Wednesday, November 12, 2008

What Is It Like to Lose $100 Million a Day? WSJ excerpt

"A graphic in Vanity Fair last month showing the biggest stock-market losers had Warren Buffett down about $16 billion. The Walton kids were down a combined $21 billion. The Google guys were each down about $12 billion, as was Bill Gates. (Overseas, there are some even more impressive, er, losers, such as Lakshmi Mittal racking up more than 20 billion pounds in paper losses...)."*

*The Wall Street Journal

Have to feel sorry for the likes of Sheldon Adelson.

"His investments have declined by more than $30 billion, yes with a “b,” in the past year.
adelson1112_DV_20081112114626.jpgGetty Images

Put another way, his net worth declined by about $100 million a day, or $4.1 million an hour, or $69,000 a minute, or $1,157 a second.

It is possible Mr. Adelson now may hold the title for the largest one-year paper loss in U.S. history."

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