A Conversation With Warren Buffett On Philanthropy

There aren’t many organizations that can claim to have an intimate relationship with Warren Buffett, and none come close to having the depth and vibrancy of the bond GLIDE shares with him.

Since 2000, Buffett helped raise more than $50 million in support of the organization that is devoted to promoting social justice in San Francisco through a unique charitable investment vehicle: Power of One Charity Lunch Auctions for the chance to sit down for lunch with the man himself.

Jim Halperin and Scott Tilson will go down in history as the savviest investors in this series after swooping up their seats for $18,000 – a steal in comparison to the $19 million thrown down by the anonymous winner of the previous round in 2022. Our recent discussion with GLIDE’s CEO Dr. Gina Fromer and eBay’s CEO Jamie Iannone explored the life-changing impact that these winning bids have had through free meal programs, educational initiatives and GLIDE Memorial Church’s Sunday services.

The lunches changed the lives of quite a few winners as well, with Ted Weschler landing himself a job with Berkshire Hathaway after his 2010 dinner. Not a bad return on a $2,626,311 investment.

After our recent discussion with Warren Buffett, it’s safe to say that his work in support of GLIDE deeply impacted his life as well. What initially started off as a one-off visit to church with his late wife Susie, soon turned into a lasting source of purpose and community.

Below is an excerpt of our discussion that covered Warren Buffett’s relationship with GLIDE and the Power of One auctions, his views on philanthropy as well as his hopes on where Marc Benioff will take the auctions from this year onwards.

Excerpt From Our Conversation With Warren Buffett

Puutio: How did your relationship with GLIDE begin, and did you have an inkling of how deep your philanthropic relationship with them would grow by the end?

Buffett: I wouldn’t have gotten started with any of this without Susie. I knew of GLIDE and their Sunday services and I knew that they were doing good in the city, but I didn’t believe it before my wife got me to go.

When I first heard Reverend Cecil Williams I remember sitting there and thinking to myself, “this is real.” I was hooked ever since. GLIDE should be the pride of San Francisco, they built the Golden Gate bridge but this is something different.

Puutio: Reverend Williams passed away on the 22nd of April after a lifetime of service to his community during which he touched the lives of thousands of people. How do you see his legacy being carried forward?

Buffett: I’m proud of the fact that a young black man can go out there and build community out of a church that was practically vacated. Before Cecil, there were years of decline of both prestige and attendance.

He transformed that institution into a truly fantastic operation for the people of San Francisco, and he never once forgot those who the world had already given up on. What Cecil started became a model for the whole country. What makes me happy is that he got to see it all happen. He knew that his baby was in good hands.

Puutio: On supporting GLIDE and its mission, how was the experience of the Power of One auctions from your perspective?

Buffett: All kinds of good things happened to me because of the auctions, often by accident. I met an extraordinary group of people through the auction and I was able to do it on my schedule.

It was so easy for me to be involved and I got a few very good ideas out of the process as well. I helped Cecil place GLIDE on the map throughout the world which is what he truly dreamt of, and in return I got to be involved in something special.

Puutio: How did your work in support of GLIDE influence your approach to philanthropy?

Buffett: Philanthropy is a form of compounding. What starts with one idea, a man and a dollar, can grow to stellar heights. My wife and I helped in many ways including by serving meals, but where I really made a difference was doing what I was good at.

It all shows what an individual can accomplish when working on expanding something that has been successful. In many ways my approach was similar to what I have at Berkshire Hathaway. We may have found success, but that’s no reason to quit. I find it fun to build on something that is a good investment when it comes to business, but it’s a lot more fun to really change people’s lives.

How many people really get to do that, to have an institution that they really embrace and believe in? I was lucky.

Through the auctions I also learned about the power of partnerships. I am not a high-tech guy, but I grew to appreciate the impact of having eBay convey the message globally. Once they joined the auctions, the whole process opened up to the world, giving us a chance to introduce GLIDE to so many people. They deserve enormous credit for enabling us to grow the auction into something we hadn’t even envisioned.

Puutio: The baton has now been passed to Marc, what advice would you give him as he looks forward to his term at the helm?

Buffett: Whenever you’re taking the baton from someone your goal is to give it to the next person with an even bigger lead. The organization, its purpose and the community around it has been built, but there’s no room to quit. I know Marc will take it to new heights and the dollars he raises will have the impact they are supposed to.

I don’t know how old Marc is but I am very happy that he is taking the baton – I know he can run much faster than me!