more. | 科技对消费者和更多。 |
| 35 | All of this provides companies like Blackstone with more ways to see economic shifts before | 这一切为黑石公司提供了 更多方法来看待经济转变 |
| 36 | they show up in public data. | 他们出现在公共数据。 |
| 37 | I'm quite confident that they'll be lowering rates. | 我相信他们会降低利率 |
| 38 | Some people are overly enthusiastic about when they do it. | 有些人对做这件事太热情了 |
| 39 | We don't really care when they do it, it's just the fact that we're going to go from | 我们并不在乎他们什么时候动手 只是我们要从 |
| 40 | a period of rising rates to a period of lowering rates. | (a) 提高费率至降低费率的期间。 |
| 41 | Sometimes, though, a heads-up about the next big thing can come from a chance exchange. | 但有时,关于下一件大事的提醒可以来自于机会交换. |
| 42 | We did see the whole AI revolution, and then that's just because of an accident. | 我们确实看到了整个AI革命, 然后那只是因为一个事故。 |
| 43 | When I was in China in 2015, sitting on a bus with Jack Ma, who was the founder of Alibaba, | 2015年在中国时,与阿里巴巴创始人杰克·马坐在巴士上, |
| 44 | and he started talking about that. | 他开始谈论这个。 |
| 45 | And I literally had no idea what he was talking about, and he explained that this would be | 我完全不知道他在说什么, 他解释说,这将是 |
| 46 | the most consequential technological change, which would change the world. | 将改变世界 |
| 47 | So I have a bunch of academic relationships, one of whom was the head of MIT. | 所以我有一堆学术关系, 其中一位是麻省理工的负责人。 |
| 48 | And he said, Jack's underselling this. | 他说杰克在卖这个 |
| 49 | So I said, how do you know? | 所以我说 你怎么知道的? |
| 50 | He said, because we invented AI at MIT, and we positioned the firm at Blackstone in this | 他说,因为我们发明了麻省理工学院的AI 我们把公司定位在黑石公司 |
| 51 | unique way, where we bought a very large data center, a company, in 2021 for $10 billion. | 在2021年我们以100亿美元 购买了一个非常大的数据中心,一家公司。 |
| 52 | It's now 15 times larger. | 现大十五倍. |
| 53 | We're the largest owner of data centers in the world. | 我们是世界上最大的数据中心拥有者。 |
| 54 | That puts us in touch with the six hyperscalers, because we work for all of them. | 这使得我们与6个超标器取得联系,因为我们为所有超标器工作。 |
| 55 | So we know what's happening almost everywhere in this ecosystem. | 所以我们知道在这个生态系统里 几乎到处都发生了什么。 |
| 56 | Do you think that's luck that you found out, or was it a skill to then be able to use it | 你认为这是运气 你发现了, 还是它是一种技能 |
| 57 | and dig deeper? | 挖得更深吗? |
| 58 | Part is sort of the network you have in Blackstone. | 部分是黑石镇的网络 |
| 59 | We have a system where we learn information every week from every one of our businesses. | 我们有一个系统,我们每周从我们每个企业中学习信息。 |
| 60 | Part of it is having the curiosity, because those pieces that don't fit tell you the future. | 一部分是好奇心, 因为那些不适合告诉你未来的作品。 |
| 61 | And the future is always key to having a successful present. | 未来总是成功的关键。 |
| 62 | So what doesn't fit now? | 现在有什么不适合? |
| 63 | During this AI data center thing, we learned that certainly the developed world is going | 在人工智能数据中心工作期间 我们了解到 发达世界一定会走向 |
| 64 | to be short electricity. | 成为短电。 |
| 65 | Now we've become huge investors in that area, before other people did it. | 现在,我们成为了这个领域的大投资者, 在其他人这样做之前。 |
| 66 | But AI is costly, and its profit-making potential isn't proven. | 但AI成本高昂,其盈利潜力也没有被证明. |
| 67 | It needs energy, cooling systems, silicon, critical minerals, fiber-optic cable, and more. | 它需要能量,冷却系统,硅,关键矿物,光纤电缆等等. |
| 68 | Investors are flocking to every layer, and the market exploded. | 投资者纷纷涌向每一层,市场爆炸。 |
| 69 | OpenAI现价值8,520亿美元. | |
