May 15, 2020 • 14 mins
In this episode of Commencement: Speeches for the Class of 2020, David Solomon, an investment banker, record producer, and CEO of Goldman Sachs inspires graduates to hold onto their unique spark in the world, be curious about the world and those we share it with, and to stay true to themselves.
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Episode Transcript
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Speaker 1 (00:00):
Commencement Speeches for the Class of is a production of
I Heart Radio. Class of Parents, faculty, rising graduates, Welcome
to commencement. You made it. This year is a little different,
(00:23):
a difficult time to graduate because the traditional graduation day
has been put on hold. So we're bringing it to
you wherever you are, because this is still your day,
your moment. And now put your hands together. It's time
to be inspired. This year's commencement speaker, the one and
only David Solomon M. Good morning, good afternoon, good evening,
(00:55):
and most importantly, congratulations to each one of you, the
members of the Class of First and Foremost. I hope
that you and your loved ones are healthy and safe.
Not the usual way you would open a commencement address,
but I don't have to tell you that these are
indeed unusual times. The coronavirus has pushed and strained our
global society on an unprecedented scale, and our most vulnerable
(01:19):
communities and small businesses are suffering more than others. Thankfully,
there are areas of inspiration the frontline workers, the doctors,
the nurses, and the individuals showing up to work every day.
Whether to keep our supermarkets and our pharmacies operating, or
a public transportation running. The challenges continue for all of
(01:41):
us as we navigate our way forward, and more is
asked of us. A great deal has been asked of
all of you, as well, more than has been asked
of any graduating class in recent memory. Yours is a
commencement quite different from the one you or anyone else envisioned.
No matter who you've studied in college, accounting or anthropology, biology,
(02:04):
or business, every member of the class of has received
a profound lesson in dealing with uncertainty, being resilient, and
the power of community. And we've all been reminded of
an essential trait that is human beings. Sets us apart
from the rest of the creatures on the planet our
ability to choose how we respond to events beyond our control.
(02:28):
This is where our true character is revealed. Victor Frankel,
the famed psychologist, holocaust survivor, and author of Man Search
for Meaning, summed it up best between stimulus and response.
There is a space. In that space is our power
to choose our response. In our response lies our growth
(02:51):
and our freedom. You have worked incredibly hard to get
to this point. You've made sacrifices. You've put yourself into
challenge situations and mastered a huge amount of information. It's
a terrific achievement, and I hope you feel that sense
of satisfaction on a job well done. I'm honored to
(03:11):
have the opportunity to celebrate you and what you've achieved
to do that. I'd like to give you something three gifts,
in fact, virtually obviously, so I hope that you'll carry
the message that accompanies them just the same. The three
gifts are a compass, a watch, a smart watch, of course,
(03:32):
and a mirror. Here's why. The compass is to remind
you that life is a journey, not a destination. The
journey with significant milestones along the way, milestones like this one,
but a journey nonetheless, just as a compass can point
to true north, you need to have your own true north,
your own inner compass that provides direction, maybe even a
(03:55):
trajectory that you aspire to. And while lofty goals and
far off dest nations are important, it is equally important
to be aware of the journey itself, to be deeply connected,
to impresent to the moments great and small along the way.
By all means, keep your eyes on the distant horizon,
(04:15):
but don't miss the flowers at your feet. Be aware
of where you are as much as where you're headed.
As you start out your professional life, there is often
a dangerous misconception that people further along in their careers
have been on a very linear, well planned path. Not true.
(04:35):
Listen to others tell you of their own journey, and
most will tell you that their path has been one
of crooked lines, you turns, detours, and even the f
word failure and failure is going to come somewhere in
your life somehow when you do fail. When you fall,
you'll pick yourself up, dust yourself off, and start again,
(04:56):
and you'll learn something. Learning and failure go hand in hand.
If you learned to ride a bicycle as a kid,
when you took the leap from safety or your training wheels,
you probably fell a lot until you figured it out.
Remember that if you don't fall once in a while,
you're probably not growing. I've gotten some heavy doses of
(05:18):
that learning from failure. One in particular stands out Early
in my career and my second job after graduating. I
was working at something to fit my skill set at
an entrepreneurial firm where I started to have some real success.
