Warren Buffett | Charlie Rose | July 17, 2015 | Summary and Q&A

Transcript

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Summary

In this video, Bill and Melinda Gates and Warren Buffett talk about the creation of the Bill and Melinda Gates Foundation and the Giving Pledge. They discuss the origins of the idea and how it has grown over the years. They also talk about the impact of the foundation's work in areas such as global health and education. The conversation highlights the importance of collaboration and innovation in philanthropy.

Questions & Answers

Q: How did the idea for the Giving Pledge come about?

The idea for the Giving Pledge came from Warren Buffett's suggestion to meet with other philanthropists and learn from their experiences. Through dinner conversations, the idea of creating a group dedicated to giving away a significant portion of their wealth emerged.

Q: How has the Giving Pledge grown since its creation?

The Giving Pledge has grown to include 137 contributors from 14 countries. It has become a platform for like-minded individuals to come together, share experiences, and learn from one another. The annual gatherings have created a sense of community among the pledgers.

Q: What is the purpose of the yearly gatherings for Giving Pledge members?

The yearly gatherings provide an opportunity for pledgers to connect with one another, discuss their philanthropic efforts, and learn from each other's experiences. It is a place for candid conversations about topics such as how to involve the next generation and how to approach leadership in philanthropy.

Q: How did the idea for the Giving Pledge evolve from the initial dinner conversations?

The initial dinner conversations sparked a realization that a group of like-minded, similarly situated individuals could learn from each other and have a positive impact on philanthropy. The Giving Pledge evolved as a way to formalize this group and encourage others to commit to giving away a significant portion of their wealth.

Q: How has the international dimension of the Giving Pledge developed?

While most of the Giving Pledge members are from the United States, efforts are being made to reach out to philanthropists in other countries. The success and innovation of American philanthropy have caught the attention of other countries, and there is a desire to see philanthropy strengthen on a global basis.

Q: What is the importance of encouraging wealthy individuals to think about philanthropy earlier in life?

The idea behind encouraging early engagement in philanthropy is that individuals will have more time, resources, and expertise to make a significant impact. By starting early, individuals can apply their business acumen and experience to address social issues and have a greater effect on the problems they choose to tackle.

Q: How do Warren Buffett and the others approach inviting individuals to join the Giving Pledge?

The process of inviting individuals to join the Giving Pledge involves sending them materials and discussing any misconceptions they may have. The focus is on getting the invitees talking and understanding their motivations and concerns. The goal is to have a candid and open conversation about philanthropy and inspire them to make a commitment.

Q: What is the transaction that occurs when someone joins the Giving Pledge?

When someone joins the Giving Pledge, they commit to giving away at least 50 percent of their wealth to philanthropic causes either during their lifetime or after their death. They write a letter explaining their decision and the reasons behind it. The transparency and thoughtfulness of these letters are seen as essential for inspiring others and leaving a lasting impact.

Q: How does the Bill and Melinda Gates Foundation coordinate its work with partners and grantees?

The foundation works with a wide range of partners and grantees to achieve its goals. It convenes different experts and organizations with complementary expertise to address specific issues, such as malaria eradication or vaccine development. The foundation also has its own team of experts who oversee and coordinate the various projects and initiatives.

Q: What are some of the outcomes and impact of the foundation's work in global health and education?

The foundation has made significant progress in global health, particularly in the areas of polio eradication and vaccine development. They are optimistic about eventually eradicating polio and believe that investments in vaccines and other tools will have a lasting impact. In education, the foundation acknowledges that progress has been slower, but they remain committed to improving the U.S. education system and creating equal opportunities for all children.

Takeaways

The conversation with Bill and Melinda Gates and Warren Buffett highlights the power of collaboration, innovation, and early engagement in philanthropy. The Giving Pledge has grown into a community of like-minded individuals who are committed to giving away a significant portion of their wealth. The foundation's work in global health and education is driven by a belief in the value of all lives and a focus on innovation and measurement. The foundation's efforts in eradicating diseases like polio and improving education outcomes demonstrate the impact that can be achieved through collaboration and smart investments.