| 70 | The AI company closed a $122 billion funding round intended to help with its costly push | AI公司关闭了1 220亿美元的资金 旨在帮助其昂贵的推动 |
| 71 | for more chips, data centers, and talent. | 更多的芯片,数据中心和人才。 |
| 72 | 在硅谷的海湾地区,大故事是Anthropic,AI启动,Intox | |
| 73 | to raise $30 billion. | 筹集300亿美元。 |
| 74 | That would give it a $900 billion valuation. | 这将使它得到9 000亿美元的估值。 |
| 75 | Are you sure that these valuations in AI will come to fruition, or is there a danger that | 你确定AI中的这些估值会取得成果,还是有危险? |
| 76 | we're spending too much money, and actually real-time application will come much later | 我们花太多钱了,实际上实时申请会很快到 |
| 77 | and it will have to be at a much cheaper price? | 价格要低得多吗? |
| 78 | There are a lot of precedents for this. | 这方面的先例很多。 |
| 79 | So in 1882, Thomas Edison invented the electric light bulb, and to make it useful, you basically | 因此,在1882年,托马斯·爱迪生发明了电灯泡, 为了让它有用,你基本上 |
| 80 | had to build a grid. | 不得不建立一个网格。 |
| 81 | So it took 40 years to build the electric grids. | 于是用了40年的时间来建造电网. |
| 82 | Certainly in the United States, nobody knew about radio. | 当然,在美国,没有人知道无线电。 |
| 83 | Nobody knew about television. | 没人知道电视的事 |
| 84 | Nobody ever thought about that when they were building out the grid. | 没有人想到过,当他们 建设网格。 |
| 85 | So we're in the early innings. | 所以我们是在早期。 |
| 86 | There's so much capital infrastructure that needs to be built. | 有大量的基建基础设施需要建设. |
| 87 | And then the new products, and they'll create a lot of prosperity. | 然后是新产品,它们会创造很多繁荣. |
| 88 | In the interim, you'll have different stages of economic return, because if you just looked | 在此期间,你会有不同的经济回报阶段, 因为如果你只是看看 |
| 89 | at the return in the first few years, it wouldn't make any sense. | 在头几年的回报, 这没有任何意义。 |
| 90 | But in the longer term, we know that it did, although the people who invested the money | 但从长远来看,我们知道,尽管那些投资的人 |
| 91 | at the beginning, some will make it to the end, and some won't. | 在开始时,有些人会走到最后,有些人不会。 |
| 92 | Blackstone helped supercharge private equity. | 黑石公司帮助超额充公私募股权. |
| 93 | They were one of the first big players to buy companies, mostly with borrowed money, | 他们是最早购买公司的大人物之一 大部分都是借钱买的 |
| 94 | remodel their operations and finances, and sell them off at a profit. | 改造他们的经营和财务,然后以利润出售. |
| 95 | It came into the business just as pensions, endowments, and corporate funds were putting | 就像养老金、捐赠和公司基金 |
| 96 | money into private equity. | 钱变成私人股本 |
| 97 | Then it boomed. | 后而兴化. |
| 98 | And after the 2008 financial crisis, Blackstone started lending to companies big banks couldn't | 2008年金融危机后 布莱克斯通开始向大银行贷款 |
| 99 | serve because regulators had cracked down on the volume of high-risk loans those banks | 因为监管者破解了这些银行的高风险贷款 |
| 100 | could issue. | 可能会有问题 |
| 101 | That market is known as private credit, loans made by non-bank lenders directly to companies. | 该市场被称为私人信贷,非银行贷款人直接向公司贷款。 |
| 102 | It is part of the broader shadow banking system or non-bank finance. | 它是更广泛的影子银行系统或非银行金融的一部分。 |
| 103 | It's ballooned since the crisis. | 危机后气球升起. |
| 104 | Now it's worth 1.8 trillion dollars and could double in size by 2030. | 现在它价值1.8万亿美元,到2030年可以翻一番. |
| 105 | Today, some investors are worried about risks building in private credit, with software | 今天,一些投资人担心 私人信贷风险,软件 |
| 106 | companies a particular focus. | 公司是一个特别的重点。 |
| 107 | And because these loans are private and rarely trade, investors don't have the same visibility | 由于这些贷款是私人的,很少交易,投资者没有同样的知名度 |
| 108 | they otherwise would have on their values in publicly traded stocks or bonds. | 否则它们就会在公开交易的股票或债券中占有价值。 |
| 109 | As AI develops at breakneck speed, it's harder to see which software falls behind or becomes | 随着AI以突破速度发展,更难看出哪个软件落在后面或者变成什么软件. |
| 110 | outdated. | 过时了 |
| 111 | Some investors are already trying to pull their money from funds holding big software | 一些投资者已经试图从持有大软件的基金中拉钱 |
| 112 | exposures. | 露露处. |
| 113 | Investors are again seeking exits from private credit funds this week. | 本周投资者再次寻求从私人信贷基金中退出。 |
| 114 | Becred, the Blackstone flagship fund, that they had put the redentions in place around | 贝克雷德,黑石旗舰基金, 他们已经把 重新竖立在周围 |
| 115 | 5%, having seen a tick-up in withdrawals. | 5%, 已经看到提款时的滴答。 |
| 116 | Blackstone and others have limited withdrawals from some private credit funds after exit | Blackstone等人退出后从一些私人信贷基金中提取的资金有限 |
| 117 | requests exceeded preset limits. | 请求超过预设限制。 |
| 118 | These moves, designed to prevent asset fire sales and protect value, led critics to declare | 这些旨在防止资产火灾销售和保护价值的举动导致批评者宣布 |
| 119 | the asset classes riskier than many people realize. | 资产类别的风险 比很多人意识到。 |
| 120 | I mean, is there something dangerous in private credit that you're seeing? | 我的意思是,有什么危险的东西 在私人信用 你看到? |
| 121 | No, there's not. | 没有 |
| 122 | These funds are still generating roughly 9% returns and defaults have gone up a little | 这些资金仍然产生大约9%的回报,违约情况略有上升 |
| 123 | bit and now people are worried about software exposures. | 现在人们担心软件曝光。 |
| 124 | That's fair enough. | 这很公平 |
| 125 | Well, it's interesting. | 这很有趣 |
| 126 | There was a small hedge fund that published a report that panicked the market and said | 有个小对冲基金发表报告 惊慌失措地说 |
| 127 | that basically every software company is going to go bankrupt in the next two years. | 基本上每个软件公司 将在接下来的两年里破产。 |
| 128 | I was with the head of one of the three big AI companies. | 我和三家大型AI公司的负责人在一起 |
| 129 | He said the software industry going bankrupt in two to three years is absolutely absurd. | 他说软件行业在两三年内破产是绝对荒谬的. |
| 130 | He said, we sell AI and tokens to these companies, they're going to be improving their businesses | 他说,我们卖AI和信物给这些公司 他们将会改善他们的生意 |
| 131 | and there'll be a certain percentage of software companies that are mispositioned for this | 会有一定比例的软件公司被错误定位 |
| 132 | new world. | 新的世界。 |
| 133 | I think we'll see, you know, it'll take a year or two to play out that this was like | 我想我们会看到,你知道的, 它会花一两年 发挥出来,这是像 |
| 134 | way overdone. | 太过份了 |
| 135 | But once you panic people, it's tough to calm them down. | 但一旦你惊慌失措 很难让他们冷静下来 |
| 136 | When I started at this, there were probably about 10 firms doing private equity. | 当我开始做这个的时候,大概有十家公司在做私人股权。 |
| 137 | Now there are thousands of companies. | 现在有成千上万的公司。 |
| 138 | The way you make money in private equity, per se, is you build great companies, you | 你以私人股本赚钱的方式 本身就是建立伟大的公司 你 |
| 139 | invest money, you have them grow faster. | 投资钱,你让他们增长更快。 |
| 140 | Cost-cutting deals were for the 1980s and maybe the 90s. | 削减成本的交易是1980年代的,或许是90年代的。 |
| 141 | The business has completely changed. | 生意彻底改变了。 |
| 142 | The most amount of money can be made with the most growth and people do patronize places | 最多能赚到的钱 最多能赚到很多钱 人能赞助地方 |
| 143 | that are cost-cutting and don't deliver great value and a great product. | 削减成本,不提供 伟大的价值和伟大的产品。 |
