| ▲ | yndoendo 6 hours ago |
| Sorry, a person who life is built around greed is no hero. |
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| ▲ | lr4444lr 6 hours ago | parent | next [-] |
| 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. |
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| ▲ | WalterBright an hour ago | parent | next [-] | | People buying a house also hope for a dip in the market so they can buy in cheaper. | |
| ▲ | BrenBarn 5 hours ago | parent | prev [-] | | 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 5 hours ago | parent | next [-] | | 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 5 hours ago | parent [-] | | Yes, that's giving it away (some after death), not specifically using it to address wealth inequality. | | |
| ▲ | JumpCrisscross 5 hours ago | parent [-] | | > 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 5 hours ago | parent [-] | | 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 4 hours ago | parent [-] | | > 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... | | |
| ▲ | BrenBarn 4 hours ago | parent [-] | | Those numbers are a pittance relative to his wealth. He could have established a foundation and given it hundreds of millions of dollars specifically to push for a more equitable taxation system. He did not do that. | | |
| ▲ | JumpCrisscross 4 hours ago | parent [-] | | > He could have established a foundation and given it hundreds of millions of dollars specifically to push for a more equitable taxation system You want another billionaire to create a super PAC? | | |
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| ▲ | conradev 5 hours ago | parent | prev | next [-] | | 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... | | |
| ▲ | PaulHoule 5 hours ago | parent | next [-] | | See https://www.tabletmag.com/sections/news/articles/buffett-kin... if you want to know what his kids are up to. | | |
| ▲ | zozbot234 3 hours ago | parent [-] | | 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. |
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| ▲ | BrenBarn 5 hours ago | parent | prev | next [-] | | Is that charitable trust going to fight for wealth equality and a more progressive tax system? | |
| ▲ | mothballed 5 hours ago | parent | prev [-] | | 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. |
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| ▲ | gbacon 4 hours ago | parent | prev [-] | | Do you believe that wealth was cash sitting in a bank account? | | |
| ▲ | WalterBright 36 minutes ago | parent [-] | | 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. |
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| ▲ | Aarostotle 6 hours ago | parent | prev | next [-] |
| A man who built what he loves and produced so much surplus value for the rest of us to enjoy (read: profit) is _exactly_ a hero. I’m sure I could find ways critique him, but not in the context of celebrating his career. |
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| ▲ | bc569a80a344f9c 6 hours ago | parent | next [-] | | > A man who built what he loves and produced so much surplus value for the rest of us to enjoy (read: profit) is _exactly_ a hero. Life imitates art, I suppose. https://www.newyorker.com/cartoon/a16995 | | |
| ▲ | Aarostotle 5 hours ago | parent [-] | | My friend, Earth has never been a better place for humans to live than it is today. I hope more entrepreneurs come along to make it even better. The idea that humans have destroyed the planet is quite silly. |
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| ▲ | 650REDHAIR 6 hours ago | parent | prev | next [-] | | Tell me more about the surplus value that Warren produced | | | |
| ▲ | user3939382 6 hours ago | parent | prev | next [-] | | Art vs artist debate is tired, as is celebrity distance appraisal. If you want to know if someone is good or bad your best bet (still iffy) is to ask their kids or spouse. That’s he’s skilled at the financial game is obvious. Whether that’s valuable is a philosophical question that has little to do with Warren Buffet. | |
| ▲ | thisgetsit 6 hours ago | parent | prev [-] | | [flagged] | | |
| ▲ | winrid 6 hours ago | parent | next [-] | | He literally sits around and reads financial reports all day. | |
| ▲ | gsinclair 5 hours ago | parent | prev | next [-] | | I’m not convinced. | |
| ▲ | narrator 5 hours ago | parent | prev [-] | | Hey, with all the de-industrializing Europe has been doing, everything is now made in China and the only decision western civilization has to make is how do we equally distribute those goods. I mean why do absolutely anything if they just do it China? You can just demand your share of the goods as a human right. They can't shut you down, you're the heroic consumer after all without which the economy wouldn't exist. /s |
