AstridPeth_

Bill, thank you for taking the time. Big fan of both your work at Microsoft, Bill and Melinda Gates foundation and Berkshire Hathaway.

I want to ask you about how most philanthropists think about RETURN ON INVESTMENT OF CHARITY.

Most (billionaire) people doesn't seem to put much effort on it and just pick whatever subject they're most interested. As far as I understand, you option for epidemiology and sanitation was a diligent choice, because you think that money and a drive for business gives the most bang for the buck (some newspapers cover your fierce negotiation position to get us the vaccines, something that you are good at and I am thankful for).

My question is. Do you think that most philanthropists are as diligent on their philanthropy as they were when they made their wealth? What are good themes where a drive for business can help the most?

On the book, he says we're 70% complete in the US Big Cycle. So he thinks it's safe to assume more 20 years.

With the same level of productivity growth, a growing population through immigration will always outperform one that has a declining working force.

If China were to decrease 0.5% its working force per year, it would need to has 0.5% productivity growth only to breakeven. For a large economy, 2% productivity growth is a lot. I know you guys aren't there yet, but if you don't open for immigrants, you'll have problems.