Earlier quoted context omitted.
Why do you think he's a parasite? He seems to live a modest life, and work very hard to make the economy work more efficiently. He's giving almost all of his money to philanthropic causes, and seems to campaign for all the right causes. He maintains a pretty low profile for his level of success (he doesn't even support philanthropy through his own family foundation; he went with Gates, since he thought they'd do a be…
I think his claim to be a beneficial 'allocator of capital' is bogus. He tends to invest in established exploitative companies. His investments have been made on an almost exclusive basis of growing wealth, which in the end is a very sterile end to aim for. > I'll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty. — Buffett,…
"America isn’t supposed to allow moats, much less reward them. Our economic system, we claim, is founded on free and fair competition."
That's called a straw man. No one has ever said America "doesn't allow moats" and that there is "free and fair competition".
The whole point of business is, within the law, to build a moat that makes it impossible for a late-starting competitor to compete with you. Patents are moats. Immense capital is a moat. Brands are moats. Regulations are moats.
When Disney pulls its movies from Netflix to start its own streaming service, it's using its moat to block a competitor.
I bet almost every dollar you spend in your life goes to companies that legally try to stop you from spending money with their competitors. From your phone to your bank to your car to your airline.
The Fed is currently propping up the price of assets through $3 Trillion of asset buying. This isn't a free economy.