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Blackstone’s Steve Schwarzman on investing, China

Stephen Schwarzman, billionaire chairman of Blackstone, discusses the secret of his success on Wall Street with CNBC's Michelle Caruso-Cabrera at CNBC/Institutional Investor's Delivering Alpha conference.

"You need a good foundation for what you are doing," said Schwarzman in the exclusive interview for CNBC PRO. "And then there's a moment when you take off, and everybody has their own 'take off' moment," he added.

Schwarzman also shares his lessons on:

  • How to invest like a private equity firm
  • The one mistake most retail investors make in regards to liquidity
  • The pulse on the world's second-biggest economy, China