Apparently Being Nice Is Worth a Lot More Than I Thought


Two days ago I wrote a post, “Nice is the New Black“, which looked at the growing importance in business, and elsewhere, of being nice.

On the same day, Stephen Schwarzman, CEO and co-founder of Blackstone Group (BX), one of the world’s largest private equity firms,stated  “To be hired at our place and work with us you have to be nice. I don’t like people who are not nice.”

Such an attitude is not the norm in the hyper-competitive world of Wall Street. But it seems to work for Blackstone, and for Schwarzman.

Blackstone’s stock price is up 968% since the market bottomed out in early 2009. By comparison, the S&P 500 is up about 215% over that span.

And Schwarzman took home $690 million last year.

So I guess it’s not crime that pays, it’s nice that pays.

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