Transcript
Narrator (0:00)
If you follow markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But in life, even the best strategies can't prevent every bad day. A fire, a loss, a disruption that demands immediate attention. When that happens, what matters isn't just what you planned. It's who shows up. That's where Cincinnati Insurance comes in. For more than 75 years, they've helped individuals and businesses navigate life's toughest moments with care, expertise and personal attention. Together with independent agents, Cincinnati Insurance focuses on relationships, not transactions. Their approach is grounded in experience, follow through and trust built over time. Bad days happen, and when they do, you deserve an insurance partner who understands risk, respects what you've built, and is ready to help you move forward. The Cincinnati Insurance companies Let them make your bad day better. Find an independent agent@cin fin.com so there's
IBM Representative (1:01)
a lot of noise about AI. But time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off. Deep in the work that moves the business. Let's create smarter business IBM as industries
Michigan Business Representative (1:31)
evolve faster than ever, companies need an environment that accelerates strategic growth. And Michigan delivers on that promise. From emerging startups to global enterprises, Michigan offers what executives value most. A resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work. Life balance with our unified T Michigan approach, businesses scale faster and compete at the highest level. Michigan Pure Opportunity Seize your opportunity at Michigan. Michiganbusiness.org
Francine Lacqua (2:05)
hi everyone, I'm Francine and I really hope you're enjoying the show. Leaders with Francine Lacqua the Podcast now please share the information, where you find the podcast and the ones you enjoy. Send it to your friends, leave reviews. It really helps other people discover the podcast. Here's a preview of the conversation we have coming up next week with John Gray Number two At Blackstone, you're known as the Hilton deal guy, right? 20 years ago you take this massive bet on Hilton, you pay 26 billion for it at Blackstone with 20 billion debt. What were you thinking?
John Gray (2:37)
I wasn't as wise back then, I guess at the time. If you go back, this is right before the financial crisis and I was running our real estate business and what we were looking for was how could we buy great real estate or operating businesses at reasonable prices? And there was so much debt in the market fueling private real estate values that we found we could buy the public companies at better prices. So we ended up paying a big premium, 30 plus percent over where the company was trading and we committed in July of 07. We closed in late October. By early 08, things are going badly. The financial crisis really picks up and the company has a 20% decline in revenue and a 40% decline in cash flow. And we put a lot of debt on it. And I would say at that moment it did feel like it was career shortening and that I shouldn't be sitting here today.
