Um, why would you suspect that? Do you find investing just to be investing more enjoyable than anything money could buy? Why would the mega-rich be any different?
I picked my job because it is very enjoyable to me. I would do it for free if I had too. The job of the mega-rich is to invest. They are under no financial pressure (like say a Mexican immigrant) that forces them to take that job.
Anyway, by that logic...
I totally agree that it's not the best use of the money, and would definitely rather see it invested wisely. At the same time, it's not like the money's just being burned. It adds a small inefficiency into the investment cycle, but apparently Buffet thinks this inefficiency is not as big as most other people do.
I picked my job because it is very enjoyable to me. I would do it for free if I had too. The job of the mega-rich is to invest. They are under no financial pressure (like say a Mexican immigrant) that forces them to take that job.
Anyway, by that logic...
I totally agree that it's not the best use of the money, and would definitely rather see it invested wisely. At the same time, it's not like the money's just being burned. It adds a small inefficiency into the investment cycle, but apparently Buffet thinks this inefficiency is not as big as most other people do.