This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Top 12 Most Big-Hearted Billionaires

No. 7 -- James Simons, Renaissance Technologies

NET WORTH: $8.7 billion

The financial whiz famous for hiring PhDs to help run hedge funds, Simons is the highest ranked hedge fund manager taking the Buffett/Gates pledge -- though one more hedge fund manager rounds out the charitable giving Top 10.

The other member of the hedge fund in the Buffett/Gates Top 10 is Arnold.

In all, there are five hedge fund managers taking the Buffett/Gates pledge, with assets worth more than $15 billion -- though Simon alone represents more than half of the hedge fund pledges.

Hedge fund managers have worked in overdrive to change their reputation from ruthless trading machines hell-bent on profits to that of socially minded capitalists. Yet it's not just Chinese billionaires, but Warren Buffett's right hand man no less, who questions some aspects of philanthropy.

When the Buffett/Gates group of donors was first announced, one notable absent U.S. billionaire was Buffett's right hand man and vice chairman of Berkshire Hathaway, Charlie Munger. Munger has previously stated that his approach to charity differs from Buffett's, in giving away a lot of money throughout his life, as opposed to a majority of his wealth after death. Munger has donated heavily to education in the past.

Now video of a speech given by Munger at the University of Michigan and tracked down by Bloomberg shows that while Munger and Buffett agree on much, how to dole out their fortunes is not the only manner in which they differ over the issue of charity.

"I believe Costco does more for civilization than the Rockefeller Foundation," Munger is quoted as saying in the Internet video. "You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat." Munger is a Costco director.

Munger also took some pot shots at the World Bank, saying, "I've seen so much folly and stupidity on the part of our major philanthropic groups, including the World Bank...I really have more confidence in building up the more capitalistic ventures like Costco."

7 of 14

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs