Warren Buffett makes $280M in one day
As is the gloom and doom of the media, an outfit that loves to pound the negative unless someone as beloved as Jack Layton passes, the world’s writers jumped all over one story earlier in the month.
Carlos Slim, the world’s richest man, had lost $8 billion in just four days as his Mexican stocks plummeted. It was just a paper loss, sure, but it was interesting as hell. Perhaps you read about it.
In any case, here’s a story that proves it’s not just downbeat stories that make the news.
Because anytime Warren Buffett makes nearly $300 million in one day – hey, that’s something worth clicking on.
Surely, it has been a busy few weeks for the Oracle of Omaha. Buffett, the 80-year-old Berkshire Hathaway boss, become either a civil libertarian or mega-rich blabber mouth when he wrote an editorial in the New York Times last week asking to be taxed more.
*Bing: Who is Canada’s richest man?
Though while that was a polarizing stance, Buffett is back doing what he does best. Making big money. Big, there’s-no-two-ways-about-this money.
According to the Telegraph, the investing guru earned $280 million in paper profit Thursday when he bought in huge to Bank of America.
The world’s third richest man purchased $5 billion of the bank’s preferred stock. He now owns about seven per cent of Bank of America.
It is, at this time, a giant vouch for the struggling bank, which received much speculation it’d have to take massive writedowns on its housing debts and government bonds. Buffett changed all that with one swipe of a pen.
After news of his buy, Bank of America’s shares shot up 25 per cent right away. They would settle later in the trading day, but not before Buffett reached his whopping landmark.
With an extra $280 million to his portfolio, maybe the Orville Redenbacher of investing will pay down the U.S. deficit, after all.
By Jason Buckland, MSN Money