'A remarkable role model': Warren Buffett and Bill Gates tout this fellow billionaire as their hero — here are 3 big lessons to learn from Charles Feeney

The famed philanthropist gave away the bulk of his $8 billion fortune.

Liz O. Baylen / Los Angeles Times via Getty Images

By Serah LouisOct. 13, 2023

Charles “Chuck” Feeney made his billions selling booze, cigarettes and perfume — and gave nearly all of it away before he died.

The co-founder of the Duty Free Shoppers Group died on Oct. 9 at the age of 92, but fulfilled his pledge to donate the bulk of his $8 billion fortune long before his death.

“Chuck Feeney is a remarkable role model, and the ultimate example of giving while living,” Bill Gates told Forbes back in 2012.

Berkshire Hathaway CEO Warren Buffett presented a Forbes 400 Lifetime Achievement Award to Mr. Feeney in 2014, calling him “my hero and Bill Gates’s hero. He should be everybody’s hero.”

Here’s what you can learn from how Feeney managed his money.

Diversification

While building his massive fortune, Feeney didn’t just focus on his global network of duty-free airport stores — he was a prolific investor as well.

By the early 1980s, he was profiting from hotels, property and retail, and he later invested in some tech start-ups as well. It wasn’t until 1996 that he sold his stake in Duty Free Shoppers for a tidy $1.63 billion that went to his foundation, Atlantic Philanthropies, a deal that multiplied in value by investment returns later, according to the Wall Street Journal.

Feeney followed the golden rule — don’t put all your eggs in one basket — and grew his wealth by diversifying his investments.

Similarly, while you’re buying stocks, make sure you’re not sticking to one company or sector. This will provide some shelter from any unexpected dips in the market. Do your research and build a balanced portfolio of companies or ETFs.  

https://moneywise.com/managing-money/budgeting/chuck-feeney-warren-buffett-bill-gates