we should invest the majority of our wealth the same way we are investing the majority of our time- by helping to improve people's lives.
pledge letter, The Giving Pledge, 11 August 2021 source ↗
we should invest the majority of our wealth the same way we are investing the majority of our time- by helping to improve people's lives.
pledge letter, The Giving Pledge, 11 August 2021 source ↗
I never wanted to be a businessman. I started as a craftsman, making climbing gear for my friends and myself, then got into apparel. As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to using our company to change the way business was done. If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way.
I’m glad now I did it. It took up all my middle years. I started it in 1972, and I published it in 1988, and my middle years all went into it, but I am glad I put them into it. Otherwise I’d have just been writing newspaper stories. It’s a worthy profession. It’s a good profession, but the newspaper, after it’s published, is something to wrap the fodder in the next day. ... A book sits on the shelf, and I really wanted to do this. I’m glad that I had done it.
When I decided to sell my company, I already had enough. I live simply. I don’t own a house, a car, or even a TV. The less I own, the happier I am. The lack of stuff gives me the priceless freedom to live anywhere anytime. So I didn’t need or even want the money from the sale of the company. I just wanted to make sure I had enough for a simple comfortable life. The rest should go to music education, since that’s what made such a difference in my life.
And also I have to say this is also part of the reason why I approached Jennifer Doudna, also, you know, we were very much in line in the way to do very precise research. It was not … it was fast but precise, and deep. For this we recognised one another – we are the same type of scientist who, you know, want to see the details of the data.
The second thing there was another thing I learned at Sequoia is that the culture of a business is built in the first six months by the first ten to 15 employees. These are magical, really, really important times. And I used to hear a lot even at Sequoia, a lot of entrepreneurs saying, “Hey, I'm too busy to think about culture. When we become a unicorn, when we grow, I'll worry about culture.” And for whoever has kids, it's almost like saying I'm too busy about educating my kids. When they turn 18, then I'll figure it out. Too late.
I always say the Nubank story was very unlikely. It was a very low probability event. Again. We were going after these very big incumbent banks. Everybody told me, you know, you're Colombian. You have no idea what you're doing in Brazil. They're going to crush you. Like, don't. Just don't do it. And I did it mostly because everybody told me I couldn't do it. And so, if somebody tells me I can't do something, I want to go do it.
Apenas me despierto, a las 5:00 a. m., cuando voy a hacer deporte. Es lo primero que cojo cuando me despierto. No es la mejor práctica, pero sí desde tempranito.
I think a lot of that first wave of entrepreneurship was missing the product of localization, and they weren't really asking the question, "What are the big, impactful products or problems that we got to solve locally, and forget about the U.S. or forget about Europe?"
The simplicity and yet profoundness of the above logic leads us to conclude that for us the most natural and truthful path is to invest this wealth until "our last check bounces", as one of our personal heroes, Chuck Feeney, likes to say.
Vicky, qué pregunta más difícil (risas). Voy a hablarle de los casos que nos han inspirado, como Charles Feeney, cofundador de los Duty Free Shop en los aeropuertos. Él hizo eso en los años ochenta. Se volvió uno de los hombres más ricos del mundo cuando vendió su compañía e inmediatamente se dedicó a la filantropía y gastó todo su dinero en metas sociales.
Brian Chesky, Hiroshi Mikitani, Demis Hassabis, Nobu Matsuhisa, Mellody Hobson, Frederick Douglass
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