Peter Buffet
[bio]
It all comes down to how the money was earned, what people believe money should be used for, and their perception of their own place in the world. Unfortunately, this does not attract individuals who are humble and willing to ask for help. People who are willing to listen and not impose their own opinions are rare
— Peter Buffet
Interview transcript
Simona: So the opportunity area we have here as how might we build on the potential of intergenerational mechanism to extend engagement into future? So? Yeah, so currently, we have these three main opportunity areas, we actually have more, but we thought, you know, in the interest of time, we will share these three with you today and our session. Great, thank you. Yeah. So yeah, we would love to hear your thoughts, right. You know, if you have any comments, and yeah, I'll like first reaction to to all of this.
Sure, yeah, thank you. I don't know if you know any of my own history, which will give you a lot of insight into my responses. Also, my very recent history: I just finished the book "Winners Take All." I don't know if you've read it, but I highly recommend it. It's really a book written in some ways about what I wrote about 10 years ago. I don't know if Brian mentioned that I wrote an op-ed in the New York Times 10 years ago called "The Charitable Industrial Complex," which was sort of an "emperor has no clothes" moment, in a way. So I am coming at this from being a musician for most of my adult life, or half of it now probably, a composer really, for film and television and various things. So I didn't come to this work as some people might presume, being my father's son. It was a very different way of suddenly coming into the philanthropic world at a very large scale in 2006, having done it in a very small way for a few years before that. But in 2006, my wife Jennifer and I, along with my siblings, suddenly were responsible for a large foundation. So we traveled the world for those first number of years because we wanted to figure out what we could do and how we could have an impact. We went to places like Sierra Leone, Bangladesh, and rural India, places you don't go on vacation, but places you go to learn things. We had lived in New York City at the time, so we were also able to talk to a lot of people, including places like CGI, when we were in the world of big philanthropy. That has shifted over time, but our goals haven't. So, in other words, we vary from the very beginning. This is mostly through my work musically with indigenous cultures and learning the history of this. I am very much fascinated with how we ended up where we are. One of my favorite quotes from a guy named West Jackson is, "We are a species out of context." When you say "leverage the current ecosystem," I think the current ecosystem is wildly unmatched to who we are as humans. That's why I love the fact that you're in a place that's going back to 1100 because that's who we are, actually. We've created this current ecosystem that is in no way reflective of who we are as humans. It's created all of the reasons why things like impact investing come up, like how do we get ourselves out of this thing, which I don't frankly think we can do with the jewel secreted. We went from focusing on the most marginalized, which I would say is a black girl or brown girl, depending on where you are in the world, and what we could do to improve her agency in the world. What I learned in this book, "Winners Take All," really pointed that out very clearly. People will get specific like we did around an issue, but they won't really consider the context. It's a very interesting thing to say, "Yes, we're specific. It's a black girl." But the context is the ecosystem is beyond belief, actually, unless you really study history and sit in the place she sits for a period of time. Over the course of these many years since 2006, we have shifted from that broader idea and how that might be funded through various organizations that exist, recognizing that once you have resources, everybody's got their reason for getting them, and they will tell you stories and show you pictures, but if you're not there, you're probably missing something. Now, in Kingston, New York, where I am, there's an area called Midtown, which is where most of the black population lives. If I'm not there every other day, I'm there every week, talking to the very people that we are hoping to support. I learned that a black girl needs whatever her parents need: childcare, health access, food access, educational opportunities, and more. Now we have focused a lot of our work there. We do a lot of work in indigenous communities as well. But then we focus a lot of our work right here in Kingston, recognizing that we're risk capital. We can do things other people can't. We're doing everything from supporting a laundromat and all of the things that a laundromat might provide in terms of other social services and listening and learning to building a flour mill, which, as we know, they've all been centralized in supply chains. The pandemic helped us a lot in that regard, recognizing that supply chains are fragile, and we need to know where our food comes from and who's in the neighborhood with us. All the things that provided. That is all to say that through my arc of learning what philanthropy is and what it isn't and how ineffective really a lot of it is, I am my wife came up with a new name for me: an epochal optimist. I think we are headed for a massive crash and that the ability to respond through almost any most I would say current vehicles of investment with the mindset of investment, like you said, ROI, quick returns all the things that people in finance and that have a lot of money. The way their consciousness thinks, which is absolutely based on fear and scarcity, cannot solve this problem. They because the consciousness is so out of whack with it basically, again, who we are as humans at our core. So I'm, I may not be the most cynical person to talk to, but I'm going to be pretty close because of what I've seen over these years and what I know about our history and specifically in this country, but I would also say Europe, you know how but how this country was founded, and then how the rest of the world had to respond based on our agenda, me and hubris and all the things that America ultimately was founded on. I don't know how the framing of impact investing can be sort of deconstructed into what the world really needs at this moment, which is not anybody thinking they're going to get a return, essentially, other than well-being, other than future right-sizing of what we built because the last couple of hundred years are just not real. We're going to come to that in the next probably decade, or maybe less, or maybe more. But to shift the consciousness of the people that hold the money and power when it is fear-based ultimately and not grounded in reality, is a challenge for the ages, essentially, literally.
