> But it is notable that the biggest recipient of DAFs’ gifts is none other than Fidelity [Charitable]. The third-biggest is the American Endowment Foundation,

> But it is notable that the biggest recipient of DAFs’ gifts is none other than Fidelity [Charitable]. The third-biggest is the American Endowment Foundation, another DAF supplier. In practice, money is for the most part churning between DAFs, not actually being "spent". https://www.economist.com/finance-and-economics/2017/03/23/a-philanthropic-boom-donor-advised-funds https://www.economist.com/finance-and-economics/2017/03/23/a...