WEBVTT - Klaus Schwab 0:00:00.440 --> 0:00:03.920 This is Bloomberg Best. Bloomberg Best is about the insight 0:00:04.120 --> 0:00:06.480 and the context that we get from our guests. It's 0:00:06.519 --> 0:00:07.880 a great way to catch up on some of the 0:00:07.920 --> 0:00:10.520 stories you might have missed on the Bloomberg stories you're 0:00:10.560 --> 0:00:14.600 not going to find in any other news organizations. Bloomberg 0:00:14.720 --> 0:00:18.440 Best Bloomberg's Best stories of the week, powered by twenty 0:00:18.520 --> 0:00:21.320 seven hundred journalists and analysts in more than a hundred 0:00:21.320 --> 0:00:24.720 twenty countries around the world. I'm at Baxter and I'm 0:00:24.760 --> 0:00:28.560 Denise Pelaguini on this weekend edition of Bloomberg Best. You 0:00:28.680 --> 0:00:31.800 have to be a decision maker. What it takes to 0:00:31.840 --> 0:00:35.440 get invited to the World Economic Forum. We can shape 0:00:35.520 --> 0:00:38.280 the future in a positive way if you have also 0:00:38.360 --> 0:00:42.000 new innovative ideas. The founder of the World Economic Forum 0:00:42.080 --> 0:00:46.280 says some slots get held open for young, unheard of innovators. 0:00:46.800 --> 0:00:49.640 I was one of the first visitors to see him 0:00:49.680 --> 0:00:52.560 when he came out of prison in ninety and claud 0:00:52.600 --> 0:00:56.640 Schwab on inviting Nelson Mandela. All this and more coming 0:00:56.720 --> 0:01:01.880 up in the next hour of Bloomberg Best and going 0:01:01.960 --> 0:01:05.280 to Davos for the World Economic Forum. It's usually a 0:01:05.400 --> 0:01:08.480 huge deal. Yeah, but you know Denis says, you know, 0:01:08.560 --> 0:01:11.640 it's not happening in Davos, Switzerland this year though, because 0:01:11.680 --> 0:01:15.000 of the pandemic. Yeah, that's right. It'll be in Singapore 0:01:15.280 --> 0:01:17.759 this year in May instead of earlier in the year 0:01:18.080 --> 0:01:20.679 and partly virtual. But we did have a chance to 0:01:20.760 --> 0:01:23.080 hear from the founder and executive chairman of the Forum, 0:01:23.280 --> 0:01:26.479 Claus Schwab. He spoke on the David Rubinstein Show, Pure 0:01:26.480 --> 0:01:29.679 to pure conversations, and David begins here by asking Schwab 0:01:29.760 --> 0:01:33.800 about traditions at Davos and how it all gets put together. 0:01:34.080 --> 0:01:37.000 Check it out. So, Klaus, let me ask you. Uh, 0:01:37.080 --> 0:01:40.119 in the end of January, for the last fifty years 0:01:40.200 --> 0:01:42.839 or so, the elites of the world, the most famous 0:01:42.920 --> 0:01:46.440 business people, the most famous heads of state gather in 0:01:46.600 --> 0:01:52.000 Davos UH to talk about various global issues. Uh. This January, 0:01:52.120 --> 0:01:55.280 is that going to be possible? Yes, we come together 0:01:55.360 --> 0:01:59.240 again during the usual Davos week, but of course in 0:01:59.280 --> 0:02:03.000 the virtual form, it's so important to look at the 0:02:03.080 --> 0:02:08.240 aceenda of twenty one and two. Shape the agenda. Yeah, 0:02:08.280 --> 0:02:11.880 it's the cost roads. But sublitual meeting is not enough, 0:02:12.160 --> 0:02:17.240 so we combine it with a meeting where people really physically. 0:02:17.240 --> 0:02:23.600 We'll meet again later in May. Hopefully vaccines and podcasts 0:02:23.680 --> 0:02:27.400 and testing will allow us to do so. Now, last 0:02:27.480 --> 0:02:31.680 year President Trump spoke, and you've had she ping. In 0:02:31.720 --> 0:02:36.040 recent years, you've had Vladimir Putin, President of France, uh, 0:02:36.120 --> 0:02:39.400 the Chancellor of Germany, leaders from all over the world. 