Warren Buffett shone a light on his relationship with Bill Gates, and his decision to end his annual donations to the Gates Foundation, in a rare interview with CNBC's Becky Quick on Wednesday.
The famed investor and Berkshire Hathaway chairman said he'd "read a great deal" about Gates' ties to Jeffrey Epstein, and while it was a "distasteful" situation, everyone makes mistakes in judging people.
"I found nothing in there that was beyond what I could picture myself doing," Buffett said about the transcript of Gates' voluntary testimony to the House Oversight Committee last month as part of its investigation into Epstein.
Gates testified that he was introduced to Epstein by trusted associates, and the pair met several times between 2011 and 2014 in connection with philanthropic fundraising.
The Microsoft cofounder said that he never witnessed any criminal conduct from Epstein, never visited his notorious island, and didn't seek a personal relationship with him.
Gates said that associating with Epstein was a "grave error in judgment" driven by his hope to raise funds for his global health work.
"No one bats a thousand in the business of choosing people," Buffett said.
Buffett, who announced this week that he's donating a total of $6 billion in Berkshire stock to four of his family's foundations, told Quick why he wasn't giving the lion's share of his yearly gift to the Gates Foundation as usual.
The legendary stock picker, who turns 96 in August, said that he's already given the Gates Foundation a "great deal of money," it has plenty of financial firepower, Gates himself has ample resources, and Buffett now trusts his children with his estate.
Buffett said in a news release announcing the donations on Tuesday that he hopes his three kids can disburse all of his Berkshire stock — which accounts for over 99% of his wealth — by the end of 2034.
"I've really done the same thing as Bill, in a certain sense," Buffett said, referring to Gates saying last year that he would "give away virtually all my wealth through the Gates Foundation over the next 20 years."
The Gates Foundation said in a statement that it is "grateful" to Buffett for his decades of support and more than $47 billion of gifts, and it remains in a "position of financial strength to advance our work through 2045, supported by Bill's $200 billion commitment."
The former Berkshire CEO, who made way for Greg Abel at the start of this year after six decades in charge, said that Gates had visited him in his hometown of Omaha a few weeks ago and that the pair had spent about three hours talking.
Buffett, who first met Gates on the Fourth of July weekend in 1991, said they have had an "enormous number of good times together since we've met," and have shared a "wonderful friendship."
After the interview aired, Quick revealed that Buffett broke his leg a few weeks ago and underwent surgery, but he's recovering well and can walk with some assistance.
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Theron Mohamed is a London-based correspondent on the Trending team at Business Insider. His coverage spans finance, investing, wealth, markets, and the economy.Theron joined BI in 2019 as a reporter at Markets Insider and rose to the rank of correspondent before moving to the Trending team in 2024. He previously covered tech, media, and telecom stocks for Investors Chronicle magazine and had a brief stint on the Financial Times' Data team. He interned at the Wall Street Journal in New York where he primarily wrote for Heard on the Street.Theron has freelanced for The Independent, The Telegraph, WIRED, and several smaller publications. He holds an undergraduate degree in geography from the London School of Economics, and a master's degree in journalism from Columbia University.Theron often covers Warren Buffett, Michael Burry, Jeremy Grantham and other top-flight investors. He also writes about the world's wealthiest people and shares financial advice from all manner of rich and successful people.Email Theron at [email protected] and follow him on X @theron_mohamed.Expertise
- Corporate finance
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- Business history
- US economy
- Warren Buffett and Berkshire Hathaway
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