| 144 | In the beginning, private equity mostly backed lower-profile firms like industrial businesses | 一开始,私募股本大多支持低调公司,如工业企业 |
| 145 | and unloved divisions of bigger companies. | 和不受爱戴的分裂 更大的公司。 |
| 146 | Now private equity, like broader capital markets, backs all sorts of businesses including pet | 现在私人股权,像更广泛的资本市场, 支持各种企业,包括宠物 |
| 147 | shops, doctor's practices and newspapers, a growing footprint that some people see as | 商店,医生的实践和报纸, 不断增长的足迹,有些人认为 |
| 148 | harmful to both consumers and society. | 对消费者和社会都有害。 |
| 149 | Blackstone started buying houses after the 2008 financial crisis under a subsidiary Invitation | Blackstone在2008年金融危机后开始在子公司邀请下购买房屋 |
| 150 | Homes. | 诸家. |
| 151 | They converted them into rentals, which they made into an asset you can invest in. | 他们把它们转换成租借品, 成为你们可以投资的资产。 |
| 152 | Invitation Homes went public in 2017 and later became the largest single-family rental company | 2017年Homes上市,后来成为最大的单家庭租赁公司. |
| 153 | in America with more than 80,000 homes. | 在美国有超过8万户人家 |
| 154 | Blackstone doesn't own them anymore but currently has about 60,000 US homes in its portfolio. | 黑石公司不再拥有这些房屋,但目前其投资组合中约有6万套美国住宅. |
| 155 | Some lawmakers believe big investors are partly to blame for reducing the supply of homes | 一些立法者认为,大投资者是减少住房供应的一部分责任。 |
| 156 | available to ordinary Americans and tumbling home affordability. | 向普通美国人开放 家庭负担不起 |
| 157 | There's been some, I guess, citizen anger at, for example, what's been done around real | 有些,我猜, 公民的愤怒, 例如, 已经做了真正的 |
| 158 | estate, right? | 庄园,对不对? |
| 159 | So you buy housing and then prices go up and it prices people out of their homes or apartments. | 所以你买房,然后价格上涨, 价格从人们的房屋或公寓里上涨。 |
| 160 | When you read that kind of criticism, do you think about it? | 当你读到这种批评时,你会考虑吗? |
| 161 | Does it upset you? | 你生气了吗? |
| 162 | Do you think actually the industry should do better? | 你觉得这个行业应该做得更好吗? |
| 163 | Well, I think housing is like a very unusual asset class. | 我觉得住房就像非常不寻常的资产类 |
| 164 | Last year, 2025, we built the same number of houses in the United States as we did in | 去年,2025年,我们在美国建造了同样数量的房子 |
| 165 | 1960. | 1960 (英语). |
| 166 | Is that even vaguely possible that the country's population has over doubled and we're still | 国家人口翻了一倍 我们仍然 |
| 167 | building the same number of houses and people are surprised that the price of houses is | 建造同样数量的房屋,人们惊讶地发现,房屋价格是 |
| 168 | going up? | 上去吗? |
| 169 | So the solution for this is basically build more stuff. | 因此,这个解决方案基本上是建立更多的东西。 |
| 170 | It couldn't be simpler. | 这不可能更简单 |
| 171 | Private investors owned a few percent of houses. | 私人投资者拥有几 %的房屋。 |
| 172 | Some of it's a little concentrated in, you know, better areas. | 有些是集中在,你知道的,更好的地区。 |
| 173 | The completed house stands as a witness to the pursuit of the American dream. | 完成的房屋见证了美国梦的追求. |
| 174 | Blackstone表示计划提供贷款, | |
| 175 | annually in order to stoke more construction and address the country's housing shortage. | 每年都要加强建设,解决国家住房短缺问题。 |
| 176 | On the whole, private equity delivers different outcomes across industries. | 总的来说,私人股本在不同的行业中产生不同的结果。 |
| 177 | Although its role in housing is contested, it has played a vital part in backing innovation | 尽管其在住房方面的作用受到质疑,但它在支持创新方面发挥了重要作用。 |
| 178 | and growth in sectors like life sciences and infrastructure. | 以及生命科学和基础设施等部门的增长。 |
