Word: investor
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Dates: during 1990-1999
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...swagger was staggered by a government bond-trading scandal in 1991 from which the firm never really recovered. Needing to broaden its portfolio beyond bonds to stay competitive, Salomon CEO Deryck Maughan approached Weill in August with a proposal. When Weill got the blessing of Warren Buffett, the billionaire investor who controls an 18.5% stake in Salomon that has yielded un-Buffett-like returns, the union...
...give away the rest of his immense fortune. "Giving away money effectively is almost as hard as earning it in the first place," he says. Sure, Bill. Tell that to someone-anyone-in need. Equally preposterous, the man in second place on the Forbes 400, investor Warren Buffett, has said he plans to wait until he and his wife have passed away to donate his $21 billion for the greater good...
After a series of meetings with Soros' analysts, Elsztain finally won an audience with the legendary investor, who quickly signed up as the company's most important backer. As Elsztain says, "The final decision to go ahead was taken by George himself...
...lesson is that as an investor, you're still on your own. Wit and E*TRADE will balloon your net worth faster than the average high-growth mutual fund only if you do your homework and deduce which deals are worth betting on. "We're only going to be as good as our reputation," Klein says calmly. "We do the due diligence, we investigate the company, we determine what we think is a fair price." Klein thinks that's a winner, but then it's easy to be sanguine when you've got wheat beer to fall back...
...bets and the crunching agony of picking a loser. In the course of a day's trading, the firm will be in and out of 50 stocks, betting millions on tiny ticks of the tape. Cramer, whose 22% compound annual return over nine years marks him as a winning investor, is perhaps an even greater show. He spends most of the trading session jumping up and down out of a very worn chair, shouting orders at the calm traders who surround him. Says Cramer, who abandoned the security of Goldman Sachs for life as a trader: "Hedge-fund managers used...