It is headlines like these that make me miss Sam Walton. As reporters interviewed him while he did what he loved the most -- feeding his hogs on his AR farm and wearing denim bib overalls, he'd say something to the effect -- 'I'm not worried. That stuff was all just paper entries anyway. It didn't mean anything yesterday and it doesn't mean anything today.'
World’s Richest Lose $11.3B
Mar 6, 2012 9:06 PM ET
The 20 richest people on Earth lost a combined $11.3 billion yesterday as global markets fell after European economic growth slowed and investors weighed Greece’s chances of getting bondholders to accept a debt swap.
Warren Buffett’s fortune fell $407.3 million, dropping his net worth to $43.9 billion. The chairman of Omaha, Nebraska- based Berkshire Hathaway Inc. (BRK/B), his investment holding company, ranks third on the Bloomberg Billionaires Index, a daily ranking of the world’s richest people.
“Warren Buffett has no reason to worry and neither does Carlos Slim,” Jeffrey Saut, chief investment strategist at Raymond James Financial Inc. in St. Petersburg, Florida, said in an interview. “It’s a buy. The world’s not going into recession.”
The Standard & Poor’s 500 index posted its worst drop of the year, sliding 1.5 percent as U.S. stocks declined for the third straight day. Europe’s economy shrank 0.3 percent last quarter, the European Union’s statistics office said, and the central bank’s balance sheet surged to a record 3.02 trillion euros ($3.96 trillion) last week amid crisis-fighting efforts.
Bernard Arnault and Amancio Ortega, two European retail magnates on the billionaires list, both lost about $1.2 billion. Arnault, 63, now ranks fifth on the index with a net worth of $41.2 billion after shares of his LVMH Moet Hennessy Louis Vuitton (MC) SA, the world’s largest luxury goods company, dropped 3.1 percent in Paris trading. Ortega, 75, who owns a 59 percent stake in fashion retailer Inditex SA (ITX), the world’s largest clothing retailer, ranks seventh with a $37.7 billion fortune. No billionaire on the index gained.
World’s Richest Lose $11.3B
Mar 6, 2012 9:06 PM ET
The 20 richest people on Earth lost a combined $11.3 billion yesterday as global markets fell after European economic growth slowed and investors weighed Greece’s chances of getting bondholders to accept a debt swap.
Warren Buffett’s fortune fell $407.3 million, dropping his net worth to $43.9 billion. The chairman of Omaha, Nebraska- based Berkshire Hathaway Inc. (BRK/B), his investment holding company, ranks third on the Bloomberg Billionaires Index, a daily ranking of the world’s richest people.
“Warren Buffett has no reason to worry and neither does Carlos Slim,” Jeffrey Saut, chief investment strategist at Raymond James Financial Inc. in St. Petersburg, Florida, said in an interview. “It’s a buy. The world’s not going into recession.”
The Standard & Poor’s 500 index posted its worst drop of the year, sliding 1.5 percent as U.S. stocks declined for the third straight day. Europe’s economy shrank 0.3 percent last quarter, the European Union’s statistics office said, and the central bank’s balance sheet surged to a record 3.02 trillion euros ($3.96 trillion) last week amid crisis-fighting efforts.
Bernard Arnault and Amancio Ortega, two European retail magnates on the billionaires list, both lost about $1.2 billion. Arnault, 63, now ranks fifth on the index with a net worth of $41.2 billion after shares of his LVMH Moet Hennessy Louis Vuitton (MC) SA, the world’s largest luxury goods company, dropped 3.1 percent in Paris trading. Ortega, 75, who owns a 59 percent stake in fashion retailer Inditex SA (ITX), the world’s largest clothing retailer, ranks seventh with a $37.7 billion fortune. No billionaire on the index gained.