Word: buffetts
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Dates: during 1990-1999
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When billionaire financier Warren Buffett announced he was assuming the chairmanship of Salomon Brothers on an interim basis last week, he stepped into a morass that threatened to grow worse for the 81-year-old Wall Street firm before it got better. In fact, Buffett's salvage job began even before he was able to warm his new seat. The Treasury Department, in an attempt to restore confidence in the market, barred Salomon from bidding at further auctions. In a series of telephone calls with vacationing Treasury Secretary Nicholas Brady, Buffett successfully lobbied for leniency. Salomon was permitted to trade...
...Treasury securities, chairman John Gutfreund and president Thomas Strauss said they would offer their resignations at an emergency board meeting on Sunday. The firm said directors would also consider the fate of vice chairman John Meriwether, one of Wall Street's most respected bond traders. Omaha billionaire Warren Buffett, who owns $700 million of Salomon's preferred stock, said he would be willing to take Gutfreund's place as chairman and CEO until a permanent successor could be found...
...late Malcolm Forbes himself long owned a Boeing 727 (which he dubbed the Capitalist Tool). Omaha billionaire Warren Buffett is famous for not buying a plane until, in 1986, he finally gave in to expediency and bought an 18-year- old Falcon 20 (which he dubbed the Indefensible). My well-shaved houseguest, meanwhile, awaits delivery of a new $25 million Gulfstream IV. It's just nice to be able to pick up and go when you want...
...hottest read in town? Then snap up a copy of . . . the Berkshire Hathaway Inc. annual report. While the title suggests a pastiche of dry statistics and commercial puffery, connoisseurs of corporate entertainment eagerly await each year's version -- particularly the plain- spoken chairman's letter, written by superinvestor Warren Buffett. In the Omaha-based holding company's 1990 edition, released last month, the author quotes such thinkers as Woody Allen, Bertrand Russell and Buffett's four-year- old granddaughter Emily, while characteristically mocking his own financial acumen...
...Your Chairman displayed exquisite timing," he writes about his purchase of a large stake in USAir. "I plunged into the business at almost the exact moment that it ran into severe problems." Buffett also notes his purchase since late 1989 of $440 million of RJR Nabisco junk bonds. A crazy investment? He acknowledges that he's leery of new issues of junk bonds ("The only time to buy these is on a day with no y in it"), but the RJR bonds have been traded for a while -- and Buffett says their market value has increased $150 million since...