Building Blackstone, Backing Costco, and Working with Munger | Tony James on The a16z Show

David Haber speaks to Tony James, former President and COO of Blackstone, about what it takes to build enduring investment franchises across five decades on Wall Street.They discuss how DLJ used principal capital to outflank better-capitalized rivals in private equity, the lessons from backing Jim Sinegal at Costco's Series A and serving alongside Charlie Munger for 30 years, and how scaled to new heights through retail distribution, disciplined acquisitions, and a succession plan built to preserve momentum. Timestamps: 00:00 - Trailer 00:45 - Starting at DLJ: Getting in on the Ground Floor 03:05 - The LBO Revolution & Building a Merchant Bank 09:09 - Leading the Series A into Costco & Lessons from Jim Sinegal 15:00 - 38 Years on the Costco Board & Learning from Charlie Munger 25:17 - Joining Blackstone: The Partnership with Steve Schwarzman 33:44 - Blackstone's journey from $14B to nearly $1 Trillion 44:09 - Investment Committee Culture & the Art of Robust Debate 53:41 - The IPO, Retail Distribution & Building Competitive Moats 01:05:39 - Succession Planning & Knowing When to Step Away 01:10:00 - The Future of Private Markets 01:15:24 - Advice for Young People Resources: Follow David Haber on X: https://twitter.com/dhaber Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.

Tony JamesguestDavid Haberhost

May 5, 20261h 23mWatch on YouTube ↗

EPISODE INFO

Released: May 5, 2026
Duration: 1h 23m
Channel: a16z
Watch on YouTube: ▶ Open ↗

EPISODE DESCRIPTION

David Haber speaks to Tony James, former President and COO of Blackstone, about what it takes to build enduring investment franchises across five decades on Wall Street.They discuss how DLJ used principal capital to outflank better-capitalized rivals in private equity, the lessons from backing Jim Sinegal at Costco's Series A and serving alongside Charlie Munger for 30 years, and how scaled to new heights through retail distribution, disciplined acquisitions, and a succession plan built to preserve momentum. Timestamps: 00:00 - Trailer 00:45 - Starting at DLJ: Getting in on the Ground Floor 03:05 - The LBO Revolution & Building a Merchant Bank 09:09 - Leading the Series A into Costco & Lessons from Jim Sinegal 15:00 - 38 Years on the Costco Board & Learning from Charlie Munger 25:17 - Joining Blackstone: The Partnership with Steve Schwarzman 33:44 - Blackstone's journey from $14B to nearly $1 Trillion 44:09 - Investment Committee Culture & the Art of Robust Debate 53:41 - The IPO, Retail Distribution & Building Competitive Moats 01:05:39 - Succession Planning & Knowing When to Step Away 01:10:00 - The Future of Private Markets 01:15:24 - Advice for Young People Resources: Follow David Haber on X: https://twitter.com/dhaber Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.

SPEAKERS

Tony James
guest
Investor and longtime Blackstone executive; early backer/board member of Costco and Starbucks.
David Haber
host
Andreessen Horowitz (a16z) partner and host/interviewer on The a16z Show.

EPISODE SUMMARY

In this episode of a16z, featuring Tony James and David Haber, Building Blackstone, Backing Costco, and Working with Munger | Tony James on The a16z Show explores tony James on building institutions, culture, and compounding investment advantage James describes how joining an underdog DLJ early enabled rapid responsibility, a strong culture, and a merchant-banking model that blended principal investing with investment banking.

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