Simona: I've got goosebumps when you were talking? And then. Yeah, it's so many. Yeah, so many connections in terms of, I mean, we I think we both me and Diana, I relate very much to what you just said, and I'm wondering what happened before the Industrial Revolution in terms of like, what would have been the equivalent of impact investment, you know, what did it mean, and probably goes back to building communities. Like nurturing relationships, and, you know, everything connects, and I mean, focusing on the connections between things, nature, people, and nurturing those relationships and building communities. Because, and Diana knows, when I, when I do the kickoff of the, our programmes, I always use this slide right at the end of the Industrial Revolution, and what it has created. And talking about As designers, we now kind of regaining, and we need to be responsible for bringing us back to be closer to nature closer to yeah, all the things in our lives, you said the species, which is out of context. And and I mean, with all due respect to the Industrial Revolution, and the quality of life and all the good things, but it has also, yeah, disconnected humans, and made me that us think that, you know, we're either born creative or born like scientists are born like marketing, or like finance people, education has changed dramatically after that revolution. Yep. Then. Yeah, I'll just stop here.
Yeah, thank you. Because I've been told for a very long time that our foundation and I, as a human, are so different from other people in this world and sector. That's flattering and disappointing at the same time. I'm not looking for that kind of compliment, but it is really hard to find other people who don't think they're going to live to see the outcome and don't care. Mostly, people want to be gratified by something they've done. Of course, when I'm up in Kingston and I see a girl benefiting from some small thing we've done, like getting her hair braided for school, I realize that if that 10-year-old ends up being the grandparent of the person who feels the change, that's great. I'll be long gone, but a different world might be possible. To answer your question, I don't know too many people, but we're starting to attract thinkers like Daniel Smocked, Berger, Zack Bush, and Nate Hagens, who have various podcasts or organizations that are trying to see the meta-crisis or these larger complex systems all crashing into each other and creating the world we're in. They recognize in me and the foundation that that's how I'm looking at it, and I'm trying to do it on a super granular scale. Because it's all about relationships, you have to actually feel it, know it, and iterate almost in real-time, as opposed to other frameworks that are out there. So I'm finding that there is an attraction to the approach we're taking, but there aren't many other people with money who are really doing it.
Ho Ting Diana Pang: And why do you think that's the case? Why do you think you know, other people, other wealthy individuals are not willing to take on this approach?
It all comes down to how the money was earned, what people believe money should be used for, and their perception of their own place in the world. Unfortunately, this does not attract individuals who are humble and willing to ask for help. People who are willing to listen and not impose their own opinions are rare. Identity politics is a huge issue at the moment, and while it is not helping, it is exactly what some people need to hear. It is a strange combination. When people hear the term "white privilege," they become defensive and start talking about how hard they work, including nights and weekends. They talk about how they earned what they have, but they are unwilling to examine the underlying, foundational reasons that allowed them to achieve success. Ultimately, the people who have made money believe they are good at more than what they have achieved, and they attribute their success to their own abilities rather than acknowledging the opportunities and privileges that helped them along the way. This is a flawed way of thinking.
Simona: Because back to the human nature, you know, like, it's a lot about identity being having fears, and also probably not knowing what the consequences are of doing something that you've never done before.
Yeah, for sure. I mean, we have such a drive for safety. That's like a core right back. Right, and, and so you know, what I want to scream from the rooftops is how much is enough? Because,
Simona: yeah, that's one of our statements. How much is enough is enough.
