Buffett: Failure key to successful philanthropy

Billionaire Warren Buffett said philanthropists must be prepared for some efforts to fail, and that major charitable initiatives are taking too little risk if they meet their goals every time.

“Intelligent charity, big-time charity should tackle things where it’ll fail,” Buffett, 80, said Tuesday at a press conference in Bangalore, India. “If you succeed in everything you’re doing in charity, you’re attempting things that are too easy.”