David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]

Patrick interviews David Rubenstein, co-founder of The Carlyle Group, in a wide-ranging conversation that moves across his decades in investment, government service, and public life. The episode opens onto the current geopolitical moment—the war in Ukraine and the rise of Chinese economic power—before pivoting to Rubenstein's work as an interviewer and his thinking on leadership. The talk traces his path from White House service through building Carlyle into a $300 billion institution, then into his later roles as philanthropist, author, and television host.

The episode covers his method for interviewing and how it has evolved, his framework for identifying strong leadership—including lessons drawn from figures like Oprah—and the specific practices that sustained Carlyle's talent and investor relationships. It touches on his books How to Lead and How to Invest, examining his approach to assessing both people and opportunities, including the role intuition plays when evaluating potential backers. The conversation also ranges across American history and the structural forces Rubenstein sees shaping the country's trajectory. Throughout, the thread is his own experience of leadership and decision-making across sectors, from the mechanics of running a major private equity firm to the volatility of operating in a world he characterizes as more chaotic than the forty years preceding it.