According to the
Chronicle of Philanthropy, Charles Munger, a director of the discount chain Costco and the longtime vice chairman of billionaire philanthropist Warren Buffett’s investment firm, suggested in a talk with college students this week that investment in companies benefits society more than philanthropy,
Bloomberg reports.
“I believe Costco does more for civilization than the Rockefeller Foundation,” Mr. Munger told University of Michigan students in a discussion, a
video of which was posted online.
“I’ve seen so much folly and stupidity on the part of our major philanthropic groups,” he added. “I really have more confidence in building up the more capitalistic ventures like Costco.”
Philanthropy isn't something businessmen do to make up for a lifetime of being selfish. Charity is not "giving back." Most people in business have been giving--in the sense of investing in America and its people--for years. Any of the profits they give to charity is just icing on the cake.