I recently read these two stories about Buffett’s decision to give away 85% of his wealth to the Bill & Melinda Gates Foundation and those of his children. It really shed some light on his strategy. He’s looking for value in giving away his money, just as he does in making it.
The Buffett Way of Giving It Away
Buffett Children Emerge as a Force in Charity (NYT)
To the casual observer, it may look like the world’s second-wealthiest man giving all his money to the world’s richest man, but that’s not the case. The Gates Foundation is set up to do one thing: it gives out grants. Rather than wasting up to 35% of the money he could give away on setting up a foundational administration of executives, managers, and accountants, the Berkshire Hathaway legend is simply giving his money to an already-established foundation so they can distribute 100% of his charitable contributions. Warren Buffett is BRILLIANT!
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