The Spark

the Voice of
The Communist League of Revolutionary Workers–Internationalist

“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx

A “Sage” Worth 73 Billion Dollars

Mar 16, 2015

Thanks to a jump of 14.5 billion dollars, Warren Buffet came in number 3 in wealth among the world’s billionaires according to Forbes magazine. Most of his 73 billion dollars in wealth comes from Berkshire Hathaway, the conglomerate which he’s run for 50 years.

Berkshire Hathaway is one of the biggest businesses in the world, thanks to its ownership of many companies, ranging from Coca Cola to IBM, the Burlington Northern railroad and energy. Buffet is called the “Sage of Omaha.” His wisdom is supposedly shown by his prudence and mistrust of bankers.

But this didn’t prevent him from investing in insurance companies and banks like Wells Fargo. He invested in the bank in 1990, when it was worth three billion dollars. Today it’s worth a hundred times as much. As a “sage” capitalist, he won big in 2008, in the midst of the financial crisis, by investing five billion dollars in Goldman Sachs at a very good price, with the prospect of getting two billion dollars more profit in the years ahead.

A wise investor in the capitalist world is a man who successfully speculates.

Warren Buffet is only one example of those capitalist parasites who juggle with billions, whatever the consequences for hundreds of thousands of workers.