Schools, hospitals, and other nonprofits in Nebraska have been major beneficiaries of the largely local investors who parlayed early stakes in Warren Buffett's Berkshire Hathaway into multimillion- and even billion-dollar fortunes, writes The Wall Street Journal.
Many shareholders who bought into the Omaha-based holding company decades ago and hewed to Mr. Buffett's "buy-and-hold" strategy as its value soared have also followed his philanthropic lead, pumping more than $1 billion into Nebraska charities.
Berkshire investors represent 5 percent of contributors to the Omaha Community Foundation but account for about 20 percent of its donations, giving more than $300 million. Sara Boyd, the fund's president, said the shareholders tend to view their wealth as a "happy accident" and are thus willing to give away large chunks of it.
Mr. Buffett said he expects a "high percentage" of major Berkshire shareholders to commit most of their fortunes to charity, as he has done, the Journal also writes in a larger article on what it calls the investment sage's "lucky millionaires club."