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1998-08-01
Wall Street. Buffet Does Walton

In a July 30, 1998 showcase of Wal-Mart stock, the Motley Fool reviews how Wal-Mart stock managed to double within the last year. As of 7/29/98, Wal-Mart stock stood at $60 7/8. The report notes that in 1997, Warren Buffet, "the Sam Walton of investing", added a million shares of Wal-Mart stock to his existing Wal-Mart holdings. What could be more appropriate? One of the richest investors in the world buying into the richest retailer in the world? Buffet's company, Berkshire Hathaway, is a holding company with a very diverse set of business operations -- everything from newspapers and candy, to Dairy Queen. One of their largest businesses is GEICO property and casualty insurance, which is the 7th. largest auto insurance company in the nation. In addition to Wal-Mart stock, Buffet's investment portfolio includes 16.5% of the capital stock of the Washington Post, 10.7% of American Express, and 8% of Coca Cola. So Buffet owns some of the classic icons of American culture, and now has boosted his ownership of Wal-Mart, the country's largest private employer. So when you shop at Wal-Mart, you're helping to line the pockets of the Waltons AND Warren Buffet. What a great way to spend your paycheck!

What you can do: If you insure your car with GEICO, write them a note with your next payment asking them to divest their shares in Wal-Mart, or you'll find another auto insurance company. Go to the Berkshire Hathaway web site and drop Mr. Buffet a note urging him to find something else to do with his billions besides investing in a company that is laying waste to home town America.










 
 
"Norman has become the guru of the anti-Wal-Mart movement" ~ 60 Minutes

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