CRE Analyst Jun 11, 2025 8:00:00 AM

Jon Gray on Failure, Growth, and the Hidden Gifts of Rejection

Image Credit: Wharton School

Hidden Talents…

A few years ago, Jon Gray delivered Wharton’s MBA commencement address.

He could have easily patronized the recent grads on the “real world” or humble-bragged about building Blackstone’s empire.

But he did the opposite.

He spent nearly the entire speech deprecating himself.

On his basketball career...

Cut as a sophomore. Picked for the practice squad in an act of mercy.
As a senior, his team won just one game, while he rode the bench.
“It doesn’t get much lower than that.”

On a love interest in college...

When he asked her out, she basically said, “I’ve never gone out with a loser before. This should be interesting.”

Within a few weeks of their first date, he told her he planned to spend the rest of his life with her. They've now been married 30 years and have four daughters.

Hidden gifts...

Those rejections and failures became what he called “hidden gifts.” Doubt led to urgency. Urgency led to a hunger to learn, adapt, and never take success for granted.

He concluded:

“Again and again, throughout my life and career, I have found it has been those hidden gifts that have made the difference. They have given me the opportunity to lead an amazing company with hard working, talented and caring people. They have given me an incredible family that brings me unending joy (most of the time). And they have made me optimistic that something positive can emerge even from life’s toughest moments.”

JG, on the off chance you see this, thanks for charting a new path. Real estate pros (young and old) look up to you for reasons far beyond financial success.

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