Clearly I had found my path, my professional home. Then
the company imploded spectacularly. I was twenty eight years old
(05:41):
and I was out of a job. Even worse, I
lacked a business school degree when that was seen as
an essential to advance and finance. I had lost so
much ground, or so I thought. Now thirty years later,
I can stay with the benefit of hindsight that it
was an incredible learning experience. I learned about what I
like doing and in what kind of cultures I did well,
(06:04):
And I learned what not to do when you're running
a company. Very often we can see life's lessons more
clearly in the rear view mirror. And while there's value
to looking back, don't stare for too long. In order
to drive forward, you have to focus on the windshield
in front of you. One of the lessons I learned
from that chapter in my life was the realization that
(06:27):
the path often deviates from the original plan. Things change,
No doubt you've experienced that yourself. Perhaps you changed high schools,
changed your major, at an internship that redirected your career path,
or at a crossroads now uncertain of what's next for you.
Even that uncertainty, that's okay, that's normal. In fact, it's
(06:49):
an essential part of learning, being open into experiences and
what they may hold for you. What's most important is
that whatever steps you take, whether big, both leaps, small,
cautious moves, you do so well being true to your
internal compass, be true to who you are, the people
who matter to you, Knowing what matters to you and
(07:12):
what doesn't. Have a strong compass, where your true north
is your destination. There's no better way to navigate life. Now,
along with that compass, I'm going to give you a watch,
and yes, I'll include a variety of interchangeable bands to
suit your style. Give him my track record of picking
out this kind of thing. I'll probably include a gift's
(07:34):
receipt too. Either way, every time you look at that watch,
it's my hope that you'll be reminded of the value
of time, the importance of deciding, very intentionally how you
spend it. I've worked on Wall Street for over three decades,
and our work involves at times an array of valuable commodities, stocks, bonds, gold, silver, oil,
(07:57):
you name it. But even a ben will tell you
the most precious commodity of all is time. No matter
how smart and creative you may be, you cannot create
more time. Once you've spent it, there's no way to
get it back. One of the great lessons my father
taught me was the value of time, and more important,
(08:18):
how to be a good steward of this finite commodity.
I was a teenager frustrated that I couldn't fit into
my schedule everything that I needed and wanted to get
done academics, sports, friends, the rest of high school life.
So my father had me go through an exercise I'll
never forget. With a simple printed calendar, he had me
(08:39):
write in each day's box what I needed to get done,
including eating and sleeping, and how long I thought I
needed to do it. I protested, of course, but when
I was done, I realized that I still hadn't filled
my day. There was more time if I spent it wisely.
Gradually I learned to be very intentional with my time,
(08:59):
how I ented what I wasn't willing to give up.
I budgeted my time a lot tighter. In the process,
discovered more of it, more time to get things done,
to explore new things, to do what really mattered to
me to this day, I make sure that, even with
the jam pack schedule of a CEO, I make time
outside my day to day to be with people from
(09:20):
different industries with different backgrounds. Time spent fostering relationships with
diverse people who enriched my thinking and challenge my assumptions
makes life a whole lot more interesting. It also makes
me a better person and in turn a better CEO.
I hope you'll be a good steward of the gift
of time invested wisely in yourself and others, with people
(09:43):
who think differently than you do, people you love, people
who love you, some who challenge you, and more than
a few who believe in you. Along with your compass
and your watch, I'd like to give you a mirror
and make sure you take a look in that mirror
often and remember to see your authentic self. Remain committed
(10:07):
to being who you really are, and bring it with
you wherever life's journey takes you. Now, that won't always
be easy. I learned that myself not too long ago.
At the time, I had a senior leadership position at
Goldman Sachs, and I picked up a hobby. It was
by Wall Street executive standards pretty unusual. I took up
(10:27):
DJ plane house and electronic dance music. I did this
for fun, and I loved it, But I knew, I thought,
I knew that it wasn't meant to be shared widely.
This was my private hobby. I was David Solomon most
of the time and d J d sal during some
of my free time. While there was nothing wrong with it,
(10:47):
I preferred to keep that part of my life low
key in private. But then a news article appeared exposing me,
if you will, as the DJ banker at Goldman Sachs.
