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Joining with Gates, Buffett Targets World's Ills

Warren Buffett's pledge of $31 billion to the Bill and Melinda Gates Foundation has been long in the making, according to friends of the astute investor from Nebraska. Fortune magazine's Carol J. Loomis says Buffett told her months ago about his plan.

Before his wife died two years ago, Buffett had intended to leave the dispersal of his fortune up to her, Loomis says. And the founder of Berkshire Hathaway reportedly said he wouldn't make a good philanthropist, because he would have to hear too many opinions from too many people.

Now, the Bill and Melinda Gates Foundation will receive 10 million Berkshire Class B shares. Buffett will become a trustee of the foundation.

Melissa Block talks with Loomis, editor-at-large at Fortune, who interviewed Buffett for the magazine's July issue.

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