BERKSHIRE HATHAWAY
AP Photo/Matt Sayles
Last year America's most beloved investor was the
world's richest man. This year he has to settle for second place after
losing $25 billion in 12 months. Shares of Berkshire Hathaway down 45%
since last March. Injected billions of dollars into Goldman Sachs, GE in
exchange for preferred stock last fall; propped up insurance firm Swiss
Re in February with $2.6 billion infusion. Admits he made some "dumb"
investment mistakes in 2008. Upbeat about America's future: "Our
economic system has worked extraordinarily well over time. It has
unleashed human potential as no other system has, and it will continue
to do so." Scoffs at Wall Street's over-reliance on "history-based"
models: "If merely looking up past financial data would tell you what
the future holds, the Forbes 400 would consist of librarians." Son of
Nebraska politician delivered newspapers as a boy. Filed first tax
return at age 13, claiming $35 deduction for bicycle. Studied under
value investing guru Benjamin Graham at Columbia. Took over textile firm
Berkshire Hathaway 1965. Today holding company invested in insurance
(Geico, General Re), jewelry (Borsheim's), utilities (MidAmerican
Energy), food (Dairy Queen, See's Candies). Also has noncontrolling
stakes in Anheuser-Busch, Coca-Cola, Wells Fargo.
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