MR.Warren Buffet wins “big” in the first 22hours of March madness…
Think Warren Buffett is worried about paying someone $1 billion for a perfect bracket? Think again.
The second-richest man in America had already made $1 billion before the second day of March Madness had even tipped off.
Shares in his investment company Berkshire Hathaway went up 1.7% from yesterday’s opening whistle at 12:15 p.m. to this morning at 9:36 a.m. That slight change was enough to bump Buffett’s net worth up $1.05 billion to $64 billion.
He wasn’t handed $1 billion in cash, but on paper, he had made 10 figures in less than 24 hours.
Don’t expect the Oracle ORCL -2.27% of Omaha to be celebrating. For Buffett and his company, the numbers don’t mean much. Shares of Berkshire edged downward after their 9:36 a.m. peak and were trading 0.43% lower this afternoon, but Buffett wouldn’t have noticed that either. He is famous for long-term investments that look at the fundamentals of companies, not speculation in daily movements of stock prices.
For the rest of us, his billion-dollar gain is an illustration of just how much money Buffett has — and how dramatically slight shifts in the marketplace can affect his fortune.
Since Forbes published its world billionaires list 18 days ago, Buffett’s net worth has already jumped $5.6 billion thanks to huge gains in Berkshire shares after the company posted record profits for 2013.
That rise pushed him up from the world’s fourth-richest man to the world’s third-richest, knocking Spanish retail clothing magnate Amancio Ortega down one spot.
So go ahead, sweat out those buzzer beaters and overtimes hoping you’ll get the perfect bracket. It’s all the same to Buffett.
Courtesy of Forbes.com