The world’s top 10 richest individuals have all lost billions in terms of their net worth since the beginning of 2022, except for American business magnate, investor and philanthropist, Warren Buffett.
Tesla CEO, Elon Musk, lost approximately USD54 billion as a result of a recent tumble in tech stocks, which is the biggest loss among the world’s wealthiest this year. In second place comes Amazon founder, Jeff Bezos, who lost USD27.8 billion, followed by Facebook’s Mark Zuckerberg who lost 15.2 billion and after that comes Google founders, Larry Page and Sergey Brin, both of which lost more than USD12 billion each.
Buffett, on the other hand gained approximately USD2.4 billion, bringing his total net worth to USD111 billion. This placed Buffett ahead of Zuckerberg at number six on global wealth rankings, according to the Bloomberg Billionaires Index.
Wedbush Securities analyst, Dan Ives, told CNBC “Decade after decade, the Oracle of Omaha continues to have the golden touch,” and “That’s the reason Buffett will be in the history books for centuries — it’s because of his firm belief in value investing.”
The secret behind value investing is choosing stocks that appear undervalued that are being traded for less than they should be, which Buffett is heavily involved in.
Buffett has been recommending investing in index funds that hold every stock in an index, which makes them diversified by default.
A few years ago, Buffett told CNBC that diversified index funds make “the most sense practically all of the time,” for building retirement savings.
Source: CNBC News