Awww, well isn’t that nice of him? I mean, Buffett is usually known as being a “Scrooge,” but this story kinda softens that image, I guess. Then again, he did say last year that he was gonna give away a shit load of money to charity, so I guess “it’s about that time” he starts, ya know?

BUT on the other hand… The homeless shelter is in MARIN, California (that’s right above $F). & so my initial reaction is this:

WTF? is he freakin’ serious?!?!

no, seriously. MARIN??? for people who don’t live in the Bay, Marin is not… well, let’s just say that:

you won’t find

too many

homeless people

living in Marin.

shiiit… it’s like he’s investing in the “rich homeless.”
can you really be commended for that?

Warren Buffett, who amassed a fortune through his shrewd stock purchases, is making a different kind of investment in Homeward Bound of Marin.

The world’s second-richest man - with an estimated net worth of $52 billion, according to Forbes magazine - has purchased the first share of Homeward Bound’s nonprofit “IPO” for $32. The renowned philanthropist is CEO of Berkshire Hathaway Inc. based in Omaha, Neb.

Not a traditional “initial public offering,” the organization’s “immediate public opportunity” is a fundraising effort patterned after a company’s first sale of stock.

“We asked him to buy the first share to give us this launch,” said Homeward Bound Deputy Director Bob Puett. “We figured it was not every day Warren Buffett invests in ending homelessness, and it is a tremendous legitimacy to our effort since he is the guru of all investors.”

Homeward Bound provides emergency and transitional housing and support services to homeless adults and families in Marin. Founded in 1974, it operates nine programs throughout the county, including the New Beginnings Center homeless shelter in Novato.

Puett said board member David Smith attended the recent Berkshire Hathaway shareholders’ meeting in Omaha, where he asked Buffett to buy the first “IPO” share on behalf of Homeward Bound.

Buffett announced last year plans to give away 85 percent of his wealth to several charitable foundations, with the largest amount to the Bill and Melinda Gates Foundation. The commitment is the largest in philanthropic history, exceeding sums given by Andrew Carnegie or John D. Rockefeller or any contemporary donor, according to an analysis by the Chronicle of Philanthropy.

“Warren Buffett is not in our community, yet he is investing because he knows it is a good idea, so we are sure it will entice others to invest,” said Homeward Bound Executive Director Mary Kay Sweeney. “To have his blessing, his validation, will attract people because he is such a wise investor.”

There are 200,000 shares available for $32 each. Stockholders will not actually own stock or shares in the nonprofit.

“Our strategy is geared for people to take stock in their community,” Sweeney said. “Shareholders will see how returns on investments in people can be just as satisfying and long-lasting as investments in innovative companies.”

Funds raised will help finance The Next Key, an expansion of New Beginnings.

New Beginnings is an 18,000-square-foot shelter that has 80 dormitory-style beds. It offers computer classes and training in janitorial and building maintenance, landscaping and culinary services, among others.

The planned 23,000-square-foot expansion project includes 32 affordable rental studio apartments, job-training classrooms, a commercial kitchen, administrative offices and a conference center to seat 150 people and be available to rent for community events.

Though the project has city approvals, plans have lagged as the project cost increased by $3 million over the past year to $9.5 million because of the rising price of materials. Officials have so far raised $5 million.

Buffett also contributed several autographed items that will be auctioned to support Next Key