It was a bit to pray, using, feeling that now
I would have to shut the door on my brief
but enjoyable DJ passion. Why continued to pursue my professional goals.
(11:09):
The idea of somehow combining these two personas just didn't
seem possible. Well, my boss at the time, our CEO,
Lloyd blank Find, had a different reaction. Lloyd is famous
for his wit, and so while I was preparing myself
to walk away from something I loved, he took out
his phone and tweeted to his not unsizable following a
(11:29):
link to the story and a characteristically playful comment. Every
once in a while, David needs to let his hair down.
Now you can't see me, but know this, I am
a bald man, not a follicle on my head. I
loved the joke, but more importantly, I appreciated the support
when I really needed it. But that taught me was
(11:51):
two things. One was okay to keep doing what I
was doing. David Salomon the banker David Salomon the DJ
did not have to be mutual exclusive. The second thing
that taught me was that being open and authentic about
who I am was actually going to help me personally
and professionally. I found myself having new and unexpected conversations
(12:13):
with colleagues about music were a totally unrelated hobby of
their own. People with whom I rarely engaged now felt
comfortable approaching me, with some even asking my advice and
how they could carve out time for their own passion.
My opportunities to enjoy DJ and would be helped by
my being relatively well known for something else Entirely. I'm
(12:34):
well aware that I get some gigs because I'm the
CEO of Goldman Sachs. My hope is I'm getting progressively
more of them because of my skills as a DJ.
In the meantime, because I have a platform, I've decided
to do some good with it. I was able to
launch a record label to produce music with all the
money going to causes I really believe in, primarily addiction charities,
and more recently, efforts related to the coronavirus response. Whatever
(12:59):
unique spark you bring to the world, hold onto it,
nurture it, develop it, Be curious and open to new thinking,
different cultures, the rich diversity of the lives of others.
Yet always stay true to the principles that matter most
to you. You know what those principles are, don't surrender
(13:20):
them easily. So congratulations, class of Let the next chapter
of your journey begin. I'm excited for you and the
gifts and the talents you're ready to share. It's time
to pack up your compass, strap on your watch, grab
that mirror, and make your mark in the world. Thank you,
(13:43):
good luck, and stay healthy. You can find the collection
of incredible commencement addresses from all your favorites be at
the Commencement podcast on I Heart Radio or wherever you
(14:03):
listen to podcasts. M
Commencement Speeches for the Class of is a production of
I Heart Radio. Class of Parents, faculty, rising graduates, Welcome
to commencement. You made it. This year is a little different,
(00:23):
a difficult time to graduate because the traditional graduation day
has been put on hold. So we're bringing it to
you wherever you are, because this is still your day,
your moment. And now put your hands together. It's time
to be inspired. This year's commencement speaker, the one and
only David Solomon M. Good morning, good afternoon, good evening,
(00:55):
and most importantly, congratulations to each one of you, the
members of the Class of First and Foremost. I hope
that you and your loved ones are healthy and safe.
Not the usual way you would open a commencement address,
but I don't have to tell you that these are
indeed unusual times. The coronavirus has pushed and strained our
global society on an unprecedented scale, and our most vulnerable
(01:19):
communities and small businesses are suffering more than others. Thankfully,
there are areas of inspiration the frontline workers, the doctors,
the nurses, and the individuals showing up to work every day.
Whether to keep our supermarkets and our pharmacies operating, or
a public transportation running. The challenges continue for all of
(01:41):
us as we navigate our way forward, and more is
asked of us. A great deal has been asked of
all of you, as well, more than has been asked
of any graduating class in recent memory. Yours is a
commencement quite different from the one you or anyone else envisioned.
No matter who you've studied in college, accounting or anthropology, biology,
(02:04):
or business, every member of the class of has received
a profound lesson in dealing with uncertainty, being resilient, and
the power of community. And we've all been reminded of
an essential trait that is human beings. Sets us apart
from the rest of the creatures on the planet our
ability to choose how we respond to events beyond our control.
(02:28):
This is where our true character is revealed. Victor Frankel,
the famed psychologist, holocaust survivor, and author of Man Search
for Meaning, summed it up best between stimulus and response.
