MNeagle
4th December 2011, 06:05 PM
Stock markets are down. Europe (http://us.lrd.yahoo.com/SIG=12b8km854/EXP=1324259127/**http%3A//topics.bloomberg.com/europe/%3Fcmpid=yhoo.hlinks) is gyrating. Cash generates minuscule returns. Commodities, especially gold, can soar or tumble in an instant. In these perplexing times, Bloomberg Markets magazine in its January issue asked 10 billionaires 14 questions covering their views on the global economy, where they see opportunities and who gave them the best advice.
We found much agreement: The billionaires say traditional indicators have little influence on their investment decisions. In fact, hair-care mogul John Paul DeJoria says beauty salons are better barometers of economic health. The 10 largely agree that the euro will depreciate further and that keeping one's portfolio in U.S. dollars is smart.
Lawyer Joe Jamail, with the bulk of his fortune in bonds and cash, expresses in colorful language a common tenet: Hedge funds are dangerous.
"I'd buy cocaine rather than buy that s---," he says.
We also found diverging opinions. The Standard & Poor's 500 Index may wind up anywhere from 1,200 (according to Jamail) to 1,400 (according to Rubens Menin Teixeira de Souza) at the end of 2012. It was at 1,195.19 on Nov. 29. Gold is an opportunity, an enigma and a bubble, they say.
Art collector Eli Broad says buying a prime Picasso is the safest investment. Pharmaceutical baron Patrick Soon-Shiong says he'd go with season tickets to the Los Angeles Lakers basketball team.
Russian metals mogul Mikhail Prokhorov offers advice that's hard to beat: What to do with $1 million in cash? Spend it with pleasure, he says.
Following are profiles of the 10 billionaires and their answers to selected questions.
link (http://finance.yahoo.com/news/billionaire-prokhorov-touts-gold-trump-050001045.html?l=1)
We found much agreement: The billionaires say traditional indicators have little influence on their investment decisions. In fact, hair-care mogul John Paul DeJoria says beauty salons are better barometers of economic health. The 10 largely agree that the euro will depreciate further and that keeping one's portfolio in U.S. dollars is smart.
Lawyer Joe Jamail, with the bulk of his fortune in bonds and cash, expresses in colorful language a common tenet: Hedge funds are dangerous.
"I'd buy cocaine rather than buy that s---," he says.
We also found diverging opinions. The Standard & Poor's 500 Index may wind up anywhere from 1,200 (according to Jamail) to 1,400 (according to Rubens Menin Teixeira de Souza) at the end of 2012. It was at 1,195.19 on Nov. 29. Gold is an opportunity, an enigma and a bubble, they say.
Art collector Eli Broad says buying a prime Picasso is the safest investment. Pharmaceutical baron Patrick Soon-Shiong says he'd go with season tickets to the Los Angeles Lakers basketball team.
Russian metals mogul Mikhail Prokhorov offers advice that's hard to beat: What to do with $1 million in cash? Spend it with pleasure, he says.
Following are profiles of the 10 billionaires and their answers to selected questions.
link (http://finance.yahoo.com/news/billionaire-prokhorov-touts-gold-trump-050001045.html?l=1)