0:02:39.400 --> 0:02:41.440 To get these leaders, do you have to call them 0:02:41.440 --> 0:02:44.040 and say you're personally invited or do they call you 0:02:44.120 --> 0:02:48.600 and say I want to come. No. Usually, as presidents 0:02:48.800 --> 0:02:56.960 is the result of longer um friendship in certain cases, 0:02:57.280 --> 0:03:00.960 or at least relationship. Just look that. I take a 0:03:01.000 --> 0:03:06.520 case for example, Mrs Merkel when Chancellor Mrs Merkel at 0:03:06.600 --> 0:03:10.000 that time when there was the fall off the wall 0:03:10.040 --> 0:03:13.600 and why the way is able? The Convict film was 0:03:14.240 --> 0:03:20.120 very engaged and essential in the German reunification because Chancellor 0:03:20.200 --> 0:03:24.320 Cole and his East German counterpart met the first time 0:03:24.360 --> 0:03:27.720 in Davos and decided to go ahead with the unification. 0:03:28.240 --> 0:03:32.360 But at that time there was a young member from 0:03:32.520 --> 0:03:38.280 Eastern Germany appointed to the cabinet as Environmental Minister, and 0:03:38.600 --> 0:03:42.040 we made her a young global leader, and she came 0:03:42.200 --> 0:03:47.360 regularly to Davos, and so out of let's say his 0:03:47.600 --> 0:03:55.320 first invitation, regular participation has developed over the last year's 0:03:55.360 --> 0:03:59.600 and I could go on and long. Um, usually the 0:03:59.680 --> 0:04:02.560 people who are coming to Doubles a part of this 0:04:02.760 --> 0:04:08.119 what I would call Doubles community of regulus. So all 0:04:08.160 --> 0:04:11.200 the famous people that have come to make speeches, who 0:04:11.240 --> 0:04:14.160 was it that drew the biggest attention of all the 0:04:14.160 --> 0:04:18.400 people you had? I think it's difficult because it was 0:04:18.560 --> 0:04:24.279 always related to the specific timing when someone came. UM, 0:04:24.440 --> 0:04:28.159 for example, in President Trump came he was the first 0:04:28.200 --> 0:04:33.240 year in in the office. But for me, the most important, 0:04:34.720 --> 0:04:41.720 also most memorable participant certainly was Nelson Mandela. So class, 0:04:41.760 --> 0:04:44.320 you've got a lot of prominent people coming, business people, 0:04:44.560 --> 0:04:47.960 government people. Do they call you sometime and say my 0:04:48.080 --> 0:04:52.440 hotel is not adequate, or I need more passes or 0:04:52.880 --> 0:04:55.200 what are the complaints of How do you shield yourself 0:04:55.200 --> 0:04:57.600 from all these complaints that people might make about they 0:04:57.640 --> 0:05:00.839 need a bigger hotel room, or they need more entourage 0:05:01.279 --> 0:05:05.239 passes or something. Because most of most of those people 0:05:05.400 --> 0:05:10.000 I'm in touch more on an intellectual basis, on a 0:05:10.040 --> 0:05:15.359 political basis, on a conceptual basis. So fortunately, so you 0:05:15.560 --> 0:05:19.000 don't always there to call me if there are such 0:05:19.080 --> 0:05:24.800 matters but they call my stuff and really insist because 0:05:24.839 --> 0:05:30.080 Tamois is a place for skiing. As a hotel infrastructure 0:05:30.160 --> 0:05:33.680 is not like in a big city. But I think 0:05:33.760 --> 0:05:38.000 everybody over time now except what is important is a 0:05:38.080 --> 0:05:44.400 personal contact see Frank Exchange of ideas. So you make 0:05:44.560 --> 0:05:48.320 some sacrifices in terms of your personal comfort. Why did 0:05:48.400 --> 0:05:51.160 you pick Davos? There are many great cities in Switzerland. 0:05:51.360 --> 0:05:53.080 Why didn't you not do it in Geneva, where you 0:05:53.120 --> 0:05:56.600 were living, or why not some other resort in Switzerland. 0:05:56.839 --> 0:05:59.200 I want to avoid the big city. I wanted to 0:05:59.279 --> 0:06:05.599 create a true global village where people meet on the streets. 0:06:05.600 --> 0:06:09.640 It's that was a village. Davos heads a necessary infrastructure 0:06:10.040 --> 0:06:15.320 in terms of hotels and also a great congress house. 