Earlier quoted context omitted.
I would argue that in the long term, Bill Gates running his foundation has a much deeper impact on humanity than being president, which would effectively cut him off from his philanthropic activities for 4-8 years. In other words, we're better off with Bill helming the Gates foundation rather than presiding the USA.
Would it? If it's permissible now to run a major international business while President, would it not also be permissible to run a giant charity?
Warren Buffett’s Best Investment
171–180 of 212 posts
Re: Warren Buffett’s Best Investment
#172Earlier quoted context omitted.
> From the site I linked to above (which incidentally is the site [1] you linked to in your post). It includes re-invested dividends and also taxes, which were significantly higher in the late 70's and early 80's compared to what they are now. The page I linked to goes through their methodology. I missed that link. It makes some good points. Of course, if you had $200 million in 1974, and your marginal tax rate was 7…
> but he is far from a brilliant businessman. I'm not claiming he is a brilliant businessman. I'm only disputing the assertion that he "lacks intelligence", which is what started this side-thread. > How do you lose a billion dollars? Many different ways. For example, Hillary spent over a billion dollars on her losing campaign, but I don't assume that Hillary lacks intelligence because of this. > Could his relative su…
Not her personal wealth
Re: Warren Buffett’s Best Investment
#173Earlier quoted context omitted.
> conspiracy No conspiracy, just one guy. He's said in court deposition (for a lawsuit he lost) that he claims his net worth is however he's feeling that day. > 6 out of 100+ Not all the businesses are equivalent, nor are most of them really his, beyond selling a license to his name. The Trump Organization is less than 200 people, closer to 100. It's mostly real estate deals, not even building management. Not really…
> Not all the businesses are equivalent No, they're not, but the fact still stands that bankruptcies make up only a small portion of his total businesses, even when taking away ones he's only licensed his name to. > The Trump Organization is less than 200 people, closer to 100. CNN (notoriously anti-Trump) calculates Trump has created around 34,000 jobs. http://money.cnn.com/2015/09/03/news/economy/donald-trump-jo...…
I did a brief search for "Trump Organization employees" and can't find the article I read last week. So, my apologies, I'll just have to say that I read it in a reputable newspaper.
Still, I find it plausible that Trump Organization directly employs a handful of people and the rest of the 22k are employees of subsidiaries.
Re: Warren Buffett’s Best Investment
#174You know, we get a fair number of commenters here at HN who are cynical about the world, who say everyone with any power is corrupt, things are getting worse, and there is nothing you can do about it. Whenever someone like that shows up, perhaps we can refer them to this letter.
I doubt that'll work. Once we develop a cynical view of the world, it's quite easy to see the negative side of everything. Just for example, take the biggest benefit claimed in the letter of 122 million children saved. It seems to suggest that it's because of their work. Has nobody else anywhere , including those in the affected countries done anything to save the children. Why do they or anybody think that all of th…
You can look at GiveWell's recommendations which do take into account room for more funding. Apparently since vaccines seem to be fully funded, their top charity is bed nets to prevent malaria.
(Also, fame isn't the only or even the best reason to donate to charity.)
Re: Warren Buffett’s Best Investment
#175I see a lots of charts saying things are improving, which is great, but unless I missed it I can't see the piece that says "We spent $xxx on initiative YYY which caused this improvement."
Re: Warren Buffett’s Best Investment
#176Earlier quoted context omitted.
He'd have to be a fool to change the thing that made him one of the richest men alive. So I assume he's still quite ruthless.
Why? If somebody was the best marathon runner in the world and they retired and took up fly fishing, would you say they were fools for doing so?
Re: Warren Buffett’s Best Investment
#177It's hard not to be impressed by what the Gates Foundation is doing. I don't think they get the full recognition they deserve sometimes, maybe because much of their work is abroad in the poorest countries in the world. Hard to fathom the number of people out there in the world thankful and who owe their lives to the foundation choosing to help their community or their cause. With that said and not to diminish the goo…
> With that said and not to diminish the good work. It is sad and eye-opening more progress has not been made on these issues. The reasons for this are not hard to find. Indeed, you hit the nail on the head in the next paragraph by pointing out the role of governments. > I'm not sure what can be done on that or what that means, just a bit breathtaking how governments can help people or really screw things up on a sca…
Providing help , like bed nets to prevent mosquito bites in order to reduce malaria, does not promote nor prevent other fight for more freedom in Ethiopia. Sure, the Gates foundation could have chosen to concentrate on that other front, but criticizing one type of aid for not help with something else is pretty uninteresting.
Re: Warren Buffett’s Best Investment
#178Re: Warren Buffett’s Best Investment
#179Earlier quoted context omitted.
Except that all the numbers on his net worth are based just on his word and he's clearly a serial liar. Interestingly, I think the fact that he's quite stupid may be how he succeeded at the presidential election. An intelligent, principled person would have a vision and philosophy that guides their actions. When questioned on details or specifics they would use their philosophy to arrive at a reasoned answer. Trump h…
> Except that all the numbers on his net worth are based just on his word and he's clearly a serial liar. No they're not, the link I provided also showed figures based on Forbes estimate of his net worth. $40,000,000 (Trump's share of his father's fortune) invested in the market in 1974 would be worth $1.22 billion in 2015 (when he announced his campaign). Compared to Forbes estimate of his net worth at $4.5 billion…
You know Forbes is just a business magazine, and just a small one at that?
They don't have any privileged information. They probably just based their reporting on his self-reported wealth. At best they could look at the public valuations of some of his properties, but since the Trump organization is privately held they have no way of knowing how badly he's leveraged.
Here's a hint: check how much Forbes said Elizabeth Holmes was worth in 2015.
> I don't know about that. From what I can tell, he seems to consistently follow the same or similar playbook outlined in 'The Art of the Deal'.
That you don't see the difference between a set of strategies for making money in real estate and a governing philosophy of how you see the world and act as a person is the crux of the problem.
Re: Warren Buffett’s Best Investment
#180You don't need a Gates- or Buffett- sized pot of money to make a difference. Sure, they can, and do, place massive orders at vaccine factories to get economies of scale. That's how a dose of the pentavalent vaccine comes to cost about the same as the CD that Windows used to arrive on. You probably can't place a US$50M order at a pharma company. But that's OK. You can find a local NGO or charity that promotes, I dunno…
This approach is usually known as "effective altruism" — there's a whole part of the blogosphere hanging off that keyword. But conveniently, I can just link to http://www.givewell.org/charities/top-charities — this is a (very well-researched) consensus list on which charities turn "dollars contributed" into "good done in the world" most effectively.
Reasonably, the entries on GiveWell's list match pretty well with the strategy of the Gates foundation (i.e. vaccines et al.) The differences in the Gates Foundation's strategy mostly come down to the fact that economies of scale for solutions work out differently when you have millions vs. billions of dollars.
Of course, you're allowed to disagree with the ranking criteria the EA people use—maybe the global number of "quality-adjusted life-years" people get to live isn't the #1 thing you care about optimizing.
But even if you disagree about the particular charities, EA—and the parent post—still have an important point you should understand: no matter the charity, contributing money is almost always higher-ROI than volunteering. (It might feel "lazy", but it's the principle of comparative advantage: the person a charity could hire for the money you can earn in time X at your job, will almost certainly do more good for them than you'd do by volunteering X hours of your own time.) And that "get the highest ROI for my charity dollar" mindset is what's important, no matter what you're measuring ROI in terms of.