Warren Buffet
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You don't become the world's wealthiest man by being niceIs the guy a fuckin' vulture or what?
well he is nice actually...really nice. he's going to give up his entire fortune *60 billion*...to the Bill Gates charitable foundation. He's already given 30 billion.
The following quotation from 1988, respectively, highlights Warren Buffett's thoughts on his wealth and why he long planned to reallocate it:
"I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die.
Dude, still lives in a 1500 sq ft bungalow and drives his own fricken car, a cadillac DTS. This the richest man on the planet. He can poon for a billion years if he wanted to. lol
If that's being a vulture...I'd like to know what your definition is.
The following quotation from 1988, respectively, highlights Warren Buffett's thoughts on his wealth and why he long planned to reallocate it:
"I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die.
Dude, still lives in a 1500 sq ft bungalow and drives his own fricken car, a cadillac DTS. This the richest man on the planet. He can poon for a billion years if he wanted to. lol
If that's being a vulture...I'd like to know what your definition is.
Care to elaborate on what makes you think he's a vulture? The man is contributing his entire net worth to the Bill and Melinda Gates foundation. Care to explain what your definition of a philanthropist would be while you're at it.
On here anyway
We all have our off nights I guess. I figure if he apologizes for his other comment, then whatever. If not, then, well
You are an idiot.Is the guy a fuckin' vulture or what?
Don't post if you don't know what you are talking about.
he is not really a vulture, he is opportunitistic...always seems to be sitting on a lot of cash during an economic downturn (> 50 billion USD this time). He will make money on Goldman and GE though his warrants are currently out of money.
I would not say he is a pure humanitarian though just cause he donated a lot of money. He is primarily there to make money for his shareholders as he has before invested in companies such as tobacco, etc.
I would not say he is a pure humanitarian though just cause he donated a lot of money. He is primarily there to make money for his shareholders as he has before invested in companies such as tobacco, etc.
he hits them when they're down. 10% is holding a company for ransom imo. how can that possibly be good for anyone in this economic climate? besides warren, that is...AgentSmith99 said:
well actually if you look at what he's done in this latest round of investments, he actuall provided much needed liquidity for both GE and Goldman. Both those firms and many others including MS, Merrill, etc. were in much need of capital...regardless where it came from. If capital was not provided, then the firms would have no choice but to fold up shop and file for bankruptcy where the shareholder value would just be destroyed. This is what happened to Bear Stearns, Lehman's, etc.
Seriously, you have to be kidding me? He's a smart investor...hence his name the "Oracle of Omaha". It's called buy low sell high.
How did we even get into this mess? This was classic Wall Street greed doing its usual give me max ROI and I don't give a shit about the future and who's left holding the bag.
He even went on the record before the credit crisis hit to say that CDO's were financial weapons of mass destruction. They played a key role on where we are today. Did anyone listen or more so care.
I really haven't heard of any of the brokers/financiers that made a fortune before this mess came crashing down donate any money.
How did we even get into this mess? This was classic Wall Street greed doing its usual give me max ROI and I don't give a shit about the future and who's left holding the bag.
He even went on the record before the credit crisis hit to say that CDO's were financial weapons of mass destruction. They played a key role on where we are today. Did anyone listen or more so care.
I really haven't heard of any of the brokers/financiers that made a fortune before this mess came crashing down donate any money.
Buffett is great because he can separate business from charity. He's already given billions to the poor people of the world through Bill Gates' charity, and will pretty much give the rest of his personal wealth to them after he passes away.
GE and GS are not charity cases, they're businesses. He gave them a business deal, they accepted it.
It's like a trade in hockey: a lot of times you don't know who got the better deal till you look at it after the fact. Don't forget, Buffett's injecting billions of dollars in capital to GE and GS at a time when the world's financial system is almost locked up. It's not all a one-way deal.
Why are people impressed when a rich man gives away money?
I agree, it is UNIMPRESSIVE if they don't.
It seems to me, Warren Buffet giving money to Bill Gates (the Foundation), is something like the lazy man's way. Out of all the things a person can do with vast reams of money, give it to another rich man?
It seems to me, a certain huge responsibility comes with having money. Think of the things that one could do good in the world, and have humble credit for doing??? Instead, you give it to someone else to hopefully do good with, but of his choosing instead of yours.
It seems to me, I would want to be very specific about what I accomplish in the world if I had the means, not pass the buck.
Pun intended.
A middle class man/person who gives a tenth of his income,as small as it is, GIVES a thousand times MORE than a rich man who gives 1/100th.
I agree, it is UNIMPRESSIVE if they don't.
It seems to me, Warren Buffet giving money to Bill Gates (the Foundation), is something like the lazy man's way. Out of all the things a person can do with vast reams of money, give it to another rich man?
It seems to me, a certain huge responsibility comes with having money. Think of the things that one could do good in the world, and have humble credit for doing??? Instead, you give it to someone else to hopefully do good with, but of his choosing instead of yours.
