{"id":764,"date":"2022-09-07T18:00:39","date_gmt":"2022-09-07T18:00:39","guid":{"rendered":"https:\/\/hlsorgs3stg.wpenginepowered.com\/halb\/?page_id=764"},"modified":"2026-04-12T19:06:21","modified_gmt":"2026-04-12T23:06:21","slug":"event_highlights","status":"publish","type":"page","link":"https:\/\/orgs.law.harvard.edu\/halb\/events\/event_highlights\/","title":{"rendered":"Event Highlights"},"content":{"rendered":"\n

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HALB presents a conversation with Navid Mahmoodzadegan (CEO & Co-Founder of Moelis); Andy Saperstein (Co-President of Morgan Stanley); and Howard Widra (Partner at Apollo)<\/summary>\n

During the 1993 school year, three future financial giants lived together under the same roof on Craigie Street in Cambridge. Moelis & Company CEO and co-founder Navid Mahmoodzadegan, Morgan Stanley co-president Andy Saperstein, and Apollo partner Howard Widra reunited on campus recently to share insights and memories at an event sponsored by the Harvard Association for Law and Business. As moderator and fellow classmate Lori Lesser \u201993, now a partner at Simpson Thacher & Bartlett, noted at the panel\u2019s outset, “If there\u2019s one takeaway you should have from this session, it\u2019s stay in touch with your friends and classmates from either Harvard College or Harvard Law School. Good things will come from that.”<\/p>\n\n\n\n

Please find a recording of the HALB conversation here<\/a> and the full Harvard Law Today coverage here<\/a>.<\/p>\n\n\n\n

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HALB presents a conversation with Josh Friedman, Co-Founder, Co-Chairman, and Co-CEO of Canyon Partners, LLC<\/summary>\n

Please find a recording of the HALB conversation with Mr. Friedman linked here<\/a>.<\/p>\n\n\n\n

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HALB presents a conversation with Stephen Schwarzman, chairman, CEO and co-founder of the Blackstone Group<\/summary>\n
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The Harvard Association for Law and Business (HALB) hosted Stephen A. Schwarzman, chairman, CEO and co-founder of the Blackstone Group \u2014 the largest alternative asset management firm in the world \u2014 to discuss lessons from his long career in business, and his many years of work as a philanthropist. Jeff Cui JD\/MBA \u201917 moderated the discussion, which ranged from Schwarzman\u2019s early professional career to his current position as chairman of the President\u2019s Strategic and Policy Forum, a roundtable of business executives formed in December 2016 to provide insights to the new administration as it implements its economic agenda.<\/p>\n\n\n\n

Dean Martha Minow kicked off the event by welcoming Schwarzman, calling him \u201ca leader in every sense of the word,\u201d and thanking HALB for inviting him to the law school as part of their series of fireside chats, held throughout the academic year. In his introduction, Cui said that Schwarzman is not only a corporate titan but also a game changer in the public sector \u2014 both in the U.S. and on the world stage. \u201cHALB board members believe Steve embodies our mission of educating students with an interest at the intersection of law and business,\u201d he said.<\/p>\n\n\n\n

Schwarzman opened the forum by discussing his early professional career, and attributed part of his success to an \u201cability to operate under conditions of complete fear.\u201d He recalled entering the boardroom of Tropicana as a young Lehman Brothers banker in 1977, having been specifically recruited to advise on and close a $488 million merger deal despite his relative inexperience. After closing the deal, Schwarzman asked the President of Tropicana why he was chosen as the lead banker. \u201cI asked \u2018Why me?\u2019 And he said, \u2018Because you have the ability to make complicated things simple.\u2019\u201d<\/p>\n\n\n\n

40 years later, Schwarzman is staying true to his belief in extracting simple logical conclusions from the world\u2019s noisy data. Every Monday morning, Blackstone connects its global offices by videoconference to discuss the latest trends. \u201cFor us to do well, we have to know what the cyclical and geopolitical forces are,\u201d Schwarzman emphasized, noting that the meetings also allow junior associates at the firm to participate in an open discussion about the critical drivers that affect the market. \u201cInvesting isn\u2019t that different from playing hockey, as described by the great Wayne Gretzky,\u201d Schwarzman said. \u201cYou need to \u2018skate to where the puck is going\u2019 to be in the right place at the right time.\u201d<\/p>\n\n\n\n

