Costco's Chairman and Blackstone's former Executive Vice Chairman and President, Tony James, reveals the kidney stone he fought through during Blackstone's IPO, why the $1.50 hot dog will never go up, and how he spots talent before people see it in themselves.

Tony James helped build Blackstone into a global giant, led Costco's Series A in 1983, has served on Costco's board since 1988, and has chaired it since 2017. But the thread running through his career isn't money. It's an eye for value other people overlook: in a warehouse idea, in young bankers, and in everyday Americans whose futures he wants to strengthen.

He sat down with Sophie to discuss:
 

• The Blackstone IPO thriller

• What he looks for to tell whether someone will be great or merely good

• How to build an organization that produces top talent

• Why he bought his former team back, years after they left

• Where AI is creating real value in private equity and medicine

• Whether AI will replace doctors

• What's in the Costco chairman's cart, and his hot dog order

• How Costco pays workers well and still wins

• His work to make healthcare and education more affordable, and retirement more secure

• How he stays right when nobody will tell him he's wrong