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By Frederic Tomesco and David Scanlan
Oct. 5 (Bloomberg) -- Michael Lee-Chin, the billionaire
Canadian investor who modeled his strategy after Warren Buffett,
stepped down as chief executive officer of his mutual fund
company after investors withdrew money for 53 straight months.
He was replaced at AIC Ltd. by investment director Jonathan
Wellum. Lee-Chin, Canada's 12th-richest man with assets of C$2.2
billion ($1.95 billion), will remain executive chairman,
Burlington, Ontario-based AIC said today.
``AIC will stay the course in creating long-term wealth for
investors,'' Lee-Chin told staff in a speech last night marking
the firm's 20th anniversary.
This is a part of an article taken from the Bloomberb Professional Service.
---------
DAVID WEIDNER'S WRITING ON THE WALL
Buffett's stairway to heaven
Commentary: Model for investors, wealthy and business leaders
By David Weidner, MarketWatch
NEW YORK (MarketWatch) -- Warren Buffett must not be feeling well. Just the other day he decided to give $37 billion, the bulk of his wealth, to charity. Maybe you heard about it. It was leaked, then announced at a seminar, at a press conference and on a round of TV shows.
Does St. Peter watch Charlie Rose?
The donation is, without question, the greatest singular monetary gift to charity ever. Even when adjusted for inflation, the sum is bigger than the great philanthropic contributions by Andrew Carnegie and the Rockefellers combined. Put to work, the billions spent each year have the potential to change more lives for the better than the best work of 37 billion columnists and editors.
The scale of the generosity alone is deserving of all the fawning it has generated. It's the right thing to do, and Buffett has done it. The world generally doesn't see Wall Street or investors as a particularly giving crowd, even though there is great charity in the industry. Warren Buffett may change that perception -- a little.
But let's not get carried away.
For nearly 50 years, Buffett has been one of the steeliest, most secretive, and most image-conscious operators in American business. The 75-year-old is giving away his wealth? Yes, but slowly, over time. He is not putting his or his family's welfare at risk and will not miss any meals, even if he chooses only to famously dine on his burgers and Cherry Coke.
Not that they can't go hand in hand, but Buffett is a businessman, not a saint.
The myth
Brilliant, Buffett has been deified by a media longing for color in the drab world of executive privilege and power. That he lives in the stucco house he bought more than 40 years ago for $31,500 in Omaha, Neb.; has modest Midwestern tastes for food and luxuries; drives his own American-made sedan; and plays cards with Bill Gates -- aw, shucks, he might just be America's grandpa, except for the fact he is not like you or me at all. He is the world's second-richest man.
You might have a weakness for chocolate. Warren, who controls See's Candies, likes private jets.
That the myth of Buffett is so pervasive is no accident. The "Oracle of Omaha" actually gives few interviews outside of his famous annual meeting in Nebraska each year. Those whom he does talk to, such as Fortune's Carol Loomis, are either on his payroll or don't dare criticize St. Warren lest they lose access.
But people as successful as Buffett don't accumulate $44 billion in wealth through charitable dealing. Long after the public turned on smoking and health, Buffett infamously explained his investment in the tobacco business: "It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty."
It's also a huge health problem in the regions where his philanthropy will now flow.
Buffett, the son of a congressman, has reneged on contracts in dire times. His companies eschew disclosure. He has been constrained by the forces of economics that we all face, and he has made hard choices.
Oct. 5 (Bloomberg) -- Michael Lee-Chin, the billionaire
Canadian investor who modeled his strategy after Warren Buffett,
stepped down as chief executive officer of his mutual fund
company after investors withdrew money for 53 straight months.
He was replaced at AIC Ltd. by investment director Jonathan
Wellum. Lee-Chin, Canada's 12th-richest man with assets of C$2.2
billion ($1.95 billion), will remain executive chairman,
Burlington, Ontario-based AIC said today.
``AIC will stay the course in creating long-term wealth for
investors,'' Lee-Chin told staff in a speech last night marking
the firm's 20th anniversary.
This is a part of an article taken from the Bloomberb Professional Service.
---------
DAVID WEIDNER'S WRITING ON THE WALL
Buffett's stairway to heaven
Commentary: Model for investors, wealthy and business leaders
By David Weidner, MarketWatch
NEW YORK (MarketWatch) -- Warren Buffett must not be feeling well. Just the other day he decided to give $37 billion, the bulk of his wealth, to charity. Maybe you heard about it. It was leaked, then announced at a seminar, at a press conference and on a round of TV shows.
Does St. Peter watch Charlie Rose?
The donation is, without question, the greatest singular monetary gift to charity ever. Even when adjusted for inflation, the sum is bigger than the great philanthropic contributions by Andrew Carnegie and the Rockefellers combined. Put to work, the billions spent each year have the potential to change more lives for the better than the best work of 37 billion columnists and editors.
The scale of the generosity alone is deserving of all the fawning it has generated. It's the right thing to do, and Buffett has done it. The world generally doesn't see Wall Street or investors as a particularly giving crowd, even though there is great charity in the industry. Warren Buffett may change that perception -- a little.
But let's not get carried away.
For nearly 50 years, Buffett has been one of the steeliest, most secretive, and most image-conscious operators in American business. The 75-year-old is giving away his wealth? Yes, but slowly, over time. He is not putting his or his family's welfare at risk and will not miss any meals, even if he chooses only to famously dine on his burgers and Cherry Coke.
Not that they can't go hand in hand, but Buffett is a businessman, not a saint.
The myth
Brilliant, Buffett has been deified by a media longing for color in the drab world of executive privilege and power. That he lives in the stucco house he bought more than 40 years ago for $31,500 in Omaha, Neb.; has modest Midwestern tastes for food and luxuries; drives his own American-made sedan; and plays cards with Bill Gates -- aw, shucks, he might just be America's grandpa, except for the fact he is not like you or me at all. He is the world's second-richest man.
You might have a weakness for chocolate. Warren, who controls See's Candies, likes private jets.
That the myth of Buffett is so pervasive is no accident. The "Oracle of Omaha" actually gives few interviews outside of his famous annual meeting in Nebraska each year. Those whom he does talk to, such as Fortune's Carol Loomis, are either on his payroll or don't dare criticize St. Warren lest they lose access.
But people as successful as Buffett don't accumulate $44 billion in wealth through charitable dealing. Long after the public turned on smoking and health, Buffett infamously explained his investment in the tobacco business: "It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty."
It's also a huge health problem in the regions where his philanthropy will now flow.
Buffett, the son of a congressman, has reneged on contracts in dire times. His companies eschew disclosure. He has been constrained by the forces of economics that we all face, and he has made hard choices.