The secret to a dealmaking giant's success is an old school flip phone

One of the biggest names in mergers and acquisitions has used the same Samsung flip phone for more than a decade.

Paul J. Taubman, who runs PJT Partners, told Bloomberg's Sonali Basak that he has stuck with the phone because of its superior sound quality and long battery life.

The flip phone has carried the 54-year-old through trillions in dollars in mergers, according to the report.

Taubman's not the only financier to stay away from smart phones.

The CEO of Blackstone Group and PJT's single biggest investor, Stephen Schwarzman uses a Nokia 6350, while Warren Buffett is known to carry around a Nokia flip phone.

"It's an intimate thing," Tim Coleman, who leads the restructuring business at PJT, told Bloomberg.

"If you're calling somebody about the biggest transaction or bankruptcy of their life ... you want to sound like you're sitting next to them."

Read the full story on Bloomberg.