| 179 | Schwarzman grew up in the middle-class Philadelphia neighborhood of Huntington Valley. | 施瓦兹曼在亨廷顿谷的中产阶级费城街区长大. |
| 180 | From age 10, he worked at his dad's shop. | 从10岁起,他在父亲的店里工作. |
| 181 | What did your dad's curtains and linen store actually teach you about running a business? | 你爸爸的窗帘和亚麻店 到底教你怎么做生意? |
| 182 | Well, it taught me I don't like waiting on customers. | 嗯,它告诉我 我不喜欢等待顾客。 |
| 183 | And I'm not much good at wrapping gifts. | 我不太擅长包装礼物 |
| 184 | But I did have a chance to watch people wander and how they made buying decisions. | 但我确实有机会看着人们徘徊 以及他们如何做出购买决定 |
| 185 | You know, the frustrating thing for me, it was a very successful store. | 你知道,对我来说令人沮丧的事情, 这是一个非常成功的商店。 |
| 186 | And I wanted my father to expand it. | 我希望我的父亲能扩展它。 |
| 187 | So when I was 14, I said, why don't we go national with the store? | 当我14岁的时候,我说,我们为什么不和商店一起走? |
| 188 | And my dad said, Steve, I don't want to do that. | 我爸爸说,史蒂夫,我不想这样做。 |
| 189 | They'll steal from the cash register if I'm not watching it. | 如果我不看,他们会从收银台偷东西 |
| 190 | Then I said, OK, if you won't do that, let's just expand through the state. | 然后,我说,好吧,如果你不这样做, 让我们只是扩张 通过州。 |
| 191 | And he said, I don't want to do that because I'm happy just as I am. | 他说,我不想这样做,因为我很快乐 |
| 192 | And I said, Dad, we could be really successful. | 我说,爸爸,我们可能真的成功。 |
| 193 | And he said, Steve, I am really successful. | 他说,史蒂夫,我真的很成功。 |
| 194 | You know, I have a nice house in the suburbs and I have two cars. | 你知道,我有一个漂亮的房子 在郊区和我有两辆车。 |
| 195 | And I have enough money to send you to college. | 我有足够的钱送你上大学 |
| 196 | And I learned I was different than my dad. | 我发现我和我爸不一样 |
| 197 | But I also learned to respect his sense of a successful life. | 但我也学会尊重他的人生成功感. |
| 198 | But did you see that as a lack of ambition? | 但是,你是否认为这是缺乏野心? |
| 199 | Were you annoyed by your dad's lack of ambition? | 你对你父亲缺乏野心感到烦恼吗? |
| 200 | Of course. | 当然 |
| 201 | But he was a very smart person. | 但他是一个非常聪明的人。 |
| 202 | One of the things I learned is you can't change people. | 我学到的一件事是 你不能改变人。 |
| 203 | And I realized something else would make me happy. | 我意识到别的东西会让我高兴 |
| 204 | What makes you happy? | 什么让你高兴? |
| 205 | What did you think at the time made you happy? | 当时你觉得什么让你开心? |
| 206 | Well, I love doing new things. | 嗯,我喜欢做新的事情。 |
| 207 | I love building things. | 我喜欢建造东西。 |
| 208 | I love creating things. | 我喜欢创造事物 |
| 209 | I do that in all kinds of different areas, not just business. | 我这样做是在不同领域, 不仅仅是商业。 |
| 210 | Schwarzman's ambition landed him a spot among the world's richest people | 施瓦兹曼的野心使他成为世界上最富有的人之一 |
| 211 | and one of the biggest philanthropists globally. | 也是全球最大的慈善家之一 |
| 212 | He also has a year of global leaders. | 他也有一年的全球领导人。 |
| 213 | And he warned Trump about the risks of the U.S. becoming isolated | 他警告特朗普美国面临被孤立的风险 |
| 214 | if it were to start a trade war on multiple fronts, | 如果它在多条战线上发动贸易战 |
| 215 | which under Trump it has. | 在特朗普的统治下 |
| 216 | Today I will sign an order to impose a 10% global tariff under Section 122 | 今天,我将签署一项命令,根据第122条征收10%的全球关税。 |
| 217 | over and above our normal tariffs already being charged. | 超过正常的关税 已经收取。 |
| 218 | So I don't think either of those two countries are a risk to each other. | 所以我不认为这两个国家 都对彼此有危险。 |
| 219 | Because they're aware of what can happen. | 因为他们知道会发生什么。 |
| 220 | And nobody is in an offensive mode. | 没有人处于进攻状态。 |
