Live from Omaha: CEO Jing Zhao Cesarone: Buffett is a role model for all of us in corporate social responsibility.

Recently, the highly anticipated Berkshire Hathaway Shareholders Meeting took place in the Omaha, Nebraska. During the event, Ms. Jing Zhao Cesarone, CEO of the Global Corporate Social Responsibility Foundation and ChinaWise USA, gave an exclusive interview to Sina Finance. 

In the interview, Cesarone stated, “Mr. Buffett is the best example of philanthropy.” She pointed out that Buffett donated the money he won from a bet to Girls Inc. of Omaha, helping provide more opportunities for women to grow. “His company not only delivers great rewards and success in business but also serves as a role model for all of us when it comes to corporate social responsibility.”

Here are the key quotes:

• “In a fluctuating environment, one can always remain undefeated, confident, fearless, and work steadily.”
• “With the advancement of technology and the acceleration of information exchange, it feels like each day passes much faster than before.”
• “I believe that the future of technological development will bring more efficient progress to the education and training sectors.”
• “Companies that excel in corporate social responsibility and ESG practices will not only attract investors but will also win the admiration of partners and consumers, leading to greater development and a promising future.”

Below is the interview transcript:

Sina Finance: Compared to previous years, do you have any different feelings or new insights from this year’s Berkshire Hathaway Shareholders Meeting?

Jing Cesarone: This year, we are very happy to be here again with friends from China and around the world for the shareholders meeting. One noticeable difference this year, as many here would know, is the absence of Mr. Munger, which is deeply regrettable. However, his wise words and memorable presence remain in our minds. Just last night, at the Venture Capital Summit, a speaker specifically talked about Munger’s counterintuitive thinking, his logical and rational approach, and his principled wisdom, which are all things we know well. In past years, especially before the pandemic, we had opportunities to take photos with Mr. Buffett. Many entrepreneurs and friends from different regions not only engaged with him during the shareholders meeting but also had chances to take photos with him. We particularly look forward to the possibility of such opportunities arising again in the future.

Sina Finance: What was the most memorable aspect of this year’s meeting for you?

Jing Cesarone: What impressed me the most was seeing more people from various industries worldwide attending the Berkshire Hathaway Annual Shareholders Meeting. We had investors and entrepreneurs from China, MBA students from around the globe, international students from across the U.S., and professors and mentors all showing great enthusiasm. During the Omaha Dialogue: Sino-U.S. Investor Reception that we organized, people of all ages were eager to participate. This year, we even had some high school students from Shanghai, who were winners of our investment competition, attend the event.

During the reception, Sina Finance recruited volunteers across North America, and students enthusiastically joined from various regions. Some even drove from far distances, lining up at 2 or 3 a.m. just to be among the first to sit in the front row and get a better view of Mr. Buffett at the shareholders meeting. This kind of enthusiasm and strong desire to participate was really palpable this year.

I truly cherish this opportunity, especially with Mr. Munger’s passing. Mr. Buffett is now 94 years old, though he remains in good health and we still see him at many events, we all recognize how precious each chance is to hear him speak in person. Everyone is doing their utmost to be part of this event, and we all feel very fortunate to be able to attend the Berkshire Hathaway Annual Shareholders Meeting again and reconnect with old and new friends.

Sina Finance: Mr. Buffett mentioned that he’s in the “overtime” of his life, so we are all very grateful for each opportunity to hear his insights on investing. In the current global economic situation and amidst market volatility, can we still continue to learn from his investment strategies?

Jing Cesarone: Absolutely. His golden rules and investment philosophy, especially in the post-pandemic world and in the midst of this era of major changes and industry consolidation, are more relevant than ever. For instance, Buffett’s Rule No. 1: Never lose money; and Rule No. 2: Never forget Rule No. 1. These principles are vital for maintaining stability and confidence in volatile environments, helping us act without fear and with steady focus.

Let me give you an example. Yesterday, at the Sino-U.S. Investor Reception, the host asked Buffett’s shareholders in attendance whether they would continue to hold Berkshire Hathaway stock over the next 10 years and why. Almost everyone said yes, except for one person who said they needed to think about it further. Over the years, Berkshire Hathaway stock has consistently delivered good returns, and Buffett often emphasizes the importance of looking at investments over a 10-year horizon. This confidence and trust in his judgment and performance are reflected in the continued willingness of investors to hold onto his stock for the long term.

