David Rubenstein, Carlyle cofounder and cochairman, joins the broadcast to talk about his latest book How to Invest: Masters on the Craft and the common traits he found among the investors he profiled in the book. He shares anecdotes of his early investment misses, how they led to his future successes, and the reason he always chooses good work ethic over high IQ when hiring prospective employees. David contends that investors often think against the grain and explains why this acceptance of higher risk is critical to the success of these titans of finance. He also sees younger people as being key indicators of successful investments as they drive the technology of future generations. Finally, David reflects on his “patriotic philanthropy” and looks ahead at trends in politics, economics, and the future of cryptocurrency.

0:00:00 Introduction
0:01:16 Why David Rubenstein Isn’t an Investor
0:03:15 Admiration for Warren Buffett and His Mastery of Investing
0:04:28 BlueCollar Upbringing As Early Indicator for Success
0:05:50 Failure as an Important Ingredient to Success
0:06:51 Early Investment Misses
0:08:50 Passing on Investing in a WellKnown Tech Startup
0:10:06 Investment & Entrepreneurship in the US
0:12:47 Work Ethic vs. IQ
0:14:12 ESG's Role in Investments
0:17:02 Moving On From Failures
0:18:38 Why Great Investors Think Against the Grain
0:20:20 Why Many Great Investors Continue to Work
0:21:48 Philosophical Differences In Investing Approaches
0:23:51 The Future of Cryptocurrency
0:26:58 The Wisdom of Youth
0:28:04 Humility in Finance
0:30:01 Reading as a Path to Success
0:33:57 How David Divides His Time
0:35:19 David's Involvement in "Patriotic Philanthropy"
0:37:06 Why David Likes to Interview People
0:39:33 US Economic Risks in the Years Ahead
0:42:46 Sectors David is Bullish On
0:44:15 Trends That Make David Optimistic for the Future
0:45:22 David's Perspective on Bipartisanship
0:46:51 Outro

An audioonly version of this interview is available as episode 736 of Metis Strategy’s podcast, #Technovation with Peter High. Learn more at http://bit.ly/Technovation736.

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