# Schwarzman: Blackstone's 1989 Edgcomb Failure

> Schwarzman recalls Blackstone's disastrous 1989 Edgcomb acquisition as a pivotal lesson in his 40-year career.
- Title: Schwarzman: Blackstone's 1989 Edgcomb Failure · Nikkei Asia
- Summary: Schwarzman recalls Blackstone's disastrous 1989 Edgcomb acquisition as a pivotal lesson in his 40-year career. Schwarzman reflects on Blackstone's failed…
- Keywords: stephen schwarzman, blackstone, edgcomb, 1989, acquisition, investment, failure, news, business, world, Schwarzman, Blackstone's
- Source: Nikkei Asia — https://asia.nikkei.com/spotlight/my-personal-history/edgcomb-stephen-schwarzman-18
- Published: 2026-10-18T22:00:12+00:00
- Read time: 1 min
- Topics: stephen schwarzman, blackstone, edgcomb, 1989, acquisition, investment, failure, news, business, world
## Schwarzman's 1989 Edgcomb failure
Schwarzman kept a plaque on his desk as a reminder of Blackstone's disastrous 1989 acquisition of Edgcomb.
## Humiliating loss forces rethink
More than 40 years have passed since Schwarzman founded Blackstone in 1985, with three episodes remaining with him.
## Blackstone's investment process lesson
Schwarzman describes the 1989 Edgcomb acquisition as a key moment that forced him to rethink Blackstone's investment process.
## Key takeaway

Schwarzman reflects on Blackstone's failed 1989 Edgcomb acquisition as a key moment in his 40-year business journey.