Buffett Says ‘Capricious’ Economy Requires Charity Update1 – BusinessWeek.
This is a good move, Buffett makes some wise and true observations in this article.
“My luck was accentuated by my living in a market system that sometimes produces distorted results,” Buffett wrote. “I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate’s distribution of long straws is wildly capricious.”
“My wealth has come from a combination of living in America, some lucky genes, and compound interest,” he wrote. “Both my children and I won what I call the ovarian lottery. (For starters, the odds against my 1930 birth taking place in the U.S. were at least 30 to 1. My being male and white also removed huge obstacles that a majority of Americans then faced.)”