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"Where will it do the most good?"

Buffett & Munger2015-05-02videoOpen original ↗

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SpeakersQuestioner1Warren1
QuestionerCan you talk about your views on philanthropy and how to balance leaving an inheritance to your family versus assets to charity?
WarrenIt's a very individual thing. As Charlie, you know, when you get to the figuring out what you do with your buddy, the options get very, fairly limited. And as Charlie said the other day, you know, he said where he's going, it won't do him much good anyway. There's no Forbes 400, you know, in the graveyard. So the question is, where does it do the most good? And I think it does limited amounts to do some real good for my children. So I'll be sure that they have that or they already have it to a degree. And on the other hand, when I look at a bunch of stock certificates in a safe deposit box that were put there 50 years ago or so, they have absolutely no. utility to me, zero. They can't do anything for me in life. I mean, they can't, they can't let me consume 7,000 calories a day instead of 3,000. They can't, there's nothing they can do. I've got everything in the world I want. I've had it for decades. If I wanted something, additionally, I go buy it. So here are these things that have no utility to me, and they have enormous utility to some people in other parts of the world. I mean, they can save lives, they can provide vaccines, they can provide education. They're all kinds of utility. So why in the world should they sit there, you know, for me or for, you know, some fourth generation down of great-grandchildren or something, when they can do a lot of good now? So that's my own philosophy on it. But I think everybody has to develop their own feelings about it and should follow where they go. I do think they might ask themselves what it, you know, where will it do it do the most good? You know, that, and it can be pretty dramatic between what it can do for millions of people that don't really have remotely the same shot at having a decent life that I've had. Or what it, you know, what it can do for me, I mean, if I could have 10 houses, but, you know, I could buy a hotel to live in, you know. Would I be happier? It'd be crazy.