Earlier this week, we highlighted the power of compounding in an article on the rapid appreciation of the first Superman comic book. An equally dramatic example was recently published regarding Grace Groner, a 100 year old woman who recently died and left $7 million to her alma matter. The source of the funds? A $180 investment in Abbott Laboratories made in 1935. Read this article for more details.
In an extensive interview with the BBC, Bill Gates provides some insight regarding his relationship with Warren Buffett. Among other details, we learn more about Mr. Buffett’s computer skills, management style, and views on philanthropy. Read this article for more details and a link to the video.
Warren Buffett’s approach to philanthropy has been unconventional. Rather than establishing the infrastructure required to administer a foundation bearing his own name, the majority of Mr. Buffett’s wealth has been given to The Bill and Melinda Gates Foundation. Many super-rich individuals set up foundations that will exist in perpetuity, but Mr. Buffett’s instructions call for using his donations soon after they are made.