Key facts
- Stephen Schwarzman keeps a plaque on his desk as a reminder of the Edgcomb acquisition.
- The Edgcomb acquisition occurred in 1989.
Stephen Schwarzman, the founder of Blackstone, has reflected on the firm's disastrous 1989 acquisition of Edgcomb, keeping a plaque on his desk as a reminder of the event. Schwarzman, who founded Blackstone in 1985, stated that this acquisition was one of three episodes that have significantly shaped his life and the firm's investment process. The article was published on October 19, 2026.