0:06:15.720 --> 0:06:18.479 So for those who haven't been there, how do you 0:06:18.480 --> 0:06:21.000 get invited to go to Davos? Every year? Who gets 0:06:21.000 --> 0:06:25.680 to go? You have to be a decision maker, is 0:06:25.760 --> 0:06:29.320 in politics or in business, but also in civil society. 0:06:29.839 --> 0:06:33.799 And in addition we invite always young people of course, 0:06:33.839 --> 0:06:41.960 the media scientists. So it's a true mirror of global stakeholdels, 0:06:42.080 --> 0:06:46.720 which means of all walks of society. If somebody is 0:06:46.720 --> 0:06:49.400 watching you and says I've never been invited to DeVos. 0:06:49.480 --> 0:06:51.720 I'd like to go. So I just send a letter 0:06:51.760 --> 0:06:53.720 to Claus Schwab and say I'd like to come. I 0:06:53.760 --> 0:06:57.480 would read select of me because I'm always curious about 0:06:59.040 --> 0:07:03.400 new people and UM as an example, I just because 0:07:03.480 --> 0:07:06.080 the email I don't know where he has my email 0:07:06.120 --> 0:07:12.080 address from, from a young girl in sixty years old 0:07:12.280 --> 0:07:17.760 in India who has done extraordinary things to help the community. 0:07:18.640 --> 0:07:25.440 UM in terms of practical approaches, UM to deal with 0:07:26.080 --> 0:07:32.040 environmental issues, particularly with plastics. So we have a certain 0:07:32.200 --> 0:07:37.720 open house for everybody who who has an innovative spirit, 0:07:37.800 --> 0:07:41.720 because we want to shape the future, and let's not 0:07:41.840 --> 0:07:46.520 forget we can shape the future in a positive way 0:07:47.000 --> 0:07:51.240 if you have also new innovative ideas. Now some people say, well, 0:07:51.360 --> 0:07:54.680 Davos is the is for the elites, and every year 0:07:54.960 --> 0:07:57.600 when Davos occurs the end of January you get articles 0:07:57.600 --> 0:08:00.480 in newspapers saying this is where the elites are gathering. 0:08:00.680 --> 0:08:02.520 How do you respond to people say it's just for 0:08:02.560 --> 0:08:07.080 the elites of the world. Yes, of course all the 0:08:07.120 --> 0:08:10.680 top decision makers are in Davos, but it's only half 0:08:10.680 --> 0:08:16.000 of the twos you have. In addition, many people not 0:08:16.240 --> 0:08:19.080 very well known, particularly not known to the media. I 0:08:19.200 --> 0:08:25.480 just give you were some examples. I invited Mrs Arhund 0:08:25.800 --> 0:08:29.800 when she still was a member of the parliament. UM. 0:08:29.960 --> 0:08:37.480 We invited people like Mandela. I was one of the 0:08:37.520 --> 0:08:40.440 first visitors to see him when he came out of 0:08:40.480 --> 0:08:45.439 prison in ninety so I taught him ninety two to Davos. 0:08:45.559 --> 0:08:49.040 It was a remarkable historical event because it was the 0:08:49.080 --> 0:08:54.680 first time he came together with at that time President Clerk, 0:08:55.400 --> 0:09:01.400 and it was demonstrations and apartheid as the in in 0:09:01.640 --> 0:09:06.439 South Africa. So there many of those people young um, 0:09:06.480 --> 0:09:10.040 not very well known, but so is also people who 0:09:10.040 --> 0:09:13.920 shape the future. Let's talk about your background first and 0:09:13.960 --> 0:09:16.160 then how you came to create what's known as Davos. 0:09:16.280 --> 0:09:18.960 So where did you grow up. I grew up in 0:09:19.120 --> 0:09:24.319 a middle size town just north of Switzerland in Germany, 0:09:24.520 --> 0:09:30.160 and I actually experienced still the halls of World War Two. 0:09:30.320 --> 0:09:33.280 I remember how I was sitting with my teddy bear 0:09:33.520 --> 0:09:39.200 in our shelter um. But we were actually fortunate because 0:09:39.600 --> 0:09:42.440 my father was working for a Swiss company and was 0:09:42.559 --> 0:09:46.440 also active for the International Red Course, so we could 0:09:46.640 --> 0:09:51.000 cross