Warren Buffett Gives Away His Fortune

[toh6wy]

I don't think it helps anybody to throw money at problems. I'd expect men like Buffet to know such things.

Hoarding such a vast amount of money definitely doesn't help anybody.

Besides, what harm would it cause? If he donates 85% of his wealth to charities, he'll still have about $6 billion left -- way more than enough for anybody and their entire family. I'm sure he'll get along fine without the other $34 billion.

 

[Whomp]

Funny thing about Warren Buffet is he will not give any money to his family.

The only thing he's has provided to them is an education and then he expects them to make it on their own. His grandaughter is working as a nanny in California right now.

 

[amadeus]

Hoarding such a vast amount of money definitely doesn't help anybody.

Do you think that Buffet, a brilliant investor, is "hoarding" money beneath the matress of his bed, or maybe in a cookie jar somewhere?

 

[Mastreditr111]

How long before he's called a damn socialist?

From what I read about the man and from the feedback I got from people who went to his annual fiesta, Warren Buffet is out of this world (for a businessman of course)! I hope his words and actions will influence many.

socialism and private charity are two entirely seperate things. the first can cripple a country by providing people who have no need of welfare with the option to not work, if used improperly, as i think most systems are now. The second, in addition to working far more efficiently, seems to be better at gauging who truly needs the assistance, and it also manages money more wisely, as it cannot print it. I am a conservative, but i am not going to call someone who should probably be put up for sainthood (pending that his motivations were good) a damn socialist. The Gates Foundation actually does a good job of supporting people and causes who need it, and noone who doesnt. We should put them in charge of welfare, too. They may save it.

 

[Desmond Hawkins]

Do you think that Buffet, a brilliant investor, is "hoarding" money beneath the matress of his bed, or maybe in a cookie jar somewhere?

These are my thoughts as well. The money isn't lying around being useless, it is helping create more wealth.

Note that he transferred shares to the Gates Foundation, not cash.

 

[classical_hero]

I need some money, will he give me some?

 

[Nobody]

And not even a coke in it for old me. that sucks.

Does anyone else find this simlar to the godfather 3 when michael have 1 billion dollars to help the poor of sicily?

 

[allhailIndia]

To answer rmsharpe's obvious attempt at a troll, here are somethings in today's world which need more money:

1. Primary education
2. AIDS (forget about the cure, helping people live for 10 years more with the disease is enough to prevent large-scale economic destruction and destitution)
3. Primary healthcare (apart from AIDS); just a mid-wife can halve infant mortality rates in some of the backward areas of the world. Imagine what access to aspirin and penicillin could do!
4. Small scale industries run on indigenous technology who don't have access to banks. Along the same lines, micro-credit institutions which assist women's groups...

None of these involve a great participation of the government either as there is a vast network of local and international NGOs already with good ideas about achieving this. Sure these NGOs need regulation as well, but it is not like shovelling money into a black hole leading directly to numerous Swiss bank accounts of various government officials.

$37 billion dollars is a ridiculously small amount to solve the problems of the world with. IT is also $37 billion dollars more than sitting back and whining about Corporations/governments/space aliens and what not.

 

[amadeus]

To answer rmsharpe's obvious attempt at a troll, here are somethings in today's world which need more money:

Apparently, since I don't mindlessly ignore the negative consequences of somebody's good intentions, I'm trolling?

1. Primary education

Education in a country that has no economy serves no purpose. Does teaching a kid how to read and write make his life any better when in his own home country, there's really nothing to live for? I'd rather see the money go into job training and infrastructure development.

2. AIDS (forget about the cure, helping people live for 10 years more with the disease is enough to prevent large-scale economic destruction and destitution)

That seems like a pretty bad idea. It sounds like you're giving them 10 more years to procreate and have more AIDS-infected children.

3. Primary healthcare (apart from AIDS); just a mid-wife can halve infant mortality rates in some of the backward areas of the world. Imagine what access to aspirin and penicillin could do!

Again, we're more or less endorsing needless procreation when these countries can't even support the population they have now. For numbers of births per women, 23 of the top 25 countries are in sub-Saharan Africa.

4. Small scale industries run on indigenous technology who don't have access to banks. Along the same lines, micro-credit institutions which assist women's groups...

I'll support that if it's run like a business, where you're expected to pay back the money that you take out of on a loan. Otherwise, we're just giving money away with no strings attached.

 

[IglooDame]

Can you say vicious cycle? It's a bad idea to increase education, because there's no infrastructure to use it on. It's a bad idea to increase health, because the land can't support the increased population. It's a bad idea to better the infrastructure, because... ummm... giving money away is bad.

 

[Mastreditr111]

rmsharpe... everything u just said is plain cruel... i am a conservative, but i recognize that much of the world needs help, badly... the reason we have failed so miserably thus far is because we have tried to work though the african governments... corruption is immense... private charities can do a much better job. as for the AIDS thing... if everyone in Africa with AIDS were to die, their continent would far apart even further... many of these people were infected at birth or as children and have since become the core of advancement and productivity. they are driven by the knowledge that they will probably die prematurely

 

[nonconformist]

I don't know why, but I have the niggling feeling he's trying to buy his way into heaven.