Sina Finance: We know that Ms. Cesarone, you have over 20 years of experience in managing NGOs, business strategy, and cross-cultural communication, having been involved in nearly 100 high-tech education and agricultural cross-border projects. What are your insights on corporate social responsibility?

Jing Cesarone: As the CEO of the Global CSR Foundation, we work with the 17 Sustainable Development Goals introduced by the United Nations. In our second year, we led global entrepreneurs in signing a commitment to invite private enterprises, business leaders, and entrepreneurs to integrate corporate social responsibility into their business strategies.

ESG (Environmental, Social, and Governance) has become a trending topic in recent years. I actually first engaged with corporate social responsibility in the 1990s at Siemens. I vividly remember a sentence from the company’s social responsibility statement: to be a good company, you must act as a good citizen and fulfill your responsibilities and contributions to the community, country, and people.

Over the past 20 years, especially after the UN introduced the Sustainable Development Goals, I have focused on incorporating corporate responsibility into the core strategies of companies, including their products, corporate culture, and employment practices. Working with many companies on global charitable and non-profit projects has been something I am very passionate about.

Warren Buffett is a prime example of corporate social responsibility and philanthropy. For instance, he once won a bet and donated the winnings to Girls Inc. of Omaha, an organization that helps girls and women develop more opportunities. Mr. Buffett personally taught children how to play the ukulele and even negotiated prices at local music stores for them. His involvement goes beyond just monetary donations; he actively participates and contributes to the local community in Omaha. This is something we can all learn from. His company not only provides excellent returns and success in business but also serves as a model for corporate social responsibility.

Sina Finance: What has been the biggest challenge you’ve faced in managing non-governmental organizations and multinational projects? How have you overcome these challenges?

Jing Cesarone: Our work is global in scope, and the biggest challenge is the cultural and linguistic differences between countries. There are variations in perceptions and judgments regarding the same issues. For instance, when working towards UN’s 17 Sustainable Development Goals, especially with the deadline of 2030 approaching, we only have a little over five years left. It is crucial to ensure that everyone is on the same page with regards to information and goals, and to overcome the differences arising from various cultural and economic contexts to achieve these objectives collectively.

However, this process also helps us understand more about cultural differences and find diverse ways to work together towards our goals. We encounter many people working hard towards these objectives. A key point is the need for more funding and involvement from additional organizations to support these projects, so that we can achieve the sustainable goals by 2030.

Sina Finance: Thank you, Ms. Cesarone, for your contributions to the community and our society. Yesterday, given the current global situation, how do you view investment opportunities in the education sector?

Jing Cesarone: The education sector has been a field I have been deeply passionate about and involved in for nearly 20 years. My involvement includes early childhood education, especially brain development for children aged 0-3 years. Education for children provides opportunities for the younger generation to develop more comprehensively and effectively. Additionally, I am involved in STEAM education for middle and high school students, as well as university applications. I believe that the next generation, shaped by advancements in technology, AI, and creativity, is very different from us. Hence, there is a huge opportunity to leverage AI and big data in education. Integrating these technologies into our educational systems can enhance the learning experience for the new generation, allowing them to benefit from new technologies and ideas from an early age.

Sina Finance: It’s clear that you place great importance on investment in the education sector. What are your predictions for the global and Chinese economies in the coming years?

Jing Cesarone: This is a challenging question, but I am an optimist. Despite the many challenges we face, countries such as China are still in a recovery phase and will need some time. However, I remain optimistic about the future. With technological advancements and accelerated information exchange, it feels like time is moving faster due to the sheer volume of information we process daily. The rise of new internet trends, such as TikTok and live-streaming e-commerce, has revolutionized communication and commerce globally. This trend of rapid online communication and commerce will continue to evolve. I believe that despite challenges, the future will bring significant progress. With collective effort, there is great potential for development and hope.

Sina Finance: Your optimism is quite inspiring. With globalization and technological innovation advancing, how do you see the trends in your industry over the next five years?

Jing Cesarone: In terms of education and communication, I believe that technological advancements will bring more efficient progress to these fields. For instance, with big data and AI, the content and quality of teacher training can be significantly improved. By integrating various ideas and case studies from participants, we can create highly efficient and effective training programs.

For communication and corporate social responsibility, and e-commerce, I see great potential for growth. In the next three to five years, markets in the U.S. and North America will continue to learn from the success of China’s e-commerce and live-streaming models. These new business models, where consumers are also promoters and active participants, will attract more users and foster greater development potential. Companies that excel in ESG and corporate social responsibility will not only attract investment but also build stronger relationships with partners and consumers, ensuring long-term growth and success.