Word: dollars
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Dates: during 2000-2009
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...destruction," so you'd think he would steer clear. But his company, Berkshire Hathaway, has acknowledged a $307 million pretax loss in the first three months of this year that's due to a $21.4 billion position in "currency contracts," which are derivatives that hit pay dirt when the dollar falls. Problem is, the dollar is rallying. The greenback--up 4% against the euro in the first quarter and an additional 8% since then--shows no signs of stalling, and Jim Bianco of Bianco Research estimates that Buffett's losses this year have surpassed $1 billion...
...indicated that he's sticking with his bet. "There's no change in the underlying factors affecting currencies," he said, adding that in the long run, the U.S. trade deficit must weaken the buck. It's not all bad news for Buffett fans. He first bet against the dollar as it was falling in 2002 and remains in the money overall. But with his gains eroding, dreaded derivatives may claim the biggest victim...
...next take up the Olympic torch and host the 2012 Summer Games. The competition has been the most intense for years, with five of the world's most famous cities - London, Madrid, Moscow, New York City and Paris - vying for the honor. Each city has launched a massive, multimillion-dollar marketing effort to get the Games. British Prime Minister Tony Blair will jet to Singapore for a last-minute charm offensive before opening the G-8 summit meeting in Scotland. The French team will screen a short film about Paris directed by filmmaker Luc Besson, and Spain's Queen...
...James Baker. In 14 months, Baker and his deputy Richard Darman have greatly modified the Administration's previous go-it-alone international economic policies. In September, Baker engineered an agreement with the finance ministers and central bankers of other major nations to push down the value of the U.S. dollar, especially in relation to the Japanese yen. His goal was to cut U.S. imports, spur American exports and head off protectionism in Congress. In recent weeks Baker has been successfully urging other governments to join with the U.S. in reducing interest rates (see chart). That stimulative policy, along with falling...
Starting with their bearlike countenances and their fascination with toys and children, Nolan Bushnell and Stephen Wozniak have much in common. Each is an idea man who once came up with a billion-dollar blockbuster. Bushnell, 43, started Atari in 1972 and developed Pong, the first successful video game. Wozniak, 35, designed and helped build the first Apple computer in a garage in 1975. Both are engineering wizards at heart who have proved far more adept at creating companies than managing them over the long haul. And each is restlessly angling for an encore...