In October 1998, Charlie Munger gave a speech to the Foundation Financial Officers Group at Miramar Sheraton Hotel, Santa Monica, California.
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In the talk, the billionaire investor proclaimed that he believes charitable foundations should serve as societal exemplars. They should avoid reckless behavior and invest their trustees' money in the most responsible ways, he added.
Munger’s advice for foundations
According to the speech, which was later published in his unofficial biography, Poor Charlie's Almanack, Munger criticized foundations for drifting away from simplicity to complexity.
He compared the actions of these foundations to that of...
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