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BYRON WIEN’S 20 LIFE LESSONS

February 14, 2023


Print Page
Concentrate on finding a big idea. Treat everyone you meet as a friend. Every
year, do something you’ve never done – and more lessons from a lifetime of
hard-won wisdom.

--------------------------------------------------------------------------------



I was scheduled to speak about the world outlook at an investment conference in
2012,  and shortly before my time slot, the conference organizer said the
audience was more interested in what I had learned over the course of my career
than what I had to say about the market. I jotted a few notes down and later
expanded and edited what I said that day. Others have since encouraged me to
share my thoughts with a broader audience. In the decade since, I have come back
to them time and again to test their resonance and staying power, and find them
still broadly applicable.

Here are some of the lessons I learned in my first 80 years, which I continue to
practice as I enter my 90’s.

 1.  Concentrate on finding a big idea that will make an impact on the people
     you want to influence. The Ten Surprises, which I started doing in 1986,
     has been a defining product. People all over the world are aware of it and
     identify me with it. What they seem to like about it is that I put myself
     at risk by going on record with these events, which I believe are probable
     and hold myself accountable at year-end. If you want to be successful and
     live a long, stimulating life, keep yourself at risk intellectually all the
     time.
 2.  Network intensely. Luck plays a big role in life, and there is no better
     way to increase your luck than by knowing as many people as possible.
     Nurture your network by sending articles, books and emails to people to
     show you’re thinking about them. Write op-eds and thought pieces for major
     publications. Organize discussion groups to bring your thoughtful friends
     together.
 3.  When you meet someone new, treat that person as a friend. Assume he or she
     is a winner and will become a positive force in your life. Most people wait
     for others to prove their value. Give them the benefit of the doubt from
     the start. Occasionally you will be disappointed, but your network will
     broaden rapidly if you follow this path.
 4.  Read all the time. Don’t just do it because you’re curious about something,
     read actively. Have a point of view before you start a book or article and
     see if what you think is confirmed or refuted by the author. If you do
     that, you will read faster and comprehend more.
 5.  Get enough sleep. Seven hours will do until you’re sixty, eight from sixty
     to seventy, nine thereafter, which might include eight hours at night and a
     one-hour afternoon nap.
 6.  Evolve. Try to think of your life in phases so you can avoid a burn-out. Do
     the numbers crunching in the early phase of your career. Try developing
     concepts later on. Stay at risk throughout the process.
 7.  Travel extensively. Try to get everywhere before you wear out. Attempt to
     meet local interesting people where you travel and keep in contact with
     them throughout your life. See them when you return to a place.
 8.  When meeting someone new, try to find out what formative experience
     occurred in their lives before they were 17. It is my belief that some
     important event in everyone’s youth has an influence on everything that
     occurs afterwards.
 9.  On philanthropy, my approach is to try to relieve pain rather than spread
     joy. Music, theatre and art museums have many affluent supporters, give the
     best parties and can add to your social luster in a community. They don’t
     need you. Social service, hospitals and educational institutions can make
     the world a better place and help the disadvantaged make their way toward
     the American dream.
 10. Younger people are naturally insecure and tend to overplay their
     accomplishments. Most people don’t become comfortable with who they are
     until they’re in their 40’s. By that time, they can underplay their
     achievements and become a nicer, more likeable person. Try to get to that
     point as soon as you can.
 11. Take the time to give those who work for you a pat on the back when they do
     good work. Most people are so focused on the next challenge that they fail
     to thank the people who support them. It is important to do this. It
     motivates and inspires people and encourages them to perform at a higher
     level.
 12. When someone extends a kindness to you write them a handwritten note, not
     an e-mail. Handwritten notes make an impact and are not quickly forgotten.
 13. At the beginning of every year think of ways you can do your job better
     than you have ever done it before. Write them down and look at what you
     have set out for yourself when the year is over.
 14. The hard way is always the right way. Never take shortcuts, except when
     driving home from the Hamptons. Shortcuts can be construed as sloppiness, a
     career killer.
 15. Don’t try to be better than your competitors, try to be different. There is
     always going to be someone smarter than you, but there may not be someone
     who is more imaginative.
 16. When seeking a career as you come out of school or making a job change,
     always take the job that looks like it will be the most enjoyable. If it
     pays the most, you’re lucky. If it doesn’t, take it anyway, I took a severe
     pay cut to accept each of the two best jobs I’ve ever had, and they both
     turned out to be exceptionally rewarding financially.
 17. There is a perfect job out there for everyone. Most people never find it.
     Keep looking. The goal of life is to be a happy person, and the right job
     is essential to that.
 18. When your children are grown or if you have no children, always find
     someone younger to mentor. It is very satisfying to help someone steer
     through life’s obstacles, and you’ll be surprised at how much you will
     learn in the process.
 19. Every year, try doing something you have never done before that is totally
     out of your comfort zone. It could be running a marathon, attending a
     conference that interests you on an off-beat subject that will be populated
     by people very different from your usual circle of associates and friends,
     or traveling to an obscure destination alone. This will add to the
     essential process of self-discovery.
 20. Never retire. If you work forever, you can live forever. I know there is an
     abundance of biological evidence against this theory, but I’m going with it
     anyway.



ABOUT BYRON WIEN

Byron Wien was Vice Chairman of Blackstone’s Private Wealth Solutions group
where he acted as a senior adviser to both the Firm and its clients in analyzing
economic, social and political trends to assess the direction of financial
markets and thus help guide investment and strategic decisions.

--------------------------------------------------------------------------------

The views expressed in this commentary are the personal views of Byron Wien and
do not necessarily reflect the views of Blackstone Inc. (together with its
affiliates, “Blackstone”). The views expressed reflect the current views of
Byron Wien as of the date hereof, and neither Byron Wien nor Blackstone
undertake any responsibility to advise you of any changes in the views expressed
herein.

This commentary does not constitute an offer to sell any securities or the
solicitation of an offer to purchase any securities. This commentary has not
been provided in a fiduciary capacity under ERISA and should not be construed as
research, investment advice, or any investment recommendation.

For more information about how Blackstone collects, uses, stores and processes
your personal information, please see our Privacy Policy
here: www.blackstone.com/privacy.

To recipients in the United Kingdom: this commentary has been issued by
Blackstone Advisory Partners L.P. and approved by The Blackstone Group
International Partners LLP, which is authorized and regulated by the Financial
Services Authority. The Blackstone Group International Partners LLP and/or its
affiliates may be providing or may have provided significant advice or
investment services, including investment banking services, for any company
mentioned or indirectly referenced in this commentary. The investment concepts
referenced in this commentary may be unsuitable for investors depending on their
specific investment objectives and financial position.

This commentary is disseminated in Japan by The Blackstone Group Japan K.K


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