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While we've all been puttering around with our own portfolios, buying what Mario Gabelli likes, or last year's laggards in the Dow, we could have been sitting on a few shares of Berkshire Hathaway and turned $1,000 into $1 million. That's the return since 1969. I actually owned Berkshire for a stretch in the 1980s but sold it too soon. Buffett himself rarely sells too soon. A key element of his strategy is to buy companies at favorable prices and sit on them. It's the sitting part that Robert Hagstrom says most of us overlook...
...Tuesday Feb. 21, amid the pit's uproar, Leeson replied quite evenly to a question from an A.P.-Dow Jones reporter curious about rumors that the Englishman was making huge purchases on the Japanese and Singapore exchanges on behalf of his London-based investment bank. Leeson coolly explained that he was "buying Nikkei futures here and selling them there." As simple as that, nothing out of the ordinary. One of Leeson's colleagues at another Barings office in Asia told Time of a phone call with Leeson two days later. "He sounded really weird on the phone, like...
Leeson started buying and selling the simplest kind of derivatives, futures pegged to the Nikkei 225, an index of the value of 225 Japanese stocks that is Japan's equivalent of the Dow Jones Industrial Average. It was a straightforward process: in effect, Leeson placed open-ended bets on what would happen to billions of dollars worth of Japanese stocks and bonds. His wager was similar to what gamblers in Las Vegas betting on a football game call the over and under-meaning a bet on whether the final score of a football game will be above or below...
Spurr said she later was told case workers had been asking acquaintances whether she was a good or bad witch. Dow Jones...
Stocks followed bonds cautiously higher yesterday, but they were hampered by continued volatility in the dollar. The Dow Jones industrial average ended 4.16 higher at 3,983.39. Weather...