| 221 | These are two countries that understand that together | 这两国都明白 |
| 222 | they have approximately 42% of the world's economy. | 他们拥有大约42%的世界经济。 |
| 223 | What do you think is a major trend to come out of these two countries? | 你认为这两个国家的主要趋势是什么? |
| 224 | I think both countries want to normalize their relationship. | 我认为两国都希望关系正常化. |
| 225 | It's a relationship that's been on the rocks for a while. | 这种关系在岩石上已经有一段时间了. |
| 226 | First Trump went after China. | 第一次特朗普追杀中国. |
| 227 | He launched a trade war in his first term. | 他在第一个任期内发动了一场贸易战争. |
| 228 | The Biden administration after that enacted sweeping export controls | 拜登政府随后颁布了全面的出口管制措施 |
| 229 | and outbound investment restrictions to hinder China's development | 以及阻碍中国发展的对外投资限制 |
| 230 | of crucial technologies like chips, AI systems and quantum computing. | 包括芯片、AI系统和量子计算等关键技术。 |
| 231 | When Trump was re-elected, he continued the trade war and China hit back. | 川普连任后,继续贸易战争,中国回击. |
| 232 | China curbed exports of critical minerals used to make everything | 中国抑制了一切重要矿产的出口 |
| 233 | from electric vehicles to smartphones to guided missiles. | 从电动车辆到智能手机到制导导弹. |
| 234 | Just how much Trump listens to Schwarzman on China policy is unknown. | 特朗普听施瓦兹曼讲中国政策的次数不明. |
| 235 | What is clear is that each nation has shown an ability | 显而易见的是,每个国家都表现出了一种能力。 |
| 236 | to inflict severe economic damage on the other. | 给对方造成严重经济损失。 |
| 237 | You've always been a lifelong Republican, right? | 你一直都是共和党人 对吧? |
| 238 | Is it different being a Republican today under President Trump | 今天在川普总统手下当共和党人是不是不一样 |
| 239 | than it has been in the past? | 比过去还糟吗? |
| 240 | I think it's difficult being in any of these political parties today | 我觉得今天在任何政党里都很难 |
| 241 | because there used to be some large center of the country, | 因为曾经有 国家的一些大中心, |
| 242 | and I'm part of that. | 而我是其中的一部分。 |
| 243 | I've never changed. | 我从来没有改变。 |
| 244 | There are certain elements now that everybody used to believe. | 现在每个人都相信了 |
| 245 | Laws are to be followed. | 须依诸法. |
| 246 | Why do we send kids to school and they don't learn anything? | 为什么我们送孩子去学校 却什么也学不到? |
| 247 | These, to me, should not be partisan issues. | 对我来说,这些不应该是党派问题。 |
| 248 | We should measure outcomes and do what's the best. | 我们应该衡量结果 并做最好的。 |
| 249 | We've gotten into a place now where people don't listen to each other, | 我们已经进入了一个地方 人们不听对方, |
| 250 | and I think this is exceptionally unfortunate | 我认为这是非常不幸的 |
| 251 | and challenges the country. | 挑战国家 |
| 252 | And we need to get back to a balanced center, | 我们需要回到一个平衡的中心, |
| 253 | and that's what I believe in. | 这就是我所相信的。 |
| 254 | John Gray remains bullish predicting Blackstone's best year ever | John Gray仍然很牛逼地预言着 布莱克斯通最好的一年 |
| 255 | for IPOs as dealmaking picks back up. | 对IPO来说, 做交易可以恢复。 |
| 256 | Steve, I hear you specifically have gotten a ride on succession. | 史蒂夫,我听说你已经得到了特别的 骑在接班。 |
| 257 | Why? | 为什么? |
| 258 | Have you started thinking about it | 你开始想了没? |
| 259 | earlier than everyone else in your industry? | 比你行业的其他人都早? |
| 260 | Or was it luck? | 还是运气好? |
| 261 | I don't think it was luck | 我不认为这是运气 |
| 262 | because part of the art of learning how to run a company | 因为学习如何经营公司 |
| 263 | is it's an acquired skill. | 这是获得的技能。 |
| 264 | This is not innate. | 这不是天生的。 |
| 265 | What do you mean? | 你说什么? |
| 266 | It's just how you deal with people, | 这只是你如何对待人, |
