Warren Buffett donates ~$37 billion USD to Bill & Melinda Gates Foundation

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Wunderchu

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Crikey. That's a lot of dough.

While I believe no man should ever have that much money in the first place, at least one has to give him big kudos for giving it away. :D

Edit: Oh, it's STOCK he's giving away... Ok, that's slightly different. And it's set at 5% yearly, so spread over 20 years then? Better hope the stockmarket fares well in the coming two decades then. :)
 
I guess he feels they might be able to survive on the remaining ~$10bn of his fortune... ;)

Besides, unless he's completely inept, they should be able to make their own destinies instead of mooching off their daddy for the rest of their lives.
 
Giving your kids an assload of money isn't really doing them any favor. It's will just turn them into lazy arrogant bums that think they are entitled to everything they point at. I don't know about this dude, but many of the superrich are selfmade (even though they may not have started in the ghetto) and I think many of them would want their kids to build up their own fortune. If I was superrich I would just put my kids in a really good school and give my kids a moderate start in terms of cash (say a million at most) and let them go from there.
 
Humus said:
Giving your kids an assload of money isn't really doing them any favor. It's will just turn them into lazy arrogant bums that think they are entitled to everything they point at.
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That's not true. Children of wealthy businessmen tend to do very well themselves.

Give a bunch of money to a random person, and you're right. They won't know what to do with the money. But those that grow up with it will typically have learned the necessary lessons to do quite well. Starting with a good amount of capital can move things along quite a bit more quickly, too. And it's not like this guy's going to die before his children make their own fortunes (if they're ever going to).
 
In direct response to the original post, though, I'm not sure I like the idea of Bill's Charity. According to the first article, its main purpose is to address the disparity between wealth in developed and developing nations.

The money will most likely do the opposite of what it is meant to do.
 
Chalnoth said:
And it's not like this guy's going to die before his children make their own fortunes (if they're ever going to).
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Given his age (75), if his kids haven't made some fortune yet, they probably arn't going to ever. I think this money would go more towards expanding their existing enterprises.
 
Blitzkrieg said:
Chalnoth, I would say they do well in business more because of who they know than what they know.
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Usually both. They get the best education, the right mindset and a good portion of non-negative arrogance. The right tools for the job in such a case.
 
Blitzkrieg said:
Chalnoth, I would say they do well in business more because of who they know than what they know.
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Building those social networks is part of the skillset necessary to get rich.
 
Part of the interesting feature of how he set it up, is the money he's giving every year has to be spent every year --obviously trying to prevent the problem of a foundation hoarding wealth instead of distributing it. He's also got a clause that either Bill or Melinda have to be active in running the foundation for it to continue to qualify.

And if Berkshire Hathaway averages greater than 5% growth, then the money never runs out. $1.5B/year, being distributed to end-user grantees the year its given, 4evah. Sweet. Of course, if that happens, then you have to wonder what happens when both Bill and Melinda are gone. That wasn't covered. . .I'm guessing it reverts to being distributed amongst his kids foundations, but I don't really know.
 
im telling ya all now that Warren Buffet is one of the generous man of this century, how do i know? well i have study the man for 5 years trying to figure out his investing philosophy and i find that he is a very complete human being. A great man.
 
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