My Message To The Class Of 2020

Even though we can’t celebrate together, I had the opportunity to record this commencement address for the Class of 2020 with iHeart Radio. You can listen to the speech here: https://click.gs.com/me82. Huge congratulations to all of our grads — and importantly, I hope you and your families stay safe and healthy.

Good morning, good afternoon, good evening, and, most importantly, congratulations to each one of you, the members of the class of 2020. 

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 communities and small businesses are suffering more than others. Thankfully, there are areas of inspiration – the front-line workers – the doctors, the nurses, and the individuals showing up to work every day, whether to keep our supermarkets and pharmacies operating, or our public transportation running. The challenges continue for all of us as we navigate our way forward, and more is asked of us.

A great deal has been asked 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 what you’ve studied in college – accounting or anthropology, biology or business, every member of the class of 2020 has received a profound lesson in dealing with uncertainty, being resilient and the power of community.

And we have all been reminded of an essential trait that, as 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. This is where our true character is revealed. Viktor Frankl, the famed psychologist, Holocaust survivor and author of Man’s 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 and our freedom.”

You have worked incredibly hard to get to this point. You have made sacrifices, put yourself into challenging 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 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. Still, I hope you’ll carry the message that accompanies them just the same.

The three gifts are: A Compass. A Watch – a smartwatch of course. And a Mirror.

Here’s why.

The compass is to remind you that life is a journey, not a destination. A 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 trajectory that you aspire to. And while lofty goals and far off destinations are important, it is equally important to be aware of the journey itself. To be deeply connected to and present to the moments great and small along the way. By all means, keep your eyes on the distant horizon; 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. Listen to others tell you of their own journey, and most will tell you that their path has been one of crooked lines, u-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. 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 the 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 that – learning from failure. One in particular stands out early in my career, in my second job after graduating. I was working at something that fit my skillset, 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 28 years old and I was out of a job. Even worse, I lacked a business school degree when that was seen as an essential to advance in finance. I had lost so much ground. Or so I thought.

Now thirty years later, I can say with the benefit of hindsight that it was an incredible learning experience. I learned about what I liked doing, and in what kinds of cultures I did well. 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 rearview 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 of my life was the realization that the path often deviates from our original plan. Things change. No doubt you’ve experienced that yourself. Perhaps you changed high schools, changed your major, had an internship that redirected your career path, or are at a crossroads now, uncertain of what’s next for you. Even that uncertainty, that’s okay, that’s normal. In fact it’s an essential part of learning, being open to new experiences and what they may hold for you. What’s most important is that whatever steps you take – whether big, bold leaps or small, cautious moves, you do so while being true to your internal compass. Be true to who you are, the people who matter to you, knowing what matters to you, and 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. Given my track record of picking out this kind of thing, I’ll probably include a gift 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 – you name it. But even a banker will tell you the most precious commodity of all is time. No matter how smart or creative you may be, you cannot create more time, and 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, 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, and 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 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. How I spent it. What I wasn’t willing to give up. I budgeted my time a lot tighter and 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-packed schedule of a CEO, I make time outside my day-to-day to be with people from different industries and with different backgrounds. Time spent fostering relationships with diverse people who enrich 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. Invest it wisely – in yourself, in others. With people who think differently than you do, people you love and 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. Then, make sure you take a look in that mirror – often – and remember to see your authentic self. Remain committed to being who you really are and bring it with you wherever your 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 DJing, playing 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 DJ D-Sol during some of my free time. While there was nothing wrong with it, I preferred to keep that part of my life low key and private.

But then a news article appeared, exposing me if you will, as the DJ banker at Goldman Sachs. It was a bit depressing, feeling that now I would have to shut the door on my brief but enjoyable DJ passion while I continued to pursue my professional goals. The idea of somehow combining these two personas just didn’t seem possible.

Well, my boss at the time, our CEO, Lloyd Blankfein, 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 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.

What that taught me was two things: One, it was OK to keep doing what I was doing. David Solomon the banker and David Solomon the DJ did not have to be mutually exclusive.

The second thing it taught me was that being open and authentic about who I am was actually going to help me – personally and professionally. At work, I found myself having new and unexpected conversations with colleagues – about music, or a totally unrelated hobby of their own. People with whom I had rarely engaged now felt comfortable approaching me, with some even asking my advice on how they could carve out time for their own passion. And my opportunities to enjoy DJ’ing would be helped by my being relatively well-known for something else entirely. I am well aware that I get some gigs because I am 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 have 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 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 them easily.

So, congratulations class of 2020. Let the next chapter of your journey begin. I’m excited for you and the gifts and 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, good luck, and stay healthy.