the border at any time between Germany and France 0:09:51.160 --> 0:09:57.160 and Switzerland. And what stroke me and what probably influenced 0:09:57.240 --> 0:10:00.800 my whole life, was to cause a kind of line 0:10:00.880 --> 0:10:05.280 and artificial lines in Boldo between Switzerland and Germany. And 0:10:05.360 --> 0:10:08.600 on the one side so was peace and on the 0:10:08.600 --> 0:10:11.600 other side there was the war. I think it was 0:10:11.640 --> 0:10:16.520 a very important element for me and a trival to 0:10:16.679 --> 0:10:23.120 devote my life to dialogue, to reconciliation, to working together 0:10:23.679 --> 0:10:26.920 in order to solve issues. And so you went to 0:10:27.000 --> 0:10:31.360 school then in Germany and and in high school in Germany. Yes, 0:10:31.480 --> 0:10:35.240 I went to high school in Germany, but some studied 0:10:35.400 --> 0:10:42.600 in Switzerland. I did, at the same time a studies 0:10:42.679 --> 0:10:48.000 in mechanical engineering, but at the same time I studied economics. 0:10:48.080 --> 0:10:51.920 And I concluded both with a master's degree, of course, 0:10:52.320 --> 0:10:56.080 and afterwards with a doctorate. And some of my father felt, 0:10:57.160 --> 0:11:01.200 in order to do real a career in in business, 0:11:01.320 --> 0:11:04.000 you have to go to Harvard Business School. So I 0:11:04.040 --> 0:11:08.560 applied to Harvard Business School, was accepted. But son I 0:11:08.600 --> 0:11:12.240 wrote to Harvard Business School and said, look to Dean Baker, look, 0:11:12.320 --> 0:11:15.160 I have two doctor grads. I want to come to 0:11:15.200 --> 0:11:19.920 the second year immediately, and he wrote back, no way. 0:11:20.040 --> 0:11:25.079 So what happened. Afterwards, I found a school in the 0:11:25.679 --> 0:11:28.200 At that time we didn't have the Internet yet. It 0:11:28.360 --> 0:11:32.000 was a big catalog. I found a center which was 0:11:32.040 --> 0:11:35.120 called Littower Center on today is the Kennedy School. And 0:11:35.200 --> 0:11:37.800 I discovered if you do, if you accepted at the 0:11:37.840 --> 0:11:42.319 Littower Center, you can cause register everywhere in the Harvard system. 0:11:42.360 --> 0:11:47.800 So that's what I did. I uh registered with the 0:11:47.960 --> 0:11:52.760 Kennedy School, went to all the classes of the Harvard 0:11:52.800 --> 0:11:56.560 Business School second year, and suddenly I got an invitation 0:11:57.080 --> 0:12:00.040 from Dean Baker to have tea with him in this 0:12:00.200 --> 0:12:05.040 little president's house, and he said, you are the first 0:12:05.080 --> 0:12:08.880 one who out foxed our system. From now on, cross 0:12:08.920 --> 0:12:12.080 registering will only be possible for two courses, so for 0:12:12.160 --> 0:12:16.200 two classes. But for me Cincy at Harvard it changed 0:12:16.240 --> 0:12:20.520 my life because I met also people like Henry Kissing Jaw, 0:12:21.040 --> 0:12:25.000 John Canders, Call Brays, and I became much more interested 0:12:25.040 --> 0:12:31.480 in political, general, economic, societal problems. So after you've finished 0:12:31.480 --> 0:12:35.240 at Harvard, you came back to Germany or Switzerland. I 0:12:35.280 --> 0:12:38.400 got the phone call from a famous smiss industrialist, Mr 0:12:38.480 --> 0:12:41.480 schmid Heini, and he told me, look, you have the 0:12:41.600 --> 0:12:47.280 Harvard experience. I just watched two companies. What ten thousand 0:12:47.280 --> 0:12:51.920 people company with another big industrial groups suits the group 0:12:51.960 --> 0:12:55.520 which still exists, Why don't you come and you are 0:12:55.559 --> 0:12:59.920 responsible for the merchant. So I went through a hearts 0:13:00.040 --> 0:13:04.400 cool because I had to lay off people. Um. But 0:13:04.800 --> 0:13:08.320 after two years, let's say, the job was more or 0:13:08.440 --> 0:13:12.920 less finished, and I asked myself what to do now? 0:13:13.760 --> 0:13:17.600 And I got an offer from the University of Geneva 0:13:17.679 --> 0:13:21.880 to do teaching, and I felt, with all the academic 0:13:21.920 --> 0:13:26.640 experience I have accumulated business experience, I should spend one 0:13:26.760 --> 0:13:30.560 or two years teaching. At the same time, I got 0:13:30.600 --> 0:13:34.599 an offer from a from the German Machine Building Association. 