Morning Money Memo…
ABC News' John Kapetaneas reports:
It will once again be a battle at the weekend box office, only this time with much lower stakes. Sylvester Stallone's third installment of "The Expendables," the half-billion dollar series comprised of mostly 1980s action movie stars, is expected to pull in a modest $20 million in what has been a weak summer season for film earnings. Last weekend's winner, Michael Bay's "Teenage Mutant Ninja Turtles," is expected to top the weekend box office with close to $30 million, according to Box Office Mojo.
Markets Start Strong
Markets across the globe were up early this morning, looking to end the week on a positive note, as trading across the globe pushed most indices into the green. European and Asian markets saw mostly positive gains for the day, with exchanges in France, Germany, Hong Kong and Shanghai seeing nearly 1 percent gains on the day. U.S. futures were up this morning going into the final trading day of the week. Gold was down $2.20 per ounce to $1,313, as worldwide demand for the precious metal declined in the previous quarter.
It's a historic day for Warren Buffett, Forbes's third-richest man in the world. His legendary investment firm, Berkshire Hathaway, opens the day above $200,000 per share, after ending the trading day Thursday at $202,850.
The Oracle of Omaha, who will turn 83 later this month, is showing no sign of slowing down, with Berkshire purchasing shares in Visa, Verizon, GM and Wal-Mart (among other companies).
Now, the question is: Should you invest like Buffett? One share of Berkshire Hathaway class A stock purchased in August 1984 would have cost you $1,290. Holding that singular share for 30 yours, would now have returned you 157 times your money (or 15,700 percent). By comparison, buying the S&P 500 in August 1984 at $167 would have returned you, over the same period of time, $1,170 (11 times your initial investment).
Buffett would seem like a good investment in any investor's book; but before you go splurging on the next share of Berkshire stock, let's take a look at what else $200,000 can buy you:
Most Expensive Car
What can't $200,000 buy you? How about the most expensive car in the world. A 1962 Ferrari 250 GTO sold for $34.65 million, or the rough equivalent of 171 shares of Berkshire Hathaway class A. The record-breaking roadster topped the price of the previous world's most expensive car, a 1954 Mercedes that went for just under $30 million.