Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2013

by Carol J. Loomis

We both have a similar philosophy on that. I know in my own case that 99%-plus will go back to society, just because we’ve been treated extraordinarily well by society. I’m lucky. I don’t run very fast, but I’m wired in a particular way that I thrive in a big capitalist economy with a lot of action. I’m not adapted for football, I’m not adapted for violin playing. I happen to be in something that pays off huge in this society. As Bill says, if I had been born some time ago I would’ve been some animal’s lunch. I do not believe in the divine right of the womb. Frankly, I don’t think it’s right that the quarterback of the Nebraska football team next year should be the eldest son of the quarterback of the Nebraska football team of 22 years ago. Nor do I think that our Olympic team in 2000 should be chosen from the same family that was on the Olympic team in the various respective sports in 1976. We believe in a meritocracy when it comes to athletics and all sorts of things. Now, why not have a meritocracy in terms of what you go out into the world with in terms of the productive goods? Let the resources flow to those who use them best, and then I believe they should give them back to society when they get through.