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[h=1]Carlos Slim Lost About $6.7 Billion This Week as S&P 500 Index Fell 7.2%[/h]Q
By Crayton Harrison - Aug 5, 2011 11:55 PM GMT+0300
The Mexican billionaires stock portfolio, measured in U.S. dollars, has dropped about 9.5 percent since July 29 and is valued at about $64.4 billion, according to data compiled by Bloomberg. That compares with a 7.2 percent slide in the Standard & Poors 500 Index.
Slim, 71, has taken a hit as Mexicos benchmark IPC index dropped 6.4 percent and the peso slid 2.3 percent against the dollar on concerns that the flagging U.S. economy will hurt demand for assets in its southern neighbor. The removal of three of Slims companies from the IPC index has made matters worse for the billionaire.
Hes been particularly hurt by those companies leaving the IPC, said Leon Cabrera, a trader at Mexico City-based Vanguardia Casa de Bolsa. It reflects the nervousness out there. Its part of being in the market.
America Movil SAB, the biggest wireless carrier in the Americas and Slims largest asset, has declined a relatively benign 6 percent this week. Its Telefonos de Mexico SAB unit has been Slims only gainer in Mexico, rising 11 percent on the parent companys offer to buy out minority shareholders.
The Standard & Poors index extended its decline today, falling 0.1 percent at close. The IPC rose 1.1 percent, and America Movil gained 1.1 percent.
[h=2]Buying Opportunity[/h]The drop in America Movil, which has fallen 20 percent this year as regulators seek to put a dent in its 70 percent share of Mexicos mobile-phone market, is an opportunity for investors to buy stock in a solid company, Cabrera said yesterday in a telephone interview.
Even measured in Mexican pesos, Slims holdings have dropped about 7.3 percent this week, a bigger decline than the broader Mexican market. Bolsa Mexicana de Valores SAB, the Mexican stock exchange operator, said Aug. 2 that it would drop Slims Grupo Financiero Inbursa SAB, Inmuebles Carso SAB and Grupo Carso SAB from the IPC index as part of an annual rebalancing.
Inbursa, Slims financial-services firm, slid 8.2 percent this week, while Inmuebles Carso, a real estate firm, declined 11 percent, and Grupo Carso, a holding company with retail and construction units, fell 14 percent.
Slim was named the worlds richest man for a second year in a row by Forbes magazine in March. Bill Gates and Warren Buffett, second and third on the magazines list, have had better weeks, at least for their biggest holdings.
Gatess Microsoft Corp. (MSFT) dropped 6.3 percent this week. Buffetts Berkshire Hathaway Inc. (BRK/A) slid 3.9 percent.
Arturo Elias, a spokesman for Slim, declined to comment in an e-mail.
This is what is described as being filthy rich....
By Crayton Harrison - Aug 5, 2011 11:55 PM GMT+0300
The Mexican billionaires stock portfolio, measured in U.S. dollars, has dropped about 9.5 percent since July 29 and is valued at about $64.4 billion, according to data compiled by Bloomberg. That compares with a 7.2 percent slide in the Standard & Poors 500 Index.
Slim, 71, has taken a hit as Mexicos benchmark IPC index dropped 6.4 percent and the peso slid 2.3 percent against the dollar on concerns that the flagging U.S. economy will hurt demand for assets in its southern neighbor. The removal of three of Slims companies from the IPC index has made matters worse for the billionaire.
Hes been particularly hurt by those companies leaving the IPC, said Leon Cabrera, a trader at Mexico City-based Vanguardia Casa de Bolsa. It reflects the nervousness out there. Its part of being in the market.
America Movil SAB, the biggest wireless carrier in the Americas and Slims largest asset, has declined a relatively benign 6 percent this week. Its Telefonos de Mexico SAB unit has been Slims only gainer in Mexico, rising 11 percent on the parent companys offer to buy out minority shareholders.
The Standard & Poors index extended its decline today, falling 0.1 percent at close. The IPC rose 1.1 percent, and America Movil gained 1.1 percent.
[h=2]Buying Opportunity[/h]The drop in America Movil, which has fallen 20 percent this year as regulators seek to put a dent in its 70 percent share of Mexicos mobile-phone market, is an opportunity for investors to buy stock in a solid company, Cabrera said yesterday in a telephone interview.
Even measured in Mexican pesos, Slims holdings have dropped about 7.3 percent this week, a bigger decline than the broader Mexican market. Bolsa Mexicana de Valores SAB, the Mexican stock exchange operator, said Aug. 2 that it would drop Slims Grupo Financiero Inbursa SAB, Inmuebles Carso SAB and Grupo Carso SAB from the IPC index as part of an annual rebalancing.
Inbursa, Slims financial-services firm, slid 8.2 percent this week, while Inmuebles Carso, a real estate firm, declined 11 percent, and Grupo Carso, a holding company with retail and construction units, fell 14 percent.
Slim was named the worlds richest man for a second year in a row by Forbes magazine in March. Bill Gates and Warren Buffett, second and third on the magazines list, have had better weeks, at least for their biggest holdings.
Gatess Microsoft Corp. (MSFT) dropped 6.3 percent this week. Buffetts Berkshire Hathaway Inc. (BRK/A) slid 3.9 percent.
Arturo Elias, a spokesman for Slim, declined to comment in an e-mail.
This is what is described as being filthy rich....