What motivates your philanthropy, especially giving to Jewish causes and Israel?First of all, it is grounded in Jewish ethics and Jewish morals that we need to take care of each other. I think that’s the basis. My grandfather, who worked until the day he died, felt beyond blessed that he was in the West, having the opportunity to succeed. He had great pride in being Jewish, and he ran the Montreal Jewish community and was president of the Canadian Jewish Congress, and gave that sense of commitment to his two sons, my father and my uncle.My uncle [Charles Bronfman] was one of the founders of Birthright, together with Michael Steinhardt. My younger brother and I are very involved in working in my father’s foundation. There’s a sense of klal Yisrael. When I wake up in the morning, it’s part of me, it just is.We’re here for a purpose, for a reason. We’re here to be a light unto the nations, but really because we have something to offer. Therefore, the survival and the education of the Jewish people are vital. I really spend time on three charities, and they’re all different, but they all hit crucial elements in the Jewish world: The 92nd Street Y in New York, which is probably the biggest and most important cultural center, the American Jewish Committee, which is political, and Limmud, which is learning. Those three things together for me are critical elements to the survival of the Jewish people.What made you invest in the Israeli economy?You know, Warren Buffett is the largest investor in Israel, with his 80 percent share of Iscar. I have never met Warren Buffett, but I consider him my greatest ally, and I’ll tell you why.When I started investing in Israel in 2003, you may remember, Arafat was alive, the intifada was raging, tourism was close to zero, the NASDAQ bubble had burst... and everybody thought I was truly meshuga, that I’d gone off the deep end. Then when Warren Buffett made his first investment outside the United States, in Israel, he made me legitimate. I consider him my greatest supporter.Why did I start investing in Israel? Well, I would say it was 90 percent because I felt that there were incredible opportunities in Israel, because of the intelligence, the drive and the innovation. And it was a bad economic time, so if you believed that Israel was going to be around in 10, 15 or 20 years, it was a macro-bet. We didn’t invest in technology companies; we invested in base business, banking, retail through supermarket companies and then fortunately I was able to get the IKEA business, things that would probably track the Israeli economy, relatively, over time.People said to me, if there was a bank in Turkey for sale, would you have bought it? And I said unlikely, probably not. So I would say the other 10% was Zionistic. There was the combination of the long-term family commitment to Israel, my comfort when I visit Israel and the economic opportunities, combined with the innovation and drive of the Israeli people.People asked me once before, “How do you get people to invest in Israel?” And I said, actually I think you’re asking the wrong question.I think the question is, “How do you get people to fall in love with Israel?” And you get people to fall in love by getting them to Israel. And the rest will go in whatever direction it goes in... that is the key. Because once you are there, believe me, you’ll fall in love!
Matthew Bronfman: Top US businessman in love with Israel
The prominent philanthropist talks about his famous father, his investing ally and connecting Soviet Jews to Judaism.
What motivates your philanthropy, especially giving to Jewish causes and Israel?First of all, it is grounded in Jewish ethics and Jewish morals that we need to take care of each other. I think that’s the basis. My grandfather, who worked until the day he died, felt beyond blessed that he was in the West, having the opportunity to succeed. He had great pride in being Jewish, and he ran the Montreal Jewish community and was president of the Canadian Jewish Congress, and gave that sense of commitment to his two sons, my father and my uncle.My uncle [Charles Bronfman] was one of the founders of Birthright, together with Michael Steinhardt. My younger brother and I are very involved in working in my father’s foundation. There’s a sense of klal Yisrael. When I wake up in the morning, it’s part of me, it just is.We’re here for a purpose, for a reason. We’re here to be a light unto the nations, but really because we have something to offer. Therefore, the survival and the education of the Jewish people are vital. I really spend time on three charities, and they’re all different, but they all hit crucial elements in the Jewish world: The 92nd Street Y in New York, which is probably the biggest and most important cultural center, the American Jewish Committee, which is political, and Limmud, which is learning. Those three things together for me are critical elements to the survival of the Jewish people.What made you invest in the Israeli economy?You know, Warren Buffett is the largest investor in Israel, with his 80 percent share of Iscar. I have never met Warren Buffett, but I consider him my greatest ally, and I’ll tell you why.When I started investing in Israel in 2003, you may remember, Arafat was alive, the intifada was raging, tourism was close to zero, the NASDAQ bubble had burst... and everybody thought I was truly meshuga, that I’d gone off the deep end. Then when Warren Buffett made his first investment outside the United States, in Israel, he made me legitimate. I consider him my greatest supporter.Why did I start investing in Israel? Well, I would say it was 90 percent because I felt that there were incredible opportunities in Israel, because of the intelligence, the drive and the innovation. And it was a bad economic time, so if you believed that Israel was going to be around in 10, 15 or 20 years, it was a macro-bet. We didn’t invest in technology companies; we invested in base business, banking, retail through supermarket companies and then fortunately I was able to get the IKEA business, things that would probably track the Israeli economy, relatively, over time.People said to me, if there was a bank in Turkey for sale, would you have bought it? And I said unlikely, probably not. So I would say the other 10% was Zionistic. There was the combination of the long-term family commitment to Israel, my comfort when I visit Israel and the economic opportunities, combined with the innovation and drive of the Israeli people.People asked me once before, “How do you get people to invest in Israel?” And I said, actually I think you’re asking the wrong question.I think the question is, “How do you get people to fall in love with Israel?” And you get people to fall in love by getting them to Israel. And the rest will go in whatever direction it goes in... that is the key. Because once you are there, believe me, you’ll fall in love!