Andy Kessler, founder of the billion-dollar Palo Alto investment firm Velocity Capital Management, thinks that homelessness in the United States is caused by the people who volunteer at homeless shelter. The hedge fund manager took to the Wall Street Journal to condemn volunteering.
He opens with the story of a couple he meets at an airport in San Francisco. They are waiting to pick up their daughter who just traveled to volunteer in Guatemala, not to attend camp much to Kessler’s dismay. He criticizes the millions spent on volunteering projects and says the money could have been invested in a local entrepreneur.
Kessler then wags his crotchety old man finger at the younger generations who have it all.
I understand that overbearing parents encourage their children toward such do-good interludes, hoping that it will get them into Brown, but why does this generation go along with it? My take: Because they have it all. The baby-boom generation gave way to the slacker Gen-Xers, followed by Gen-Y and now we’ve moved up the alphabet to Gen-G—for Guilty.