| 267 | how you understand the right timeframe | 你如何理解正确的时间范围 |
| 268 | to resolve internal problems. | 解决内部问题。 |
| 269 | At the same time, there are all kinds of external threats, | 同时,各种外来威胁, |
| 270 | regulatory issues. | 监管问题。 |
| 271 | There's dealing with the public, | 有与公众打交道, |
| 272 | there's dealing with the media. | 那里有媒体 |
| 273 | These are not sort of native skills for most people. | 对大多数人来说,这些并不是本地技能。 |
| 274 | The smartest risk you've ever taken, | 你冒过最聪明的风险 |
| 275 | was it on a company or on a person? | 是公司还是个人? |
| 276 | The biggest risk I took retrospectively | 我冒了最大的风险 |
| 277 | was starting Blackstone | 开始黑石 |
| 278 | because I didn't understand at the time | 因为我当时不明白 |
| 279 | that what we conceptualized | 我们的概念 |
| 280 | had never been done. | 从来没有这样做。 |
| 281 | You've been in this for such a long time. | 你干这个很久了 |
| 282 | Is there a deal that you enjoyed | 有没有你喜欢的交易 |
| 283 | putting together or thinking about more than others? | 还是想着比别人更多? |
| 284 | We've had so many things in my life, my goodness. | 我这辈子有这么多事,我的天啊 |
| 285 | First was surviving | 首先是活着 |
| 286 | and creating a business. | 并创建企业。 |
| 287 | That was sort of a kick. | 有点像踢球 |
| 288 | In 2007, when prices were high, | 2007年,当价格高, |
| 289 | and we knew they were high, | 我们知道他们是高的, |
| 290 | we bought the largest real estate office complex | 我们买了最大的房地产公司 |
| 291 | in the world. | 在这个世界。 |
| 292 | It was a $39 billion deal. | 这是三百九十亿美元的交易。 |
| 293 | The largest deal that had been done before | 之前最大的一笔交易 |
| 294 | was like $10 billion. | 就像100亿美元。 |
| 295 | So it was four times the size. | 故为大小四乘. |
| 296 | And I was so scared of this deal | 我很害怕这个交易 |
| 297 | because prices were high. | 因为价格很高。 |
| 298 | We concluded that we wanted to sell | 我们得出结论,我们想卖 |
| 299 | half of what we bought. | 我们买的一半。 |
| 300 | The day we bought the $39 billion, | 我们买这三百九十亿的那天 |
| 301 | we sold it at a big gain | 我们大赚一笔就卖了 |
| 302 | and made the existing deal safer. | 并让现有的交易更加安全。 |
| 303 | We came back a week later | 我们一周后回来的 |
| 304 | and we said, I want to sell half of what we got left. | 我们说,我想卖掉剩下的一半 |
| 305 | So we sold another $10 billion | 我们又卖了100亿 |
| 306 | at even higher prices. | 以更高的价格。 |
| 307 | And so we got left with only $10 billion | 所以我们只剩下100亿美元 |
| 308 | in the interim. | 在临时。 |
| 309 | Everybody who bought real estate, | 所有买地产的人 |
| 310 | except one company, went busted. | 除了一个公司, 破产了。 |
| 311 | Real estate collapsed. | 房地产倒塌. |
| 312 | People managing real estate funds | 房地产基金管理人员 |
| 313 | basically were devastated. | 基本上被摧毁了。 |
| 314 | And we made 2.2 times our money. | 我们赚了2.2倍的钱 |
| 315 | That is fun. | 这很有趣。 |
| 316 | Do you like a challenge? | 你喜欢挑战吗? |
| 317 | I love challenges | 我喜欢挑战 |
| 318 | and I don't like doing | 我不喜欢做 |
| 319 | anything that's dangerous. | 任何危险的东西 |
| 320 | I'm a very conservative person. | 我是一个非常保守的人。 |
| 321 | I have a saying | 我有句谚语 |
| 322 | that there are no | 没有 |
| 323 | brave old people | 勇敢的老人们 |
| 324 | in finance. | 金融业。 |
| 325 | Because if you're brave, | 因为如果你勇敢 |
| 326 | you might win once or twice, | 你可能会赢一两次, |
| 327 | but you can't win forever. | 但你不能永远赢 |
| 328 | Steve Schwartzman, thank you so much for joining us. | 史蒂夫·施瓦兹曼 非常感谢你加入我们 |
| 329 | Thank you. | 谢谢 |
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