 

[IglooDame]

I don't know why, but I have the niggling feeling he's trying to buy his way into heaven.

Warren Buffet? He's said for a long long time (IIRC) that he'd donate his fortune to charity in his will. But in any case, he's known as a pretty good guy, not evil on par with the technocrats.

I give him (and Bill Gates) major cool points for agreeing on one thing, and I'm putting this Buffet quote as best as I remember it from the news last night:

"I want to give my children enough money to do anything, but not enough to do nothing."

 

[nonconformist]

Warren Buffet? He's said for a long long time (IIRC) that he'd donate his fortune to charity in his will. But in any case, he's known as a pretty good guy, not evil on par with the technocrats.

I give him (and Bill Gates) major cool points for agreeing on one thing, and I'm putting this Buffet quote as best as I remember it from the news last night:

"I want to give my children enough money to do anything, but not enough to do nothing."

Maybe it's just me being cynical.

 

[amadeus]

rmsharpe... everything u just said is plain cruel...

It's cruel to insist that aid should be spent on building an economy, so that people can make lives of their own, instead of depending on these charities time and time again? I think it's cruel to create a dependency cycle, where people are incapable of helping themselves in times of need.

i am a conservative, but i recognize that much of the world needs help, badly... the reason we have failed so miserably thus far is because we have tried to work though the african governments... corruption is immense... private charities can do a much better job.

I already outlined why I disagree with what some of these charities are doing. I don't think they're helping build countries; they're just creating a class of people that depend on charities.

The goal of any welfare program (private or public) should be it's own elimination. I want to eliminate the need for charity.

as for the AIDS thing... if everyone in Africa with AIDS were to die, their continent would far apart even further... many of these people were infected at birth or as children and have since become the core of advancement and productivity. they are driven by the knowledge that they will probably die prematurely

allhailIndia recommends that we prolong the life of people with diseases we have no cure to, diseases that are easily spread by procreation and sexual intercourse. How that helps anybody in the long term is beyond me.

 

[Mastreditr111]

The goal of any welfare program (private or public) should be it's own elimination. I want to eliminate the need for charity.


allhailIndia recommends that we prolong the life of people with diseases we have no cure to, diseases that are easily spread by procreation and sexual intercourse. How that helps anybody in the long term is beyond me.

1. yes, i agree, but they cant do that until there is SOMETHING else for people to rely on. it doesn't matter how hard-working these people are they need jobs and a somewhat stable economy to have a hope of a good life. Then we can worry about weaning them off charity.
2. The short-term harm of allowing those with AIDS to die WILL DESTROY ANY HOPE AFRICA HAS OF ADVANCING, probably for centuries. Also, many of the people with AIDS, the ones i said were beginning to turn the tide, are also the ones who are aware that they should not have children ever

 

[betazed]

It's cruel to insist that aid should be spent on building an economy, so that people can make lives of their own, instead of depending on these charities time and time again? I think it's cruel to create a dependency cycle, where people are incapable of helping themselves in times of need.


I already outlined why I disagree with what some of these charities are doing. I don't think they're helping build countries; they're just creating a class of people that depend on charities.

The goal of any welfare program (private or public) should be it's own elimination. I want to eliminate the need for charity.


allhailIndia recommends that we prolong the life of people with diseases we have no cure to, diseases that are easily spread by procreation and sexual intercourse. How that helps anybody in the long term is beyond me.

p.s. I moved this post to a new thread (since discussing it would have taken the thread completely OT) http://forums.civfanatics.com/showthread.php?t=175526

 

[Whomp]

Buffett's family agrees that he should give away all his wealth to charity. He and his family do not believe in dynastic wealth. As he said "I don't believe in inheriting your wealth from the womb you came from".

He gave it to the Gates Foundation because he doesn't want to listen to what others have to say, he has never had to do it as a contrarian investor.
He has never been told on how to invest his money so actually managing a foundation would require listening to others. Not something he's very good at so he felt Bill and Melissa Gates would be much better at that.

 

[IglooDame]

I am not clear on what you are suggesting. So to make it clear I will create a not-so-hypothetical scenario and ask your opinion on it (at the risk of turning this thread into a development economics tutorial ). Others please join in to voice your opinion too. {IMHO there is a lot of misunderstanding I have seen on this Africa and aid issue in CFC OT. So hopefully this will be enlightening. }

There is a village in sub-saharan africa. The population density is low. There are few mud-houses scattered here and there. The nearest town in about 20 miles. There are no road links. 30% of the people in the village suffer from AIDs and 100% of children (and about 75% of the population) suffer from seasonal malaria. The fertility rate in about 5 - 6 per woman. The soil is depleted of nutrients so although farming is done it is barely enough to keep hunger at bay. There is no clean water supply and electricity is unheard of.

Now what exactly do you think we should do (if we should do anything) to help this village?

[rmsharpe response]
Take off and nuke em from orbit. It's the only way to be sure.
[/rmsharpe response]

I really am kidding, but couldn't stand to be the only one to laugh at it...

 

[Masquerouge]

With that amount of money you can solve a lot of things. And solving does not mean simply giving the money to a government: it means funding research that medical companies find not profitable (read: illnesses that affect Africa only), for instance.