Stephen A. Schwarzman ought to be a satisfied man.

The Blackstone Group, the investment firm he helped found 30 years ago, is hauling in cash at a dizzying pace. His name graces the New York Public Library building at 42nd Street and Fifth Avenue as well as a new complex to be built at Yale. And last year he made $690 million, one of the biggest paydays ever for a chief executive of a public company.

But instead of taking a victory lap, Mr. Schwarzman, who will turn 69 in February, has spent countless hours over the last year struggling to convince investors that Blackstone’s shares are drastically undervalued when compared with those of its peers. His message: Blackstone’s extraordinary run of asset growth and profitability is no mere fluke.

“It is ridiculous empirically, but psychologically, people want to believe that it might never happen again,” Mr. Schwarzman told an investment conference in New York this spring, making little attempt to disguise his frustration over Blackstone’s stock price. “Is it a miracle when LeBron James scores 37 points? Not really, he is the best basketball player. The guy scores more than anybody. Each shot is unique, but over time, some teams win and they score and that’s like performance fees for us.”

LeBron James? Well, no one has ever accused Mr. Schwarzman of selling himself short.

Mr. Schwarzman, Blackstone’s chief executive, was speaking before a packed conference hall at the Waldorf Astoria, surely not unaware that he commanded the coveted 9 a.m. speaking slot ahead of Michael L. Corbat, the chief executive of Citigroup.