There is a space. In that space is our power
to choose our response. In our response lies our growth
(02:51):
and our freedom. You have worked incredibly hard to get
to this point. You've made sacrifices. You've put yourself into
challenge situations and mastered a huge amount of information. It's
a terrific achievement, and I hope you feel that sense
of satisfaction on a job well done. I'm honored to
(03:11):
have the opportunity to celebrate you and what you've achieved
to do that. I'd like to give you something three gifts,
in fact, virtually obviously, so I hope that you'll carry
the message that accompanies them just the same. The three
gifts are a compass, a watch, a smart watch, of course,
(03:32):
and a mirror. Here's why. The compass is to remind
you that life is a journey, not a destination. The
journey with significant milestones along the way, milestones like this one,
but a journey nonetheless, just as a compass can point
to true north, you need to have your own true north,
your own inner compass that provides direction, maybe even a
(03:55):
trajectory that you aspire to. And while lofty goals and
far off dest nations are important, it is equally important
to be aware of the journey itself, to be deeply connected,
to impresent to the moments great and small along the way.
By all means, keep your eyes on the distant horizon,
(04:15):
but don't miss the flowers at your feet. Be aware
of where you are as much as where you're headed.
As you start out your professional life, there is often
a dangerous misconception that people further along in their careers
have been on a very linear, well planned path. Not true.
(04:35):
Listen to others tell you of their own journey, and
most will tell you that their path has been one
of crooked lines, you turns, detours, and even the f
word failure and failure is going to come somewhere in
your life somehow when you do fail. When you fall,
you'll pick yourself up, dust yourself off, and start again,
(04:56):
and you'll learn something. Learning and failure go hand in hand.
If you learned to ride a bicycle as a kid,
when you took the leap from safety or your training wheels,
you probably fell a lot until you figured it out.
Remember that if you don't fall once in a while,
you're probably not growing. I've gotten some heavy doses of
(05:18):
that learning from failure. One in particular stands out Early
in my career and my second job after graduating. I
was working at something to fit my skill set at
an entrepreneurial firm where I started to have some real success.
Clearly I had found my path, my professional home. Then
the company imploded spectacularly. I was twenty eight years old
(05:41):
and I was out of a job. Even worse, I
lacked a business school degree when that was seen as
an essential to advance and finance. I had lost so
much ground, or so I thought. Now thirty years later,
I can stay with the benefit of hindsight that it
was an incredible learning experience. I learned about what I
like doing and in what kind of cultures I did well,
(06:04):
And I learned what not to do when you're running
a company. Very often we can see life's lessons more
clearly in the rear view mirror. And while there's value
to looking back, don't stare for too long. In order
to drive forward, you have to focus on the windshield
in front of you. One of the lessons I learned
from that chapter in my life was the realization that
(06:27):
the path often deviates from the original plan. Things change,
No doubt you've experienced that yourself. Perhaps you changed high schools,
changed your major, at an internship that redirected your career path,
or at a crossroads now uncertain of what's next for you.
Even that uncertainty, that's okay, that's normal. In fact, it's
(06:49):
an essential part of learning, being open into experiences and
what they may hold for you. What's most important is
that whatever steps you take, whether big, both leaps, small,
cautious moves, you do so well being true to your
internal compass, be true to who you are, the people
who matter to you, Knowing what matters to you and
(07:12):
what doesn't. Have a strong compass, where your true north
is your destination. There's no better way to navigate life. Now,
along with that compass, I'm going to give you a watch,
and yes, I'll include a variety of interchangeable bands to
suit your style. Give him my track record of picking
out this kind of thing. I'll probably include a gift's
(07:34):
receipt too. Either way, every time you look at that watch,
it's my hope that you'll be reminded of the value
of time, the importance of deciding, very intentionally how you
spend it. I've worked on Wall Street for over three decades,
and our work involves at times an array of valuable commodities, stocks, bonds, gold, silver, oil,
(07:57):
you name it. But even a ben will tell you
the most precious commodity of all is time. No matter
how smart and creative you may be, you cannot create
more time. Once you've spent it, there's no way to
get it back. One of the great lessons my father
taught me was the value of time, and more important,
(08:18):
how to be a good steward of this finite commodity.
I was a teenager frustrated that I couldn't fit into
my schedule everything that I needed and wanted to get
done academics, sports, friends, the rest of high school life.
