Statement on Warren Buffett’s Annual Letter

In his annual letter to Berkshire Hathaway shareholders, Warren Buffett provides additional details about his historic pledge to five foundations, including ours. Because he wants his wealth to help improve people’s lives as soon as possible, he has laid out a vision for distributing it in the next 25 years or so. He also stipulated that, upon his death, any remaining pledge must be spent 10 years after his estate has been settled. We share Warren’s sense of urgency and continue to be humbled by the responsibility he has given us.

We applaud Warren’s decision, although we hope it will be a long time before his will is executed. Like Warren, we are excited about the enormous progress that can be made in tackling the world’s biggest challenges. That is why we have decided that our own contributions to the foundation should be spent within 50 years of our deaths.

At the foundation, we are laying the groundwork for greater impact in the years ahead. We have put in place the organizational structure and the major program strategies that we believe will enable the foundation to spend Warren’s gift in a focused, effective, and responsible way, and we are confident of the path we’re on. We agree with Warren’s conviction that, to achieve the impact we seek, we should work deeper in the areas we have already chosen rather than adding broad new areas.

We also know that our foundation is only one small part of the solution. Real, long-term success will require the combined efforts of governments, charitable organizations, businesses, and individuals.