While the richest in the world lose money, Warren Buffett’s fortune grows. This is his strategy | Money

The data comes from the Bloomberg Billionaires Index, the wealthy list of the American news agency of the same name. Tesla boss Elon Musk, the richest man in the world, has already lost $77 billion this year. Tesla’s value on the stock market has nearly halved since January 1.

Amazon boss Jeff Bezos, the second richest, lost $64 billion. French luxury pope Bernard Arnault, boss of a conglomerate with luxury brands such as Louis Vuitton, Dior and Moët Hennessy, has already seen his fortune dwindle by the turbulent stock markets by $ 53 billion, and former Microsoft CEO Bill Gates by $ 19 billion. They are in third and fourth place in the rich list.

In fifth place is the 91-year-old stock exchange veteran Warren Buffett. He is the only one of the top five who saw his wealth increase. His fortune grew by nearly $3 billion to $112 billion.

The worst loser in the Bloomberg list is crypto billionaire Changpeng Zhao, founder of the trading platform Binance. He lost nearly $82 billion and dropped to 121st place. At the beginning of this year, he was just outside the top ten. The losses in cryptocurrencies in recent months have therefore been much greater than in the stock markets. Recently, 200 billion dollars in value was lost in 24 hours.

At the annual meeting of his investment firm Berkshire Hathaway, master investor Warren Buffett said his strategy has been the same for 60 years: to hunt for bargains. “I would rather buy great companies at a reasonable price than underperforming companies at a bargain price,” he once wrote in a letter to his fellow shareholders.

Berkshire Hathaway also made a number of major investments this spring. Among other things, it bought shares of the American bank Citigroup for almost 3 billion dollars. Buffett also bought $4.2 billion in shares of printer and computer manufacturer HP, giving him 11 percent of the company. He also invested heavily in the oil and gas company Occidental Petroleum.

With technology stocks taking a hit this year, Berkshire Hathaway has always been cautious, although it has built up a solid stake in Apple in recent years.

The stock market legend should know nothing about crypto coins. At Berkshire Hathaway’s annual meeting, Buffett said he wouldn’t buy all of the world’s bitcoin for $25 just yet. “When I buy apartments, they bring in rent, and when I buy farms, they bring in food,” Buffett says. “But what does bitcoin produce? Nothing. Whether it goes up or down, I don’t know. But I’m sure of one thing: it produces nothing. It’s hard enough investing in things I think I understand. So why should I invest in something I don’t understand,” said the cryptocurrency exchange legend.