May 14, 2013, 6:07 PM ETConference Presentation, Fireside Chat, Interview

A Conversation with Larry King and Carlos Slim (updated)

Slim does not feel a sense of accomplishment or ego related to being the "richest man" or appearing on Forbes covers.
His primary motivation is a "vocation for numbers" and a general "love for life" that drives curiosity and professional development.
He views the accumulation of wealth as a secondary byproduct of business activity, not the primary goal, distinguishing his approach from "gamblers."
Slim maintains a grounded lifestyle despite his wealth, having lived in the same house for 40 years and driven his own car.
He attributes his success to a combination of genetics, education, hard work, and favorable circumstances rather than luck alone.
He believes one should learn from their own small mistakes and, more importantly, from the mistakes of others to avoid catastrophic errors.

Slim's first business venture was collecting and trading postage stamps with classmates, not for profit but to build albums.
He opened a checking account and bought a bond at age 11–12, and purchased 30 stocks of a bank at age 13–14.
He views his first real job as gathering competitor price data for his father's commerce business immediately after World War II.
Slim's investment philosophy focuses on solving problems and identifying areas where improvements or new strategies are needed.
He has invested in diverse sectors including mining, retail, internet, television, and finance, driven by an interest in multiple economic areas.
He declined to purchase a Major League Baseball team (specifically the Dodgers or Yankees) because he prefers the enjoyment of being a fan to the administrative "craziness" of ownership.

Slim invested in the New York Times based on the conviction that news content survives even as the physical paper format declines.
The investment was structured through debt bonds, which the paper repaid with interest, securing Slim's capital.
He views the transition of news to electronic means as inevitable, with the physical paper being the only aspect subject to decline.

Slim characterizes the current global economy as a "new civilization" with "new paradigms" requiring updated views beyond traditional fiscal policies.
He criticizes the Western world for chronic fiscal deficits and unsustainable social benefits, such as pension systems where life expectancy (85–90) has outpaced the retirement age (60–65).
He argues that current austerity measures (raising revenue, cutting expenses) in Europe deepen recessions rather than solve debt issues.
He proposes that governments should sell public assets (highways, airports, water supplies) to private entities to generate revenue and improve efficiency.
Slim advocates for Public-Private Partnerships (concessions) where private entities manage infrastructure for set periods (e.g., 20 years) before returning full ownership to the state.
He suggests structural labor reforms in Europe: shifting to shorter workweeks (e.g., three days of 11 hours) and raising the retirement age to 75 to increase employment rates.
He warns that high youth unemployment (over 50% in some countries) is a catastrophic social and political risk that requires economic activity, not just handouts.
Slim maintains strong faith in the U.S. economy and the U.S. dollar, noting there are no viable alternative global reserve currencies.

He believes the current education model is obsolete, resembling military or religious "domestication" focused on memorization rather than critical thinking.
Slim advocates for the complete integration of technology into education to enable "free education for everyone, everywhere, every time."
He cites Khan Academy and Coursera as examples of successful massive open online courses (MOOCs) that deliver millions of learners with minimal staffing.
He emphasizes the need for vocational training aligned with future job markets, particularly in information technology, rather than purely academic studies.
Slim supports the "Connect to Compete" initiative to provide internet connectivity and refurbished computers to the 30% of the population lacking access.

His foundation, established in 1986, focuses on solving specific problems rather than general charitable giving.
Key health initiatives include 170,000+ surgeries performed in Mexico (eyes, orthopedic, cleft palate), distributing glasses in schools, and research into diabetes and cancer with the Broad Institute.
The foundation aims to combat maternal and child mortality through maternal nutrition programs and early childhood health.
Digital inclusion strategies include "digital libraries" lending laptops and using USB drives as "digital copybooks" for students to access educational content offline.
Slim's foundation collaborates with the Bill & Melinda Gates Foundation on initiatives to eradicate diseases in Mesoamerica.

Slim defended the U.S. Lifeline program, clarifying that the $9.6 billion fund (not $2.2 billion) is financed by telecommunications fees, not taxpayer money, to subsidize connectivity for the poor.
He rejects the "monopoly" label, asserting that his companies compete globally with major rivals like Telefónica, AT&T, Verizon, and Nextel.
He notes that while his company holds significant market share (e.g., 70% in Mexican fixed lines), fixed lines globally are facing obsolescence due to mobile competition.
Slim argues that competition drives quality and that he prefers operating in a market where he is challenged by the best international players.

Slim and his wife have three sons and three daughters; he allows them to decide their own career paths, having explicitly advised against forcing them into his businesses to avoid bankruptcy.
He and his wife are art collectors who specialize in classical art, inspired by his wife's sensitivity to the subject.
He does not track his net worth daily, viewing the number as irrelevant compared to the health of his teams and operations.
Slim reveals he survived two heart valve surgeries over the last 20 years and recently underwent aortic valve replacement after a hemorrhage.
He defines happiness not as a destination or goal, but as a "way of living" characterized by loving life, challenging oneself, and helping others.

Slim identifies breaking the barrier of underdevelopment in Latin America (specifically Mexico, Brazil, Chile, Colombia, Argentina, Uruguay) as his ultimate personal challenge.
He predicts these countries will grow at 5% annually for the next 10–15 years, reaching a $15,000 per capita income threshold that historically triggers accelerated middle-class growth.
He envisions a future where technology democratizes education and connectivity, allowing the unconnected to participate in the global economy.