So my father had me go through an exercise I'll
never forget. With a simple printed calendar, he had me
(08:39):
write in each day's box what I needed to get done,
including eating and sleeping, and how long I thought I
needed to do it. I protested, of course, but when
I was done, I realized that I still hadn't filled
my day. There was more time if I spent it wisely.
Gradually I learned to be very intentional with my time,
(08:59):
how I ented what I wasn't willing to give up.
I budgeted my time a lot tighter. In the process,
discovered more of it, more time to get things done,
to explore new things, to do what really mattered to
me to this day, I make sure that, even with
the jam pack schedule of a CEO, I make time
outside my day to day to be with people from
(09:20):
different industries with different backgrounds. Time spent fostering relationships with
diverse people who enriched my thinking and challenge my assumptions
makes life a whole lot more interesting. It also makes
me a better person and in turn a better CEO.
I hope you'll be a good steward of the gift
of time invested wisely in yourself and others, with people
(09:43):
who think differently than you do, people you love, people
who love you, some who challenge you, and more than
a few who believe in you. Along with your compass
and your watch, I'd like to give you a mirror
and make sure you take a look in that mirror
often and remember to see your authentic self. Remain committed
(10:07):
to being who you really are, and bring it with
you wherever life's journey takes you. Now, that won't always
be easy. I learned that myself not too long ago.
At the time, I had a senior leadership position at
Goldman Sachs, and I picked up a hobby. It was
by Wall Street executive standards pretty unusual. I took up
(10:27):
DJ plane house and electronic dance music. I did this
for fun, and I loved it, But I knew, I thought,
I knew that it wasn't meant to be shared widely.
This was my private hobby. I was David Solomon most
of the time and d J d sal during some
of my free time. While there was nothing wrong with it,
(10:47):
I preferred to keep that part of my life low
key in private. But then a news article appeared exposing me,
if you will, as the DJ banker at Goldman Sachs.
It was a bit to pray, using, feeling that now
I would have to shut the door on my brief
but enjoyable DJ passion. Why continued to pursue my professional goals.
(11:09):
The idea of somehow combining these two personas just didn't
seem possible. Well, my boss at the time, our CEO,
Lloyd blank Find, had a different reaction. Lloyd is famous
for his wit, and so while I was preparing myself
to walk away from something I loved, he took out
his phone and tweeted to his not unsizable following a
(11:29):
link to the story and a characteristically playful comment. Every
once in a while, David needs to let his hair down.
Now you can't see me, but know this, I am
a bald man, not a follicle on my head. I
loved the joke, but more importantly, I appreciated the support
when I really needed it. But that taught me was
(11:51):
two things. One was okay to keep doing what I
was doing. David Salomon the banker David Salomon the DJ
did not have to be mutual exclusive. The second thing
that taught me was that being open and authentic about
who I am was actually going to help me personally
and professionally. I found myself having new and unexpected conversations
(12:13):
with colleagues about music were a totally unrelated hobby of
their own. People with whom I rarely engaged now felt
comfortable approaching me, with some even asking my advice and
how they could carve out time for their own passion.
My opportunities to enjoy DJ and would be helped by
my being relatively well known for something else Entirely. I'm
(12:34):
well aware that I get some gigs because I'm the
CEO of Goldman Sachs. My hope is I'm getting progressively
more of them because of my skills as a DJ.
In the meantime, because I have a platform, I've decided
to do some good with it. I was able to
launch a record label to produce music with all the
money going to causes I really believe in, primarily addiction charities,
and more recently, efforts related to the coronavirus response. Whatever
(12:59):
unique spark you bring to the world, hold onto it,
nurture it, develop it, Be curious and open to new thinking,
different cultures, the rich diversity of the lives of others.
Yet always stay true to the principles that matter most
to you. You know what those principles are, don't surrender
(13:20):
them easily. So congratulations, class of Let the next chapter
of your journey begin. I'm excited for you and the
gifts and the talents you're ready to share. It's time
to pack up your compass, strap on your watch, grab
that mirror, and make your mark in the world. Thank you,
(13:43):
good luck, and stay healthy. You can find the collection
of incredible commencement addresses from all your favorites be at
the Commencement podcast on I Heart Radio or wherever you
(14:03):
listen to podcasts. M
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