From Fitness Trainer to Wall Street CEO, the Incredible True Story of Harvey Schwartz | TCAF 171

On episode 171 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Harvey Schwartz, CEO of Carlyle and former president of Goldman Sachs to discuss Harvey's remarkable journey through the financial industry. In this episode, Harvey tells us about his early career as a fitness instructor and cold-caller, lessons learned during the 2008 financial crisis, saving Goldman during the financial crisis, Carlyle's current momentum, and the rise of private equity and private credit.

00:00 - Ad Read
00:56 - Intro
02:31 - Harvey Schwartz
05:04 - Lessons from Market Crashes
14:23 - Harvey's time at Goldman Sachs
20:10 - Industry Changes after 2008
27:12 - Carlyle
35:14 - The Fundraising Environment and Private Credit

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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.

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[CliffG]

As a fellow Jersey guy who was a screwup in school, I really appreciated this interview. I also was able to overcome and succeed. Thanks for another great interview. This show/podcast, along with Pivot, are my two favorites. Bravo!

[irmazandl]

FANTASTIC podcast today. Harvey Schwartz is such an inspiring and smart guest. WOW! Thank you all.

[chrisd]

Loved hearing his backstory including his parents struggling with mental illness. Very inspiring.

[DKHOLLA]

Fellow Rutgers guy. Great to see others finding tremendous success.

[matt.stevick]

last episode of 2024 👏🏻 such a great year and TCAF is doing amazing things. thank u and i’ll see u next year 🤓📈🇺🇸

[MBoyer-ngok]

Neat trajectory for a CEO--lots of set backs in education, work, intervention of angels--and feel good story of a late bloomer in finance in some ideal places (Citi, Goldman) and times in markets (1987, through 1990's up to GFC and to present). He really understands the vulnerability and volatility of markets and the impacts on individuals and institutions. Good reflection on constant reinvention of dynamic financial industry. Least likely to succeed in high school becomes most successful (financially) on Wall Street. Also, he retained client focus from his early days in cold calling muni bonds through to the CEO level (all CEO's should have to try and cold call sell their products to understand the client as well as product)...

[matt.stevick]

awesome 👏🏻 interview thx, love from new jersey

[nicholasblake]

The FAS 157 accounting rule change on April 2, 2009 was extremely important for markets and no one ever talks about it!

[Bobkanada]

Greetings from Canada. All this financial information for FREE!!!

[FredSox]

All major company CEOs should have an attitude and style like Schwartz.

[wallacemotorssuzuki]

Great job fellas . Not just Carlyle on a roll…

[Traci.Nelson]

LOVED this interview! Would like to hear more from this guy very interesting. thank you

[jeffb.]

God opened doors for you. Great story, because Harvey gave credit to those "angels" that intervened on his behalf. That's awesome! I'd love to work for a guy like this.

[Nick_Cowlesb]

ive made it 3 minutes in this video and i can already tell, im going to go crazy listening to this guy keep hitting the table with his hands.... lol

Edit: Just finished, great story. Another fun podcast with lots of good info. The one thing that really stuck out to me was when Harvey said "You dont need to have the best performance each year, you just need to have constant returns over time compounding" Just great advice.

[daedalusjones]

He looks like a Hollywood lead in his Carlyle Bio Pic. Guess that was 15 years ago or so! A great talk and great to see Harvey being in so much command of his social graces. A definite winner with his clients no doubt.

[irwinjones]

I will now be measuring everything on the Hard Ass scale

[lifehacksandlessons]

Thank you Harvey on your frankness, Micheal on your restraint and patience, Josh on your preparation. Keep running with the bulls. But I did sense the talk as another big Private Credit sales pitch, I always wonder what that long term goal is, I wouldn't be surprised if it's another angle towards ownership by PE firms.

[chrisp]

Well done. He should write an autobiography; fascinating backstory.

[Flygal]

Please use full names or last names when referring to people. I had to stop this a lot and look up people to know who you were talking about when you’re just using a first name.
Great interview

[ErickaWilliamsCC]

wow just the beginning of his parents mental illness and his interview story. This is a guy who has amazing stories would love to hear more in future interviews.