“Bloomberg by Bloomberg: Revised and Updated” is Michael Bloomberg’s 2019 memoir, offering a condensed account of his life, from his childhood in a working-class Medford, Massachusetts family to founding and running Bloomberg LP, with a brief section detailing his political career. Bloomberg built a brand that has become a keystone player in the business information ecosystem, with products that are a core part of global business infrastructure—from raw data and analytical tools to news reporting and journalism. Few firms today wield the influence and reach of Bloomberg; they are to Wall Street what Apple is to consumer electronics.
While shorter and less detailed than many other memoirs, “Bloomberg by Bloomberg” is packed with insight that could be valuable to anyone.
Fresh out of business school, Bloomberg had no idea what he wanted to do but eventually landed in the Sales and Trading division at (now defunct) Salomon Brothers. In time, he’d rise to Head of Equities Trading, then Head of Information Systems, where he’d work with computers. Despite being a general partner at Salomon Brothers, the new management decided to fire him following their merger with Phibro. It was with the 10 million dollars they paid him for his equity stake in the firm with which he’d start Bloomberg LP.
After considering what his talents, experience, financial resources, and contacts were, Bloomberg concluded that his best shot at succeeding as an entrepreneur would be in finding a way to combine his knowledge of the investment industry with emerging technology. This idea ultimately led him to assemble a team alongside him to create the Market Master Terminal, the first version of the Bloomberg Terminal. It was the success of this product that enabled virtually everything else Bloomberg would do in the future.
While I’m determined to forge my own unique entrepreneurial path, Bloomberg’s life and the way he built his company inspire me in a profound way as it relates to how I envision running a business and making a positive impact on the world. I believe if all billionaires had the same values as Bloomberg, the world would be a much better place. I’m still figuring out exactly how I’ll pull it off, but here’s some of the vision I have in mind: I want people to be able to pursue their passions without the fear of economic insecurity.
While I see the U.S. capitalist system as a net benefit, enormous disparities remain in healthcare, education, income and overall opportunity. That being said—in my business, if we had a “cash cow” part like the Terminal at Bloomberg, I’d be willing to let other parts operate at significantly lower or even no profit at all to provide people economic protection and empowerment.
People want to feel good about themselves, so as a leader I’d need to create an environment that’s conducive to that. This approach would build social credibility (a key but often overlooked source of brand value) as we’d gain a reputation for doing good, while also fostering an environment where people love their work and produce their best results.
There are too many parts of it to explain here, but if this big idea succeeds, it’d shift wealth in society, benefiting middle- and working-class communities. While I’ll be completely honest and admit that I aspire to be among the richest people on earth, I see that money coming at the expense of certain ultra-wealthy individuals (many of whom I dislike), not “main street.” In a way, I want to be like Bloomberg.
Leaders are found at all levels of society, everywhere–everyone has what it takes, and some don’t even realize they’re one–and “Bloomberg by Bloomberg” can provide a framework of how to maximize positive impact. If they genuinely want to make the world a better place, I’d especially recommend this book to all aspiring and current entrepreneurs, as Bloomberg is both a tremendously successful businessman and generous philanthropist–sharing his wealth to fund things like healthcare, education and art. Among the world’s richest people, I see few who have used their power as a force for good to the extent that Bloomberg has.
