Nebraska principles enable Buffett to do charitable work

Warren Buffett bought his first stock when he was 11, paying $38 for Cities Services preferred shares, cashing in when they hit $40, and cringing a few years later when they climbed to $200.

It was a lesson -- buy stock in good companies and hang onto it -- that is the keystone of the investment strategy that has turned into a $44 billion fortune in the 65 years since then.

Despite his vast wealth, the "Oracle of Omaha" accepts only a $100,000 annual salary from his job as chairman of Berkshire Hathaway, and still lives in the same Omaha house he bought for $31,500 in 1958.

Starting in July, Buffett will begin donating most of his fortune, about $31 billion, to the Bill & Melinda Gates Foundation, which is dedicated to improving health and education, especially in poor nations.

In this country, the foundation emphasizes education and access to technology -- such as computers at the McCook Public Library and others throughout Southwest Nebraska and Northwest Kansas.

The Gates Foundation is already a major charitable force in the world, giving away $1.36 billion in 2005, compared to the United Nations Educational, Scientific and Cultural Organization, which had a budget of $610 million for 2004-05.

Buffett's contribution will more than double the money available for the charitable work.

He will also divide about $6 billion in Berkshire Hathaway stock between other family foundations the promote issues such as educational opportunities for low-income children, education, human rights, environmental and conservation issues, family planning, abortion rights and anti-nuclear issues.

Socially conservative Nebraskans have always had problems with aspects of Buffett's politics, especially the family planning or abortion rights issues.

But Nebraskans should be proud that the fortune amassed by one of their own, using principals most of us ascribe to, is, by and large, using his legacy to do a lot of good in the world.