0:13:35.559 --> 0:13:40.960 You have been at Howard, you have business experience, why 0:13:41.040 --> 0:13:45.480 don't you write a book for our members on modern management. 0:13:46.160 --> 0:13:49.439 So I sat down and asked myself what is actually 0:13:49.520 --> 0:13:53.560 the purpose of a company? And that's when I came 0:13:53.640 --> 0:13:59.080 up with the stakeholder concept, which means that a company 0:13:59.200 --> 0:14:03.880 is not just an economic unit, but a social organism 0:14:03.920 --> 0:14:07.440 and it has to serve all those who depend on 0:14:07.480 --> 0:14:10.480 the company, who have a stake in the company, like 0:14:10.960 --> 0:14:14.240 the people working in the company. Is the community that 0:14:14.480 --> 0:14:18.240 is active in So that was the big let's say 0:14:18.320 --> 0:14:23.320 beginning actually of Sdabo's idea, because the Dabo's idea is 0:14:23.840 --> 0:14:29.680 the stakeholder capitalism, the stakehold of responsibility. Okay, so you're 0:14:29.720 --> 0:14:32.920 back at the University of Geneva. You're teaching economics. Is 0:14:32.920 --> 0:14:38.360 that what you're teaching? I was teaching actually leadership corporate management, 0:14:39.040 --> 0:14:45.160 and son, as a professor of US, I should say, frankly, 0:14:45.200 --> 0:14:49.800 a little bit bald. After all the previous experience I 0:14:49.920 --> 0:14:54.000 had written this book, Son, I felt why not to 0:14:54.240 --> 0:14:59.040 create the platform where business leaders could meet the stakeholders, 0:14:59.080 --> 0:15:05.960 which means political leaders but also um outstanding voices of society. 0:15:06.160 --> 0:15:12.000 So um I got I had made some savings and 0:15:12.360 --> 0:15:15.480 I got some money from my parents and that's how 0:15:15.560 --> 0:15:22.600 I started. See that was m platform, which is now 0:15:22.680 --> 0:15:28.800 called the World econvict form and actually um I incorporated 0:15:28.840 --> 0:15:32.160 it immediately as a not for profit foundation because I 0:15:32.280 --> 0:15:37.440 recognize if I wanted to attract governments, it cannot be 0:15:37.920 --> 0:15:43.280 for profit, profit making venture. So so had you made 0:15:43.280 --> 0:15:45.600 it a for profit venture, you think it would not 0:15:45.680 --> 0:15:48.640 have become as big as it has become. No, certainly not, 0:15:48.840 --> 0:15:55.920 because now we have su trust of everybody, because people 0:15:55.960 --> 0:15:59.320 know we are serving a purpose and we are not 0:15:59.400 --> 0:16:02.400 serving how own interests? What year was it that you 0:16:02.480 --> 0:16:06.720 had your first conference? It was seventy one, and so 0:16:06.800 --> 0:16:13.840 we're four hundred forty four people. And actually I hired 0:16:13.920 --> 0:16:18.960 one employee because I needed some experience in UM in 0:16:19.200 --> 0:16:22.920 how to run a confluence. That's how I met my wife. 0:16:22.960 --> 0:16:26.200 She was my first hitt and my first collaborator. So 0:16:26.280 --> 0:16:29.520 you've now been married for how many years? Next year 0:16:29.560 --> 0:16:33.000 it will be fifty years, David? Fifty years? Okay, So 0:16:33.240 --> 0:16:35.440 we canna have a big party at DeVos to celebrate 0:16:36.000 --> 0:16:41.320 the fiftieth wedding anniversary. No, we are more, uh, let's 0:16:41.320 --> 0:16:43.600 say a pirate family. I think we will do it. 0:16:43.960 --> 0:16:47.560 We married in a very little church in a mountain valley, 0:16:48.280 --> 0:16:53.880 which cannot let's say, give whom to mores and probably 0:16:53.920 --> 0:16:57.440 twenty thirty people. So we will go back, certainly to 0:16:57.560 --> 0:17:00.640 the church if if COVID allows us to do so. 0:17:02.480 --> 0:17:05.439 What was it that propelled Davos as we're calling it 0:17:05.480 --> 0:17:08.240 now or word economic forum to go from a four 0:17:08.800 --> 0:17:12.760 forty four person event to a global phenomenon? What was 0:17:12.800 --> 0:17:15.760 it that actually changed things that made it so popular 0:17:15.800 --> 0:17:19.080 and so important to people to attend? I think if 0:17:19.320 --> 0:17:26.399 I look over the last fifty years. It is the conviction, 0:17:27.520 --> 0:17:31.920 UH said the big issues in the world need a 0:17:32.000 --> 0:17:37.879 collaborative approach. UM. Business has to interact with government leaders. 0:17:37.920 --> 0:17:41.960 But also if you want to plan long term, you 0:17:42.040 --> 0:17:49.040 have to know how customers feel, how the young generation feels, 0:17:49.680 --> 0:17:54.439 what experts are thinking. So doubles it became a place 0:17:55.359 --> 0:17:58.600 where you really could absolve what the future will bring you. 0:17:59.160 --> 0:18:05.480 I think UH, intellectual or contextual intelligence as I would, 0:18:05.760 --> 0:18:10.280 to know what's going on, not only now, that what 0:18:10.440 --> 0:18:14.439 will happen in the future. To connect the dots became 0:18:14.520 --> 0:18:18.119 more and more important for business leaders when they looked 0:18:18.160 --> 0:18:21.359 at the long term strategies. Over the years the fifty 0:18:21.440 --> 0:18:23.919 years or so, have there been one or two or 0:18:24.000 --> 0:18:27.520 three events that have happened at thats where a global 0:18:27.600 --> 0:18:30.159 leader of one country met with a global leader of 0:18:30.160 --> 0:18:33.080 another country and actually as a result of peace, agreement 0:18:33.080 --> 0:18:36.159 broke out or something like that happened. Is that happened 0:18:36.240 --> 0:18:41.760 very much? It happens UM. For example, UM, we at 0:18:41.800 --> 0:18:45.880 a very critical moment thirty years ago, we prevented probably 0:18:45.920 --> 0:18:50.240 a war between tokey increase, even if unfortunately we didn't 0:18:50.359 --> 0:18:55.800 or any monst city. UM. We were the only platform 0:18:55.880 --> 0:18:59.840 for many years, which part is really leadership and see 0:19:00.040 --> 0:19:04.119 that leadership together in Davos. As you know, David, we 0:19:04.320 --> 0:19:10.879 try UM always to be a platform of good services. 0:19:11.400 --> 0:19:15.919 I would even say in bis Pestiss tradition, because like 0:19:16.040 --> 0:19:23.159 Switzerland's the world econry form is independent, impartial and non political. 0:19:23.560 --> 0:19:26.960 So many people that build organizations like yours has been 0:19:26.960 --> 0:19:30.199 over fifty years now, they want them to continue forever. 0:19:30.760 --> 0:19:33.840 What do you hope will happen subsequently you're not being 0:19:33.840 --> 0:19:36.480 the executive chair? Will I continue or can it not 0:19:36.560 --> 0:19:40.440 continue without you? I have built a very strong government 0:19:40.560 --> 0:19:44.240 structural not only with the board of trustees, but also 0:19:44.480 --> 0:19:48.600 with the managing world. The foom UM is now an 0:19:48.720 --> 0:19:55.919 organization with offices around the world in China, Tokyo, US 0:19:56.080 --> 0:19:59.840 twice and also we have our center for the f 0:20:00.040 --> 0:20:08.159 Sincesty Revolution in San Francisco. UM. I think many capable people, 0:20:08.800 --> 0:20:13.520 and if something happened to me, I think the spirit 0:20:13.960 --> 0:20:18.040 would survive. What