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| ▲ | WalterBright an hour ago | parent | prev | next [-] |
| Buffet has also made a lot of money for his investors. People can buy shares in Berkshire Hathaway. |
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| ▲ | tim333 5 hours ago | parent | prev | next [-] |
| I don't think built around greed is fair. If he was greedy he'd be spending the money rather than giving nearly all of it to charity. |
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| ▲ | gbacon 4 hours ago | parent | prev | next [-] |
| If he built his life around greed, you must have numerous examples, so give specific instances to support this charge. No handwaving. |
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| ▲ | mrwaffle 6 hours ago | parent | prev | next [-] |
| Mostly true, compared to other billionaires he's a much better flavor and a stronger record of appearing human but still, agree. I'd recommend reading
The Snowball for a more complete understanding of him. |
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| ▲ | kakadu 6 hours ago | parent | prev | next [-] |
| He is an _American_ hero |
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| ▲ | jacquesm 6 hours ago | parent | prev | next [-] |
| Actualy, he didn't. He's probably the one billionaire alive today for which you could not make that case. I know of one other (but he's dead). |
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| ▲ | super256 6 hours ago | parent | next [-] | | He was greedy when others were fearful ;) | |
| ▲ | lokar 6 hours ago | parent | prev | next [-] | | Yvon Chouinard has a stronger claim | |
| ▲ | SecretDreams 6 hours ago | parent | prev | next [-] | | > He's probably the one billionaire alive today for which you could not make that case. Is this Stockholm Syndrome? | | |
| ▲ | sharts 6 hours ago | parent | next [-] | | Very likely. Billionaires can afford to cultivate a persona for the masses. It’s so odd when the majority actually buy it. | | |
| ▲ | csallen 5 hours ago | parent [-] | | Not everyone can afford to waste energy on angry and envy directed toward private citizens who have literally nothing to do with them |
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| ▲ | irishcoffee 6 hours ago | parent | prev [-] | | You ever see Good Will Hunting? The scene where he talks about where he can “just play” and then describes the most talented people in history at what they do. That’s Buffett in his chosen life’s work. Buffett didn’t get, for example, a small loan of a million dollars to start. He’s been working at this longer than probably anyone what will ever read this comment has been alive. He doesn’t care about the money in the sense I feel you’re implying. Nobody is perfect, and holding anyone to that standard sets an impossible threshold. I don’t know how familiar you are with Warren Buffett, but I would encourage you to dig into his Wikipedia page at least, however accurate we think that is these days. | | |
| ▲ | PostOnce 4 hours ago | parent | next [-] | | Yes he did start with a "small loan of a million dollars"! Buffett started with 1.2 million dollars (105K in 1956) in investments from his family, i.e. his aunt, sister, and father in law. It is very nearly impossible to get rich without starting with a huge chunk of money, Buffett is no exception. | | |
| ▲ | WalterBright 11 minutes ago | parent | next [-] | | Gates/Allen started Microsoft with $5000. Jobs started Apple by selling his VW bug. | |
| ▲ | irishcoffee 3 hours ago | parent | prev [-] | | You should read his whole bio. | | |
| ▲ | PostOnce 3 hours ago | parent [-] | | Don't get me wrong, I like him, he's a quick wit, it's just not true that he started with nothing, he started with a lot. |
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| ▲ | 6 hours ago | parent | prev | next [-] | | [deleted] | |
| ▲ | SecretDreams 5 hours ago | parent | prev [-] | | Have you ever read Elon's wiki? Or any other individual rich enough to curate whatever views they choose? Warren buffet did good and he came up with a winning strategy. Momentum was ultimately his friend and what drove his success. When ETFs are great today and their popularity largely because of Warren, I think a lot of what's increasingly becoming obviously wrong with the markets ties back to the original strategy behind ETFs. There's no more self selection or focus on fundamentals. All pensions are now exposed and regular contributors to the markets, so winner and losing picking doesn't really exist in the same way and performance is no longer tied to reality. I dread what that means as populations stagnant since it puts some risk on future pensions and their somewhat ponzi-esque structure. All the pessimistic rants aside - it's insane to refer me to a billionaire's wiki as an attempt to get to know them. I largely look at people based on how they might treat family, friends, strangers, etc. In that regard, I'm mixed. | | |
