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Tuesday, March 03, 2009 

The World’s Richest Man hit by the crisis

Warren Edward Buffett, the famed U.S. investor who replaced Bill Gates as the richest man in the world in 2008, is being seriously hit by the effects of the crisis. Warren Buffett is one of the world's most successful investors and the largest shareholder and CEO of Berkshire Hathaway. Last year he was ranked by Forbes as the richest person in the world during the first half of 2008, with an estimated net worth of $50.0 billion. The multimillionaire who recorded their worst results ever in 2008, will cut jobs and close factories at a time when the recession worsens. The Berkshire, reduced the number of employees in Clayton Homes at 16% last year to 11,998. Shaw Industries will cut 6.2% of their workforce, announced cited by Bloomberg. According the same source, "Berkshire's operating businesses have and will continue to reduce costs to address the current economic situation, including the reduction of production, the lower cost of capital, closing factories and cutting jobs to compensate in part the fall in demand. " The Berkshire joins to companies like General Motors and Macy's to lay off workers in the worst financial crisis in seven decades. Is now clearly evident that not even the rich are immune to the crisis and are likely to lose much with it.


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  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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