is it you're most proud of having 0:20:18.080 --> 0:20:20.800 created over the fifty year period of time. It's a 0:20:20.840 --> 0:20:23.879 gathering place or a network of our community. What is 0:20:23.880 --> 0:20:25.720 it that makes you most proud of what you've done? 0:20:25.960 --> 0:20:33.280 I think many many examples where we took an initiative 0:20:33.440 --> 0:20:39.119 for we pro wided solution. I'm personally very proud, maybe 0:20:39.160 --> 0:20:46.800 as an academic, that stakehold of capitalism is now broadly 0:20:46.920 --> 0:20:57.320 accepted and has been even um in sicna Kais is 0:20:57.920 --> 0:21:03.680 shown as being involved more robust model for the business 0:21:04.280 --> 0:21:08.920 compared to one company which is only aiming at short 0:21:09.040 --> 0:21:13.000 term profits. Class. Now, when you call somebody, any head 0:21:13.040 --> 0:21:15.760 of state in the world, or you email anybody, does 0:21:15.800 --> 0:21:18.040 it take more than five minutes or two minutes or 0:21:18.080 --> 0:21:19.919 a minute for you to get a call back? Because 0:21:20.240 --> 0:21:22.240 you know everybody knows you, everybody wants to talk to you. 0:21:22.280 --> 0:21:23.760 How hard is it for you to get anybody on 0:21:23.760 --> 0:21:26.280 the phone? I assume not too hard. I would say 0:21:26.320 --> 0:21:28.760 it's not too hot, but certainly not if it's in 0:21:28.760 --> 0:21:36.359 a minute, or sometimes it takes a week, but certainly 0:21:39.000 --> 0:21:43.080 most people see I have met every leader probably around 0:21:43.119 --> 0:21:47.240 the world. We see exception of the last pope I 0:21:47.359 --> 0:21:51.119 tried to take out of all those meetings, um the 0:21:51.320 --> 0:21:57.760 very best and um David, if I may, um, when 0:21:57.800 --> 0:22:01.159 you meet those people who ask your self what is 0:22:01.320 --> 0:22:06.080 actually what? What what makes the leader? Today? I have 0:22:06.119 --> 0:22:12.960 a very simple definition it takes brains, soul, heart, and muscles. 0:22:14.040 --> 0:22:19.199 Now supremes stands for professionalism. You have to know what 0:22:19.359 --> 0:22:25.119 you are dealing with. Uh See. Soul stands for having 0:22:25.119 --> 0:22:28.320 a compass which gives your direction. It may be a vision, 0:22:28.560 --> 0:22:32.840 it's your values. And the heart is for passion. You 0:22:32.920 --> 0:22:35.639 have to be passionate about what you are doing. And 0:22:35.680 --> 0:22:41.160 the muscles is for being able to implement um your ideas, 0:22:41.320 --> 0:22:45.239 your vision, to translate your values. And I have to 0:22:45.280 --> 0:22:48.280 say when I look around in the world all the 0:22:48.359 --> 0:22:51.679 leaders I have met, so actually the only way if 0:22:51.720 --> 0:22:58.800 you who respond to all four citeria. But again, the 0:22:58.920 --> 0:23:03.000 person who is out standing sevest lower model is certainly 0:23:03.080 --> 0:23:06.600 knows of Mandela Well. I may just conclude by saying 0:23:06.640 --> 0:23:08.399 I've met a lot of great leaders as well, but 0:23:08.440 --> 0:23:12.760 I would also say one that I know who has brains, soul, 0:23:13.200 --> 0:23:16.919 heart and muscle is Klaus Schwab. So congratulations on what 0:23:17.000 --> 0:23:19.239 you have done, Klauss. I hope you're very proud of 0:23:19.240 --> 0:23:21.360 what you've built and I look forward to seeing you 0:23:21.760 --> 0:23:24.240 not too too long for now. Thank you way how 0:23:24.320 --> 0:23:28.280 much Stavord and you've been listening to Klaus Schwab. He's 0:23:28.480 --> 0:23:31.600 founder and executive chairman of the World Economic Forum on 0:23:31.640 --> 0:23:36.280 the David Rubinstein Show Peer to peer conversations, and that's 0:23:36.320 --> 0:23:40.040 it for this hour of Bloomberg Best And I'm Denise Pere. 0:23:40.520 --> 0:23:41.680 This is