And I will tell you, you can find it somewhere on Wikipedia. So I was very successful in my career, which was great. Then, things shifted when my mother unexpectedly passed away in 2004, and left all of us kids $10 million. That's what I've been living on since then. I take no money, only $1 from the foundation every year. The foundation is where all the money is, and we're giving it away as fast and effectively as we can. But I know that I can live as wonderfully as I ever would want to on $10 million since 2004. Now, it's mostly been in my dad's stock, which grows, but anyone can invest in that. It's not like I have some secret. People think I'm walking around with hundreds of millions or whatever, but I wouldn't change a thing. Just to put it in perspective, my own experience with all of this is amazing to me. People need hundreds of millions or billions, and that speaks to some pretty deep fears or self-worth issues. Ultimately, there are a whole lot of problems with self-worth.
Simona : um, so I'm saying and not I mean, they As you can see, we've been coming up with the same set statement. And that goes back to education also, when enough is enough meaning, okay, how can we create a tool that gives you that confidence and remove fears from being worried about the future from not knowing if you have enough and so on? And just, you know, based on your expectations and needs, or you know, even like dreams? Can we help making that decision on the actual amount? Because it seems like people are just not actually even mastering that ability to, to know exactly, you know, how much they need, and how much they will need just the concept that the more is better. Yeah, which is coming in the extraction economy, and just, you know, the more the better and the economic growth. And anyway, that you just mentioned, a beautiful thing. So I think you're running out of time now, right? I mean, we have a stop very soon, I would love to continue talking. And I hope we can talk again, in the future, I'll just say it up front. I think you've been talking about, you know, inspiring also what to leave to the next generations, you've been talking about nature, and going back to 200 years ago. So Bob LibraryThing, if you had a magic wand what would you do with it when we, in this context of what we just talked about in terms of let's call it impact investment, but like, you know, rebalancing a little bit the act between financial resources and communities, or individuals or organisations who need help? Support? What would you do? What would you ask the magic wand to do?
What a good question. And I can go a little over 11 Just so you know, 11 my time I can I can go about? I don't know if you can, but I can go a little bit over. Because that's a I mean, if I had a magic wand for Yeah, I guess there's different different in terms of what to do about now. And the people that have the resources that could could invest in a different kind of way. I'm thinking about what could be practically done, but I guess a magic one presumes that doesn't have to be practical.
Simona: Don't worry about how just worry about your biggest desire, you know, like, the ideal future, like in terms of, you know, changing some dynamics or like, intervening somewhere. So,
Yeah, I guess it all starts with self-examination and healing for the individual. I mean, everything starts from the inside out. So, I get all these families, patriarchs, and whoever it might be in various settings, where they could cry honestly, where they could look at themselves and recognize that they're inside something that owns them in a certain kind of way. There are myriad therapeutic interventions that work for different people in different ways, from the every treat and talk therapy to psychedelics and everything else you can think of. There are a lot of different ways to get somebody to crack, and I think that would be my first hope: that people could stop and recognize what's running them and how much healing needs to happen. That might start to break down these issues around fear, self-worth, power, control, and all these things. So, I guess that would really be the first step: the self-part. Then, if I think about the family that farms this little farm, and they've had two kids on that farm, now born in the house, and now they're in the fields at four years old, helping start the seeds and all that. So, for the real future, I would have a whole lot more of that and a lot less of going for the advanced degree and anything really unless you wanted to be an astronaut or something which is great. But, honestly, it would be to get people to look at themselves and what's running them and why.
Simona: Wow, that's the real awakening, awakening, starting up in awakening process of like, what are we really like? On and? And the maybe the IANA would you like to articulate a little bit on our opportunities? Today, we just share with you three opportunity spaces because of time, but we have quite a few more. And one of them is about deep listening and empathy. Yeah, what's up yourself, but also, especially, you know, people just paid a little bit more attention really understanding people
Ho Ting Diana Pang: Yeah. Yeah. And I guess, beyond people as well, actually, on the note of like listening so that that opportunity space was, I guess, inspired by one of the interviews that we did, which was, like someone who runs like a carbon credit, like network, and then, you know, they invest back into helping improving biodiversity. So when we asked about Oh, so you know, what are you doing in terms of measuring biodiversity? And the interview said, Actually, you just need to listen, listen to the birds. That's how you measure biodiversity. And we thought it was such a poetic moment, because, yeah, that's it. Like, you know, it's not about having all these like, and, obviously, you know, we need sensors to kind of like, really measure the birds calls. But, you know, it is such a it is it is so simple. It's so obvious, but we don't think about it. And that really spoke to us when we heard that statement.
