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, quoted in Barbarians at the Gate: The Fall of RJR Nabisco
I agree he's led a modest life. I am somewhat dubious about his claims to be a philanthropist. I don't see exploiting the world (Buffett & Gates) necessarily redeemed by later posing as a philanthropist.
None of this is meant as a critique of capitalism. Just a critique of the kind of sterile, exploitative capitalism that Buffett practises, that he then tries to dress up as philanthropy. "It's ok if I give away all my money at the end" - well he can't take it with him can he? And at 89, he still hasn't given most of it away anyway.
Finally, here's a link to a much more detailed criticism of Buffett, if you're interested:
https://www.thenation.com/article/archive/special-investigat...
> 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, quoted in Barbarians at the Gate: The Fall of RJR Nabisco
I agree he's led a modest life. I am somewhat dubious about his claims to be a philanthropist. I don't see exploiting the world (Buffett & Gates) necessarily redeemed by later posing as a philanthropist.
None of this is meant as a critique of capitalism. Just a critique of the kind of sterile, exploitative capitalism that Buffett practises, that he then tries to dress up as philanthropy. "It's ok if I give away all my money at the end" - well he can't take it with him can he? And at 89, he still hasn't given most of it away anyway.
Finally, here's a link to a much more detailed criticism of Buffett, if you're interested:
https://www.thenation.com/article/archive/special-investigat...