Skip to main content

Tell me how to spend that money

"Who polices America's philanthropists?". This is the question posed by Financial Times writer Holly Yeager in an article entitled, "Concern over scrutiny of do-it-all philanthropists".

Recent large-scale commitments to philanthropic institutions made by the likes of Warren Buffett have "raised concerns about governance and regulation and fuelled a sense that increased public accountability might be necessary."

Of course, government regulation! Why didn't we think of that before? You there, don't look glum. They've been nice enough to let you keep almost half of your money. Now it's time for you to smile and sit up straight as the helpful policy makers tell you how to staff your charitable organization and make sure you actually spend some of that dough.

Just in case you're not convinced, we've lined up some experts to tell you how it is. Listen up, Moneybags!

Pablo Eisenberg, a senior fellow at Georgetown University's public policy institute and former executive director of the Center for Community Change, a liberal advocacy group, said the gift should be seen in the context of President George W. Bush's administration, and its effort to reduce the role of the federal government.

"Because of the intense media coverage on this event, it may give the public a feeling that
philanthropy is the answer to future problems, that the government is less important, and that philanthropy can fill the holes in the social safety net being made by this administration," he said. "I think that would be unfortunate."

Rick Cohen, executive director of the National Center for Responsive Philanthropy, a liberal advocacy group, echoed that concern. "I hope they aren't unintentionally signalling a philanthropy-can-do-it-all approach," he said.

I guess he's signalling a belief in the "government-should-do-it-all approach". See, I added the hyphens, thereby encapsulating his viewpoint and denouncing it all at once. Two can play at that game.

Here's a shockingly out of date, laissez faire concept: you wanna make rules about how a charity should be run? Go out and make some money and start up an organization of your own!

When he made his announcement, Mr Buffett explained his confidence in the Gates Foundation's international public health efforts in simple terms. "I think Bill and Melinda Gates will do a better job managing the money than the federal government," he said.

Well, damned if they won't try to manage it for you.

Popular posts from this blog

How to "Pull the Trigger" on Your Trading Ideas

In our last post, I quoted hedge fund manager, Jim Leitner on the importance of following up on your investment ideas.  Today I'd like to follow up and share some thoughts on how you can learn to consistently "pull the trigger" on your best trading setups and investing ideas. In order to help you do that, we'll take from the best and offer up key insights from interviews with top traders and trading psychologists like Alan Farley, Brett Steenbarger, and Doug Hirschhorn .  Now before we get to their key insights on overcoming trading anxiety and pulling the trigger on your trading ideas, let's remember what Jim Leitner said in his interview: "Learn to love to listen to people and when you hear something interesting, follow up on it. Don't just think, "Well that's an interesting idea" only to find out a year later that the company you could've bought shares in is now up 500-fold. You never want to say woulda, coulda, shoulda...

Market Wizard, Steve Clark on Trading: Grow Your Equity Curve

Trading wisdom recap: Steve Clark , founder of Omni Partners, was featured in Jack Schwager's 2012 book, Hedge Fund Market Wizards .  Clark's interview with Schwager provided us with some valuable trading insights; "Lessons from Hedge Fund Market Wizards: Steve Clark" was one of our most popular posts ever. If I had to pick my favorite sections from Clark's chapter, it would be boiled down to these two concepts: "Do more of what works (and less of what doesn't work)" and "Manage your equity curve". Here's his full quote on the supreme importance of growing your equity curve :  "Your job as a trader is to make the line of your equity curve go from bottom left to top right. That's it. Don't get hung up on other supposed "mandates". Protect your capital and the direction of that equity line. "   I will leave you with one last series of quotes from Steve Clark's interview with Jack Schwager. ...

Seth Klarman: Margin of Safety (pdf)

Welcome, readers! Signup for free email updates at the Finance Trends Newsletter . Update: PDF links removed due to DMCA notice. Please see our extensive Klarman book notes below. New visitors, please check the Finance Trends home page for all new posts. Here's something for anyone who has been trying to get a look at Seth Klarman's now famous, and out of print, 1991 investment book, Margin of Safety .  My knowledge of value investing is pretty much limited to what I've read in Ben Graham's The Intelligent Investor (the book which originally popularized the investment concept of a "Margin of Safety"), so check out the wisdom from Seth Klarman and other investing greats in our related posts below. You can also go straight to Ronald Redfield's Margin of Safety book notes .    Related posts: 1. Seth Klarman interviews and Margin of Safety notes     2. Seth Klarman: Lessons from 2008 3. Investing Lessons from Sir John Templeton 4. ...