Yeah, yeah. When people asked me what my measurement is for an outcome in Kingston, I tell them, it's more kids playing in the street,
Simona: or going to school alone by themselves.
Yeah, just feeling safe. My wife has a great three-word phrase that we live by, which is "safe, seen, and celebrated." We have to prioritize safety first, for sure. But then, being seen, being witnessed, and being acknowledged, and then celebrated for the unique human that you are - those three words pretty much say it all. And you can't really do that at scale. I mean, that's part of the problem. Ultimately, you can, but you can't have that be the approach. How do we scale this up? While it's so contextually significant in terms of what it means in place?
Simona : That's it, and then Peter. Now this is better, thanks. Well, I have more questions than I did when we started. How can I phrase these? Like, what's the best way? I mean, the world needs more people like you, let's say, just to be a bit arrogant, but what can we do? I would say, not really what can you do, but what can we do to build a legacy? Sometimes I wonder, okay, to talk to those. I go back to what you just said with your wife and so on, and the kids. We're also coming to the realization that we almost need to redesign proximity. What does it really mean to be close to each other, whether it's a place, a person, or a community? We are really becoming more and more detached, especially when we talk about the younger generations who are not fortunate enough to run in the field as we just mentioned. But we have lost that sense of proximity, which is ultimately like the soil or, I don't know, you call it like the nutrient for building communities and relying on each other. We are interdependent, we are part of an ecosystem. So that's one topic, and the other one which now I forgot, you were just mentioning the proximity. Yeah, and yeah, what can we do?
Ho Ting Diana Pang : to relationships as well? Yes, but
Simona : The topic is about legacy and the best way to create and pollinate. As I mentioned, my whole life has been about sustainability, but I'm not perfect and make mistakes. No one is perfect, but I try to minimize my footprint. I work with organizations like LEGO, Toyota, Baldwin's, Philips, and others to create a more sustainable future. The pandemic has been a great support in the last three years, and I'm grateful for it. Sometimes I wonder where I have more agency, giving talks to high-level decision-makers or taking care of my microenvironments like my family and neighbors. Is it better to promote big change from top-down or be part of a longer process? The pandemic has shown that if humanity aligns around something, we can make it happen. People can change their behavior overnight. For the first time in digital work, we have been back in the same conditions. As a mother, person, and IT professional, I wonder where we have more agency. Maria Teresa from India said, "If everyone kept their doors clean, we would have a clean world." This applies to sustainability and making change in general. What can we do for our future and leave a legacy behind with our leadership? What can we all do?
I do think? Well, again, to take on a question like that, it's just me, but... But I think that the foundation of our work is the Ark. I told you that story because we have decided that it's so seductive to be on these world stages, to be in these big rooms with these big people, and to think that you can make change on some grand scale. Our choice was no. Actually, we've been there, we've seen it, we felt it, we were caught up in it, we believed it. And then we started to realize that it is just seduction on a grand scale. If you have money and power, and you're surrounded by more of those kinds of people, change has to happen first from the inside out. And then from those outward concentric circles. My partner, Jennifer, and I have been together for 32 years, and it took a lot of those years to get to a place where it was real. We could be vulnerable, honest, and understand what was running us from past experiences with our parents. So, I would say that there was a woman at one point that we were talking with, and we were talking about legacy. And she said, "Legacy is such a penis word." In other words, this sense of something that's about you that you're going to leave behind. I think we have to get rid of that stuff. We have to realize that we're just on this planet for a limited amount of time. If one girl has a different feeling about herself and the container she's in, in this little town, she might be the thread that 40 years from now is able to say and do and be something that could be effective in some way I can't imagine. I think to focus on these little things might be the thing. There's a book called "How the Irish Saved Civilization," and it's about the monks that were just in meditation, copying all these texts. They were just doing it to copy, but they ultimately were copying classic literature and things that, if they hadn't done it, we wouldn't have all these great works. They didn't know they were doing that. They were just doing it. That's the way I think about our work. We don't know what's going to happen because we're doing it. But if we feel it and we're responding, and we're connected, and we're vulnerable, and all those things, it might make a difference. And I'd rather see that 10-year-old light up because she's got a place where she feels safe. Because then I know I've done something that's really real.
