Warren Buffett fell from the world’s richest man to the 2nd richest man. Bill Gates reassumed his title as the richest man in the world. Buffett lost 25 billion dollars last year and his net worth has declined to 37 billion dollars. Buffett had a number of investment bets go against him. Investments in Wells Fargo, American Express, US Bancorp and Burlington Northern have declined significantly.
Buffett’s company Berkshire Hathaway also lost it AAA credit rating. Fitch downgraded the insurance conglomerate today, The downgrade is not based on any additional specific default risk found in Berkshire Hathaway but based on industry downgrades. Fitch believes that no financial services company warrants a AAA rating in this economic environment.
