[lr4444lr]

I respect Buffett greatly on a professional level, and think it's the height of arrogance to believe any one of us personally has the moral right to decide which level of lawful activity becomes turpitudinous greed.

THAT SAID...

My uncle (he's 98) had a passing acquaintance with Buffett during their overlap at Penn, and in the one econ class they shared, he remarked having heard Buffett say in almost salivating eagerness as he rubbed his hands that if only there could be another Great Depression, he would make a killing. The dude has value investing in his DNA beyond anything else, I truly believe. But he's argued for changing complex and unfair taxation, and always been a good citizen as far as I can tell. I think if all of Wall Street were like him, the world would be a much better place.

[WalterBright]

People buying a house also hope for a dip in the market so they can buy in cheaper.

[lr4444lr]

People with a lot less economic knowledge than Buffet still understand that another Depression could easily render them jobless and unable to pay a mortgage on a cheaper house. Wishing for a housing market downturn is not the same as a widescale GDP pullback.

[WalterBright]

I know a lot of investors who wait for a dip in the market to buy stocks.

Personally, I am terrible at timing so I just buy stocks and let them stew for years.

[BrenBarn]

With $150 billion dollars he could have done a lot more than "argue for" changing taxation. If he had spent that money actively fighting for a better system, maybe that'd be worth something. To sit back on your billions and say "aw shucks, this really shouldn't be possible" is not much of an effort.

Edit: Some people seem to be misunderstanding me. I'm saying if he thought taxation was unequal or thought wealth inequality was a problem, he could have used his wealth specifically to fight against billionaires like himself, not just give money towards generic charitable causes.

[N_A_T_E]

It seems buffet has taken “the giving pledge” along with Bill Gates and others. “More than 99% of my wealth will go to philanthropy during my lifetime or at death.” - https://www.givingpledge.org/pledger/warren-buffett/

[BrenBarn]

Yes, that's giving it away (some after death), not specifically using it to address wealth inequality.

[JumpCrisscross]

> that's giving it away (some after death), not specifically using it to address wealth inequality

Because the money isn’t being spent on your pet issue it’s being mis-spent?

[BrenBarn]

I was responding to a comment that defended Buffet by saying he "argued for changing complex and unfair taxation". I'm saying if you have billions that could be spent on taking tangible action to change such taxation, simply "arguing for" changing it is not very impressive.

[JumpCrisscross]

> if you have billions that could be spent on taking tangible action to change such taxation

Do you have evidence he didn’t try? He’s been a prolific (albeit measured) donor to candidates who have pushed for this [1].

From what I can tell, Buffett enjoyed making money. He outsourced his philanthropy to Bill & Melinda Gates. Their focus has tended to be global poverty.

[1] https://www.opensecrets.org/search?order=desc&q=warren+buffe...

[abdelhousni]

philantropy as those billionaires sold it should never exist in a just society

[conradev]

He tasked that to his kids:

  He turned 95 years old on August 30. He was 75 when he began giving away his fortune, announcing plans in June 2006 to give away the bulk of his wealth to five foundations, primarily the Bill and Melinda Gates Foundation. He changed his will in 2024, designating 99.5% of his remaining fortune after his death to a charitable trust overseen by his three children and also announcing in June 2024 that donations to the Gates Foundation would cease upon his death.

https://www.omahamagazine.com/giving/buffetts-6b-gift-a-hist...

[mothballed]

Just think, if that charitable trust is structured correctly, it could be used to pay a modest believable "administration" salary to many many generations of offspring all while paying out some token pittances to make the whole thing seem genuine.

[PaulHoule]

See

https://www.tabletmag.com/sections/news/articles/buffett-kin...

if you want to know what his kids are up to.

[zozbot234]

That article seems to accurately describe the charitable activities of Peter Buffett and his NoVo Foundation, but it's worth pointing out that Howard G. and Susan Buffett have charitable foundations of their own that seem to have a more conventional philanthropic approach, one that may perhaps be more amenable to a clearer focus on getting the right outcomes. It seems unwarranted to assume that the description in the article applies to the Buffett children's activities as a whole.

[BrenBarn]

Is that charitable trust going to fight for wealth equality and a more progressive tax system?

[gbacon]

Do you believe that wealth was cash sitting in a bank account?

[WalterBright]

I think you're referring to Scrooge McDuck cash vaults. I'm not aware of any that exist.

Banks do not store their deposits in a cash vault. They loan it out (except for a reserve percentage), and charge interest on the loan. That's how they make money. That's why they offer free checking - so they can loan your money out and charge interest. They will even pay you to deposit your money, so they can loan it out and make money on it.

Wealthy people know how to make money, which means putting the money to productive use creating goods and services that people want. If that money is confiscated from them, there's that much less money creating goods and services people want.