David Haber speaks to Tony James, former President and COO of Blackstone, about what it takes to build enduring investment franchises across five decades on Wall Street.They discuss how DLJ used principal capital to outflank better-capitalized rivals in private equity, the lessons from backing Jim Sinegal at Costco's Series A and serving alongside Charlie Munger for 30 years, and how scaled to new heights through retail distribution, disciplined acquisitions, and a succession plan built to preserve momentum. Resources: Follow David Haber on X: https://twitter.com/dhaber Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.