Magazine article Newsweek

Allan Sloan, Newsweek's Wall Street Editor, Explains What's Going on in the Financial World

Magazine article Newsweek

Allan Sloan, Newsweek's Wall Street Editor, Explains What's Going on in the Financial World

Article excerpt

On Warren Buffett and Berkshire

Hathaway stock:

"Anyone who buys Berkshire at today's price expecting the next 31 years to match the past 31 is betting on miracles. Buffett is still brilliant; it's a question of math. Berkshire's stock is valued at more than $40 billion in the market, up from around $18 million when Buffett took control on May 10, 1965. To match that rate of increase, Berkshire's stock ... would have to be worth $75 trillion by the fall of 2027. That's trillion, with a `T'. Some 10 times the current GNP of the U.S. Ain't gonna happen."

On corporate layoffs:

"If Big Business continues to inflict pain without top cats' taking their share, it may come to regret it later. Corporate America's previous excesses prompted Congress to pass laws to regulate plant closings and restrain executive pay. True, the plant-closing law seems to be a little more than a nuisance. And the pay law, designed to limit the tax deductibility of salaries exceeding $1 million a year to top executives of public companies, has sprung more holes than Swiss cheese. …

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