An auditorium full of med students jump to their feet, erupting in cheers. They just found out they’re going to school for free.
This was the scene at the Albert Einstein College of Medicine in New York in February (you can see the video and news story here). The source of the $1 billion donation making it possible: an unassuming professor at the school.
So where did Dr. Ruth Gottesman get all this money? She and her husband, David, were early investors in Berkshire Hathaway.
Warren played the wonderful video of Ruth announcing the donation at Berkshire’s recent annual meeting. You can see his face light up afterward as he says:
“And that’s why Charlie and I have had such fun running Berkshire.”
Warren and Berkshire as a whole never forget their higher purpose: to produce resources to make society better. Many Berkshire shareholders also use their assets to make a better world.
“…they don’t feel they have to create a dynasty or anything. They give it back to society.”
Warren and his shareholders are not misers living in hovels and squirreling away every cent. They live very comfortably, just not ostentatiously. Warren adds:
“They’ve all lived good lives. They haven’t denied themselves anything you know, they have second homes…”
Devotion to a higher purpose is something many great investors have in common.
You’ll see the same at Sequoia, the best venture capital firm in history. Their conference rooms are named after major LP’s, like Harvard and MIT. This makes sure everyone remembers why they’re there: to support research and education that moves humanity forward.
Like anyone else, sometimes I get stressed, tired, bored, you name it. But as I meet with startups, I’m trying to keep in mind Warren’s lessons.
We’re investing to create resources to do awesome things. We have a chance to improve technology, science, education, you name it.
What could be more exciting than that?!
What have you learned from Warren Buffett? Leave a comment and let us know!
Pop in tomorrow for part 4 of the Berkshire annual meeting!
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More on investing:
The Berkshire Annual Meeting in Five Days: Day 2
The Berkshire Annual Meeting in Five Days: Day 1
Talking Follow-On Strategy with JCal
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