Word: leeb
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Dates: during 1990-1999
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...another Buffett watcher, Stephen Leeb, editor of the newsletter Personal Finance, notes that Buffett may feel vulnerable. The stock market has roared ahead in the past three years on the power of a "perfect-world" economy, one where inflation was low but earnings were robust. Buffett's stocks, more than most, have been big winners. Coca-Cola, his largest holding, has shown an average annual gain of 36.2% since the end of 1994, vs. 30.6% for the Standard & Poor's 500. Coke now trades at about $67 a share, more than 40 times last year's earnings and close...
...Perfect worlds don't last forever, and Buffett knows that," Leeb says. What Buffett doesn't know is how, or when, this one will unravel. But he's not alone in planning for problems. Some other high-profile investors, including Loews Corp. chairman Lawrence Tisch and international investor George Soros, have big stakes in metals-mining operations. And Federal Reserve Chairman Alan Greenspan has been talking about either inflation or deflation at various times in the past few months. Either one could knock the stock market for a loop, and Buffett's highfliers probably would be among the hardest...