"I think this is going to be one of the best opportunities we've had in many, many years," the CEO of private equity giant Blackstone Group said at the DealBook Conference in New York Thursday.
"I think there's going to be a fallout. I can't tell you how big. But I can tell you I like buying things cheaper than more expensive," Schwarzman said of companies being hurt by plummeting oil prices.
Schwarzman also said he is bullish on the global economy despite a slowdown in China and pessimism in Europe.
"You'll still have good global growth," he said.
"We're seeing, really, a healing," Schwarzman added on the financial system, noting economic strength in the U.S. and for Blackstone's portfolio companies.
He said economic prospects in Europe were "discouraging." "You've got very little to no growth there," Schwarzman said.
Asia, he added, "is more spotty" but that there was "still really good growth there" even if China was "down."