The AP is reporting, but it's not getting much press, that Warren Buffett, bless his heart, "gifted $13.5 million in stock last summer." You can google the story. I can't post the link.
Another source says Warren Buffett's "net worth" is $85 billion.
So, let's put the $13.5 million in context.
1. $13.5 million / $85 billion = 0.0001588 or 0.02%.
2. Two hundredths of a percent. Which, for millennials, is less than a tenth of a percent. Which is less than a percent.
3. Apparently he gave that away "over several months," between August and October.
4. How long, at that rate will it take Buffett to give away $85 billion?
5. $13.5 billion/day x 365 days/year *20 years = $98.6 billion. At the current rate, Warren Buffett would have to gift/give away the same amount ($13.5 billion) every day for the next 20 years to give away $98.6 billion.
6. But, yes, $98.6 billion is more than his net worth. Let's assume Warren Buffett is a really, really bad investor and only gets a return of 4% on his $85 billion, from MoneyChimp:
7. Yes, I know that doesn't account for the $13.5 million he is giving away every quarter. Disregarding that, at 4%, compound interest (only once yearly -- and certainly he should get that compounded month -- see below) his $85 billion would grow to $186 billion.
8. Compounding it monthly would take it to $189 billion.
9. If Warren is as good an investor as folks think he is, he should easily get 8% this year on his $85 billion, or another $6.8 billion.
10. $13.5 million (which he donated this year) / $6.8 billion = 0.001985 or 0.2% of what his money will earn, passively. If he invests all that in municipal bonds, he won't even pay any income tax and if he donates it, I assume he gets a tax break.
Disclaimer: I often make simple arithmetic errors, and there are a lot of assumptions in the data above, as well as a lot of things we don't know. I was just playing around with the few numbers I was given.
Speaking of Snow Jobs, Global Warming Continues To Slam The US
I had pretty much wanted to quit posting global warming stories -- it's no longer science, it's religion, and a cult at that. But it's impossible to ignore. In fact, it's so "bad," I will post a stand-alone note on global warming later.