Simona : First of all, I'm so happy, I mean, I'm really happy. Now, I want to celebrate this moment because, for me, it's fantastic. And I can't speak for the Diana. But to be completely honest, I didn't do much research. I mean, we know that you are the son of Warren.
Everybody knows that.
Simona : Actually, I didn't know. I mean, I will be introduced by Brian, and we intentionally come in without prior knowledge. But it's amazing to have such a strong connection, even over Zoom. We could talk to you for hours. There's something I'd like to share.
When Brian first talked about this, I gave a presentation about what we could do as a project. I proposed taking it through the design process, starting with open research. We wouldn't try to prove anything, we would just go out and see the status and meet people in communities. I had some slides, and I had never met Brian before. I met him only a couple of months ago, when we started the project. I showed up with my broken Italian pizza English, and we shared these slides. I said that we needed to talk to everyone in the system: the receiving parties, communities, people who receive funds, people who give funds, third parties, and nature. Peter listened to the whole presentation, which was a deck, and explained that we were working with the Rockefeller Foundation, among others.
At the end, I asked if there were any questions. There were some good conversations, and people were excited. Then Brian asked me one question: "When you said 'nature,' you don't mean nature, right?" I mean, nature. We need to ask nature what the key dynamics are that we need to protect for the ecosystem to survive and regenerate. He was totally confused but said, "Fine." Now we have invited a tropical biologist from Costa Rica, where we have recently opened a project. We didn't choose New York, we didn't choose Tokyo, and we didn't choose Silicon Valley. We chose to go back to nature and biodiversity. In fact, Diana attended the programming, and then we worked with an expert in biomimicry. Are you familiar with biomimicry?
very much so? Yeah.
Simona: So in May, we asked an expert in biomimicry to give her interpretation regarding impact investment and to provide us with input on how to think and the mindset to adopt. She shared metaphors to help us think about the concepts of interaction, interconnected ecosystems, and more. We will send you a recorded video from Rebecca that covers a few key concepts. Brian was completely blown away by it. Last week, he mentioned that we need to work on the future of finance, technology, and biometrics.
Oh, all right. Excellent. Excellent. Yeah, I will say that Brian is a wonderful human being. I mean, the fact that he brought you on as opposed to who he may have and all of it. I mean, I definitely and that's why I feel so free in saying exactly, I mean, I would anyway honestly But if you are McKinsey person, you might not be taking it the same way. So yeah. I can't tell you how hard and I am encouraged that you're doing this work because it's going to have a different outcome for sure. Which is great.
Simona: So, right now, we are in the phase where we are like, you know, which is normal in this process. We are overwhelmed by so much information. Actually, I think we should continue this research as an ongoing process because nothing stops, and we should keep evolving. However, right now, we don't know what we will do. We need to move to the design phase, but we didn't want to jump into solutions; we just wanted to explore. So honestly, I think you are the last interview we have planned.
Ho Ting Diana Pang : One of the last ones.
Simona : And I'll also talk to Camila, the lady I mentioned possibly meeting next week. It's fantastic to have this conversation because he feels confident in the process we're following, and we're going a bit outside the traditional way. It's nice to feel like there's someone to talk to, and it's fantastic. So I just want to say thank you so much for your time and for being so humble and open.
Yep. Yeah. Thank you. You know how to find me in case there's anything else that needs following up on? Or certainly, I'd be really interested in hearing more about? Because, yeah, it's Timothy Leary, the famous 60s icon. He was known for a lot of things, but his phrase "find the others" is, I think, the most important thing we will be doing right now. Finding the others is sadly rare, but they're all out there. Now that I've met you, we have to do what we have to do to get the kids through to wherever the next place is going to be. And yeah, I think having a solution is not the right approach. We can have a direction. We talked about not having a strategy, but having an orientation. We need to count on a lot of other people to help us get there. So, yep.