It seems to me, I would want to be very specific about what I accomplish in the world if I had the means, not pass the buck.
Pun intended.
A middle class man/person who gives a tenth of his income,as small as it is, GIVES a thousand times MORE than a rich man who gives 1/100th.
Buffet's wife was in charge of their charity foundation they ran before she died a few years back.
He's not being lazy, he's being smart. Put it this way, it's the same thing you learned in economics 101.
You're a lawyer and you charge 200$ / hr for work. Would you mow your lawn for an hour instead of working or hire someone at 30$ / hr to do it for you and also continue making your 200$ / hr? Basically, he's going to be putting in billions more $$ that will go to charity.
Buffet said it himself that Bill & Linda Gates foundation have the vast resources / infrastructure setup to properly allocate the money. So why not continue what he does best and has the greatest impact in terms of his skillset.
He's not being lazy, he's being smart. Put it this way, it's the same thing you learned in economics 101.
You're a lawyer and you charge 200$ / hr for work. Would you mow your lawn for an hour instead of working or hire someone at 30$ / hr to do it for you and also continue making your 200$ / hr? Basically, he's going to be putting in billions more $$ that will go to charity.
Buffet said it himself that Bill & Linda Gates foundation have the vast resources / infrastructure setup to properly allocate the money. So why not continue what he does best and has the greatest impact in terms of his skillset.
Because Buffet is smarter than you.
The Bill and Melinda Gates foundation is one of the most efficient charity organizations in the world. This is why Bono works with them as well.
They maximize the benefit of every dollar handed out. This is something that the Gates and Buffet are extremely good at - making money work.
Buffet knows that the Gates Foundation will put his money to much better use far past his lifetime than he can, because they are dedicated to the task and have an infrastructure and resources to properly manage things. He probably knows that he's better at making money than giving it away. It's like any other business decision - he's getting his charitable distribution at wholesale while working for retail. he would have to otherwise incur the costs and management of starting his own foundation.
And I'm pretty sure that Buffet knows that well-capitalized charity projects are proportionally much more effective than poorly funded charities.
Small money is for small tasks.
i waz reading recently an article on him in the Bloomberg magazine (augst 2008): what a humble guy! never throwz his money in non sense luxury, favorz CEOs from modest backgroundz, often eats at next street steak house for less than $10! really touching when u consider that this guy could buy the whole planet!\
anywayz, back to his empire's growth: expect even more interesting acquisitionz from his part now that lots more companiez will be cheaper to buy. The guy knowz how to turn anything into gold. 60 yearz of buying spree and making money turn into gold! Get this: as of Aug, he had $35.6 billion of cash to spend in new acquisitionz. Now imagine all the opportunitiez he is left with now that there's turmoil anywhere!
anywayz, back to his empire's growth: expect even more interesting acquisitionz from his part now that lots more companiez will be cheaper to buy. The guy knowz how to turn anything into gold. 60 yearz of buying spree and making money turn into gold! Get this: as of Aug, he had $35.6 billion of cash to spend in new acquisitionz. Now imagine all the opportunitiez he is left with now that there's turmoil anywhere!
I've read Buffet's book and biography. The man is is very spiritiual and is a total genuis. Case closed.
You dont get to be the richest man in the world by fluke! A total idiot will only say that. The man has many degrees.
As for the charitable donation. He and Gates are very close and his ( gates ) foundation is already set up. So why not go with that if he's comfortable with that.
He's on a much foundation of life that any one of us will NEVER EVER reach nut only wish!!
BTW....if anyone would of purchased even 250 shares of Bershire Hathaway in the late 60's and hung on to the them, they would be filthy rich today!! Thats for doing nothing but hold the shares. I know, I know what you'll say, High insight is 20 / 20. And thats only 250 shares! Imagine dollar cost averaging that stock since then to now!
Many of his shareholders have done this. I use to own AIC Mutual fund and they published his yearly shareholder letters. People have held that stock for years.
Lucky them!
You dont get to be the richest man in the world by fluke! A total idiot will only say that. The man has many degrees.
As for the charitable donation. He and Gates are very close and his ( gates ) foundation is already set up. So why not go with that if he's comfortable with that.
He's on a much foundation of life that any one of us will NEVER EVER reach nut only wish!!
BTW....if anyone would of purchased even 250 shares of Bershire Hathaway in the late 60's and hung on to the them, they would be filthy rich today!! Thats for doing nothing but hold the shares. I know, I know what you'll say, High insight is 20 / 20. And thats only 250 shares! Imagine dollar cost averaging that stock since then to now!
Many of his shareholders have done this. I use to own AIC Mutual fund and they published his yearly shareholder letters. People have held that stock for years.
Lucky them!
HAHAHAHA...sorry...thats how I meant to write it.High insight is 20 / 20
So is hind sight
I'll have to go stand in the corner with gum on my nose for an hour!!