Schwarzman uses that ability to anticipate the future to stay one step ahead of the competition. He entered the fields of M&A and private equity when they were still emerging, and he and his firm make investment decisions based on similar themes. For instance, in the early years of internet shopping, Blackstone realized that the logistics sector was on the rise, and that e-commerce companies\u2019 needs for warehouses near major cities would eventually skyrocket. \u201cWe had an intellectual construct, a point of view, that the rent will explode when Amazon gets to town and needs warehouse space,\u201d Schwarzman said. Unsurprisingly, Blackstone has since been able to sell this portfolio at attractive prices. The firm\u2019s rigorous process and aggregate investment acumen enables it to play out market trends while limiting much of the usual risk inherent in making investment decisions.<\/p>\n\n\n\n

Schwarzman acknowledged that foresight and talent alone did not bring his success. They were supported by his strong work ethic. \u201cThe standard for professionalism is 100%,\u201d Schwarzman emphasized, \u201cYou cannot make mistakes.\u201d Cui, the moderator, noted that between meetings, Schwarzman fully utilized his time. \u201cAfter a long day of back-to-back meetings, Steve was on his way to the airport,\u201d Cui recalled. \u201cThe first thing he did after getting in the car was to turn on his computer. I was beyond impressed. This showed me how disciplined and hardworking Steve was even at his level.\u201d<\/p>\n\n\n\n

One of Schwarzman\u2019s more recent areas of focus is his Schwarzman Scholars<\/a> program. Described as the \u201cfirst scholarship created to respond to the geopolitical landscape of the 21st century,\u201d the program hosts up to 200 students for a one-year Master\u2019s Degree at Tsinghua University in Beijing.<\/p>\n\n\n\n

Schwarzman\u2019s interest in China started when he visited the country in 1990 and later witnessed its fast growth. In 2007, when China Investment Corporation bought into the Blackstone IPO with approximately $3 billion, many critics argued that Blackstone should stop the deal. \u201cI got this shock that there were very strong attitudes toward China.\u201d Schwarzman cited the Thucydides Trap, a Greek metaphor describing that, when a rising power challenges an incumbent, the tension often escalates to a war despite both sides\u2019 reluctance. The Schwarzman Scholars program is his effort to help stop history from repeating itself. \u201cIf the scholars developed into thought leaders, they would become a layer of protection against this Thucydides Trap,\u201d Schwarzman noted.<\/p>\n\n\n\n

Schwarzman\u2019s dedication to public service led him to take the position as the Chairman of President\u2019s Strategic and Policy Forum. The Forum includes some of the country\u2019s top CEOs and business leaders and creates an environment where they can provide candid insight to the Trump administration on economic matters. \u201cThe basic substance of what they are trying to do,\u201d Schwarzman said referring to the current administration, \u201cis to create the preconditions for dramatically increasing growth.\u201d He believes that lowering tax and increasing employment rate are the outcomes that everyone in the U.S. will benefit from. \u201cThe question is, can you accomplish that?\u201d During his chairmanship of the Forum, Schwarzman will facilitate the sharing of its members\u2019 views to President Trump through a non-bureaucratic exchange of ideas.<\/p>\n\n\n\n

After the event, Cui noted that Schwarzman\u2019s vision, courage, and tenacity left a strong impression on him. \u201cSteve\u2019s intellectual capacity is simply staggering. Sitting next to him, I could vividly sense his innate craving to be the best at whatever he did and a personal appreciation for those who share a similar thirst for excellence.\u201d<\/p>\n\n\n\n

The event was organized by the Harvard Association for Law and Business under the leadership of Co-presidents Kisho Watanabe and Daniel Wertman, Executive Vice Presidents David Kafafian and Jianjian Ye, Vice President Brooke Stanley, Symposium Chair Loren Shokes, Private Equity and Venture Capital Chair Jeff Cui, and HALB photographer Jerry Ting.<\/p>\n<\/details>\n\n\n\n

