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An investor and a model

An investor and a model
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First Published: Mon, Nov 05 2007. 11 45 PM IST
Updated: Mon, Nov 05 2007. 11 45 PM IST
It is not for nothing that Warren Buffett is known as the most savvy investor in the world. At a time when banks such as Citigroup and Merrill Lynch are losing both money and CEOs, Buffett’s Berkshire Hathaway has said that third quarter profits are up 64%.
The overt reason is that Buffett has encashed his investment in PetroChina Co. Ltd, which on Monday became the world’s most valuable company. But the investment in a Chinese oil company is part of a far bigger play that Buffett initiated a few years ago, when he started moving his assets out of the US dollar, which he expected to fall sharply.
He got it right, as the dollar’s fall in recent months shows. Others have caught on, with a few unusual dollar bears adding some spice to the story. Bloomberg reports that Gisele Bundchen, “the world’s richest model”, now insists that she should be paid in any currency other than the US dollar . No wonder we have an emerging market bubble.
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First Published: Mon, Nov 05 2007. 11 45 PM IST