From a purely financial perspective, the net present value of AH's future earnings is almost certainly much higher than the net present value of the money deplo

From a purely financial perspective, the net present value of AH's future earnings is almost certainly much higher than the net present value of the money deployed elsewhere, assuming their hot streak continues. Two things mitigate this: 1) The likelihood that they can keep doing return >25% a year on their whole portfolio is very very small. It's much easier to earn $25m on $100m than it is to earn $25000m on $100000m. See, e.g. Warren Buffett - still a great investor, just too much money to invest efficiently. 2) There are incredible tax advantages to money given to charity, because the charities are usually tax exempt. That is, a charity that's allowed to grow the money at 10% a year with no taxes, does better in the long run than someone who can make 12% a year with 20% in taxes.