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| ▲ | medlazik 6 hours ago | parent | prev [-] | | It's fascinating how even smart people like you become so utterly naive when it comes to politics. This guy partly owns some of the most evil companies humanity has ever created ffs. Zero ethics, 100% capitalist greed. | | |
| ▲ | jacquesm 4 hours ago | parent | next [-] | | Fortunately, we have you to keep naive people like me in their place. Happy New Year to you too. | |
| ▲ | vasco 6 hours ago | parent | prev [-] | | It's not that hard to see evil in everyone and it doesn't make one that much smarter | | |
| ▲ | MarcelOlsz 4 hours ago | parent [-] | | Yeah let's give the billionaires the same benefit of the doubt we give our friends & family & working-class people. |
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| ▲ | IncreasePosts 6 hours ago | parent | prev | next [-] |
| He built his life around developing successful businesses. That's not greed. |
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| ▲ | bawolff 6 hours ago | parent | prev | next [-] |
| He made his billions by figuring out who were worthy people to give money to. He's not exactly curing cancer but i could think of a lot more underhanded ways to make billions. I think he is above average ethically relative to his billionaire peers. |
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| ▲ | tehjoker 6 hours ago | parent [-] | | He owns a lot of companies and keeps his distance from their reputations. Companies make money and stay on top by doing awful things. Think about coca cola and plastic pollution. Buffett has to own that when he has a controlling stake. | | |
| ▲ | gsinclair 5 hours ago | parent | next [-] | | What’s the counter-factual here? Coca Cola not allowed to exist? Plastic not a permissible material for soft drink bottles? Nobody allowed to drink soft drink? Companies forced to clean the streets? I dislike plastic pollution as much as you do, but your elected representatives have more responsibility here than Buffett. | | |
| ▲ | bawolff 4 hours ago | parent [-] | | Imagine what a world we would live in if people held themselves to the same standard they hold billionaires to. After all, coca-cola would change their ways pretty quickly if people stopped buying things over the issue. |
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| ▲ | JumpCrisscross 5 hours ago | parent | prev [-] | | > Think about coca cola and plastic pollution Does Coca Cola make plastic bottles? I thought their whole deal is they sell syrup to local bottlers. |
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| ▲ | hyperbovine 6 hours ago | parent | prev | next [-] |
| But hey, he also owns Sees Candy. |
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| ▲ | mothballed 6 hours ago | parent | prev | next [-] |
| I don't want a society where you have to be a hero to produce mass benefit to others. I want a society where greedy people feel like they have to serve the needs and wants of others to fulfill their greed. I don't know to what extent Buffet does it. Nor does our current quasi-fascist society where the government is highly embedded with industry and regulating who is the winner and who is the loser and then taxing/inflating the working class to make sure they stay afloat. But in the idealistic version of America, it is supposed to be a place where becoming a billionaire means you are not just producing billions of profit for yourself, but billions of value for others. That every deal, both sides are better off. This is what we aspire to, the whole ideal towards voluntary trade and capitalism as a method a tide that rises almost all boats and at the very least doesn't involve sinking another boat lower. |
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| ▲ | nntwozz 5 hours ago | parent | next [-] | | “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our necessities but of their advantages.” — Adam Smith, The Wealth of Nations | |
| ▲ | cindyllm 5 hours ago | parent | prev [-] | | [dead] |
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| ▲ | huflungdung 6 hours ago | parent | prev | next [-] |
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| ▲ | DoesntMatter22 5 hours ago | parent | prev [-] |
| And he’s giving away most of his fortune to help others when he dies. Idk how that can be considered a “life centered around greed” |