When Bono, one of the greatest entertainers of modern times, presents an award, he does it in rock star style. And when Warren Buffett, one of the greatest philanthropists in human history, accepts one, he makes the crowd laugh, cry and think. The result, as seen Wednesday night at the second annual Forbes 400 Summit on Philanthropy, was a moment for the ages.
Buffett, who has pledged to give away 99% of his fortune – some $53 billion, and counting – was the recipient of the inaugural Forbes 400 Lifetime Achievement Award for Philanthropy. In presenting the award, over dinner in the United Nations Delegates Dining Room, Bono serenaded Buffett, with whom he has forged a bond as he expands his public advocacy through his ONE Campaign. Sung to the tune of the “Irish version of the Kansas state anthem” (also known “Home on the Range”), it went like this:
Oh give me a home, where the dividends roam. And the deer graze on
Where Warren plays bridge, Cherry Cokes in the fridge. And Munger makes wisecracks all day.
Home, home on the range. After Warren gave the whole farm away.
Where the new R.O.I., beneath the Omaha sky, are the lives that he has helped to save.
The calm Cornhusker king, he rejects all of the bling. And he has no time at all for the glitz.
He’s a humble old coot, my shoes cost more than his suit. And Dixieland’s his kind of hits.
Home, home on the range. After Warren gave the whole farm away.
Where the new R.O.I., beneath the Omaha sky, are the lives that he has helped to save.
He seeks no statue of mortar, his name’s written on water. That carries his money to the sea.
No honors, no plaques, just a higher estate tax. Till his wealth is but a rich memory.
But that money-filled stream, that compassionate dream. It swells to a passionate tide.
It bears up all that floats, his tide lifting all boats. It’s an ocean of love, deep and wide.
And there’s Peter. And there’s Susie. And there’s Howie. All hands on deck!
But where’s Warren?
He’s home, home on the range. After giving the whole farm away.
Where nothing is heard, but the sound of Astrid. And Melinda and Old Billy Gates.
Watch Bono Serenade Warren Buffett
“I must be out of my mind to try to follow that,” quipped Buffett, as he stepped to the lectern. But Buffett, speaking from his heart and, as is his custom, off the cuff, brought the audience, comprised of the world’s greatest philanthropists and social entrepreneurs, to its feet twice.
"The truth is I have never given a penny away that had any utility to me," said Buffett. "Fortunately it had utility to other people."
"There are people making gifts, maybe five dollars, maybe ten dollars...where it really means they're giving up a movie, or a dinner out, or if it's a larger sum, maybe a trip to Disneyland."
"I am very grateful for this award, I accept this award, but I'd like to accept it not only for myself but for those millions of people who really give away money that's important to them because they see somebody else where they think they can do more good."
And with several dozen billionaires in attendance, Buffett also noted that the Giving Pledge, which he created with Bill and Melinda Gates, is only designed for those with a net worth of $1 billion or more: "If you have trouble living on $500 million, I'm going to put out a book, 'How to Live on $500 Million.'"
Bono’s introduction had started with him recalling the first time he met Buffett, when he traveled to Nebraska in the winter to seek advice on an AIDS campaign the One Campaign was launching.
Buffett responded with two pieces of advice. "People don't trust you if you ask them to simple things. Ask them to do something difficult and I think you'll have more luck." Second, "Don't appeal to the conscience of America. Appeal to the greatness of America and I think you'll get the job done."
"These two ideas, I can tell you, are at the heart of what we do at the ONE Campaign and (RED) every single day," said Bono.
Bono also noted how he had been walking through Central Park earlier in the day, and overhead a wife tell a husband: “That Warren Buffett is so cute.”
“I’m thinking he’s wise, he’s smart, he’s funny," said Bono. "What’s the cute thing? I know that people with billions of dollars are supposed to become much more attractive, but he’s given all his away! What’s a rock star to do?”
The Oracle of Omaha, as quick a wit as ever at age 82, responded thusly: “You made a great choice in picking Bono to introduce me. But next time, if you don’t mind, get that lady in Central Park to introduce me. Tell her to bring her seeing eye dog too.”
And the besotted crowd roared for the night's big honoree.
Watch Warren Buffett's acceptance speech:
