Why I am against those billionaires pledging to give away the majority of their wealth

Philanthropy has a low ROI.

They should rather put their money in a VC fund, and invest it in promising ventures, lead by visionaries.

Addendum: WSJ

UPDATE: See Peter Thiel’-s “-Audacious Optimism”- event.

Bill Gates, Warren Buffett, and all the Giving Pledge billionaires, should rather do what Peter Thiel does -go investing their cash and/or (liquidated) fortune in futuristic projects. – [VIDEO]

This morning, I wrote that I disaprove Bill Gates and Warren Buffett’-s Giving Pledge operation, because I rather favor billionaires investing in young startups lead by visionaries. Well, just after the publication of that post, I stumbled on the “-Audacious Optimism”- event, which satisfies my request.

The Thiel Foundation is encouraging philanthropists to donate more money to scientific pursuits that could lead to big breakthroughs in medicine, artificial intelligence, and nanotechnology, among other fields.

Note that Peter Thiel draws a distinction between “extensive” technologies, which “take things that are working and replicate them”-, and “intensive” technologies, which try to “take the things that are best in the world and make them qualitatively and dramatically better”-.

June 28s BetFair millionaire story (about Elliott Short) in the News Of The World was total bullshit.

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June 28’-s BetFair millionaire story (about Elliott Short) in the News Of The World was complete bullshit.

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BetFair:

Recent ‘-News of the World’- Article

Betfair Customer Services 29 Jun 13:13

We have been contacted by several customers in relation to an article in Sunday’s News of the World. We would like to make it clear that Betfair was not asked to comment on, or validate any aspect of, the article ahead of publication.

Although we cannot comment on the activities of any specific customer, some facts which may be relevant to some of the claims made in the article include:

The biggest winner in the relevant Britain’s Got Talent market (Susan Boyle winner –- Yes/No) won less than ?3,000.

No Betfair customer won ?1.5 million or anything even vaguely approaching that amount betting on the Champion Hurdle.

No Betfair customer won ?500,000 or anything even vaguely approaching that amount laying Monsieur Chevalier at Royal Ascot.

The figures shown in the account statement screenshot in the News Of the World do not reconcile to any Betfair account.

The monies present in a Betfair account are obviously no indicator of the sums won or lost on the account.

We would encourage customers to be wary of the claims of anyone purporting to have a profitable system or strategy.

We would encourage customers to retain a healthy degree of scepticism toward any claims made in the press which are not validated by Betfair.