HALB presents a conversation with Bill Ackman, founder and CEO of Pershing Square Capital Management<\/summary>\n
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The Harvard Association for Law and Business (HALB) hosted Bill Ackman, founder and chief executive officer of Pershing Square Capital Management on April 12, to discuss his views on the current state of activist investing, his experience managing a multibillion dollar fund, and the impact of shareholder activism on corporate governance. Professor Charles C. Y. Wang, Glenn and Mary Jane Creamer Associate Professor of the Harvard Business School, moderated the discussion.<\/p>\n\n\n\n

The event was part of HALB\u2019s inaugural Harvard Law School Activism Roundtable. \u201cThe core mission of HALB is to create a platform to discuss key issues at the intersection of law and business, such as shareholder activism,\u201d said Jianjian Ye \u201918, HALB co-president. \u201cEstablishing the Harvard Law School Activism Roundtable and bringing in business leaders like Bill demonstrates our commitment to this mission.\u201d<\/p>\n\n\n\n

Professor Wang opened up the discussion by situating Ackman\u2019s position within the larger debate on shareholder activism. Quoting Martin Lipton, founding partner of Wachtell, Lipton, Rosen & Katz, which specializes in advising major corporations on mergers and acquisitions, Wang raised Lipton\u2019s criticism that activism \u201chas been a major driver of short-termism, reduces long-term sustainable investments . . .  promotes inequality and strikes at the very heart of our society.\u201d In response, Ackman acknowledged the existence of an entire spectrum of activism. However, he argued that activists are not buying control of a company, but only a seat at the table. Ultimately, in Ackman\u2019s view, the board of directors makes the short-term decisions, not the activist investors.<\/p>\n\n\n\n

Ackman continued by explaining why activism is good for corporations. Activism \u201chas materially shifted the balance of power,\u201d he noted, explaining that America\u2019s directorship system has not been updated since the days of the Carnegies and Vanderbilts. Now, however, American corporations have diversified owners, including many index funds. Indexing particularly has democratized corporate ownership to a great degree, Ackman said, where investors big and small can participate in the financial market for a minimal fee.<\/p>\n\n\n\n

Ackman argued that based on this democratized shareholder basis, the way the directors are chosen and make decisions should be more democratized as well. In this sense, Ackman said, shareholder activism means more accountability and motivation for directors \u201cto act in the best interest of the company, shareholders, and all stakeholders.\u201d<\/p>\n\n\n\n

When asked about the rise of passive investment, Ackman sounded a word of caution against the negative effects that passive asset managers might bring to corporations. Although passive asset managers have been very vocal about the fact that they consider themselves permanent shareholders, Ackman said that he was concerned about their impacts on corporate governance. He argued that the incentive structures are built such that passive asset managers are not overly concerned about any one part of their large portfolios.<\/p>\n\n\n\n

Ackman wrapped up the talk by giving his word of advice to the Harvard students in the audience: \u201cPeople get themselves on a treadmill, and one of your biggest mistakes is that you have not made a mistake.\u201d He encouraged students to focus on how to handle adversity, not how to avoid it.<\/p>\n\n\n\n

After the event, Ndu Okereke \u201918, the activism chair of HALB, said: \u201cRegardless of which side of the shareholder activism debate one sits on, it is clear that activism has had a substantial impact on corporate governance and will continue to play a role. As a result, the dialogue is one that should be constructive and ongoing, whether in academic settings, corporate board rooms, shareholder investment committees or otherwise.\u201d<\/p>\n\n\n\n

This year, the Harvard Law School Activism Roundtable series has featured talks with Brad Singer, partner and COO of ValueAct Capital; Munib Islam, partner and executive team member at Third Point Management; Sabastian Niles, partner at Wachtell Lipton Rosen & Katz; Eleazer Klein, partner at Schulte Roth & Zabel; and Samuel Flax, former executive vice president and general counsel at American Capital.<\/p>\n\n\n\n

The Harvard Law School Activism Roundtable was organized by the Harvard Association for Law and Business under the leadership of Co-Presidents Jianjian Ye \u201918 and David Kafafian \u201918, Activism Chair Ndu Okereke \u201918, and Executive Vice Presidents Elizabeth Ferrie \u201919 and Heather Lee \u201919.<\/p>\n<\/details>\n\n\n\n

HALB Private Equity Roundtable: David M. Rubenstein of The Carlyle Group<\/summary>\n
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