“I like the everyday use of these products,” baseball mogul Arturo Moreno told Forbes, explaining his common sense approach to investing. “How do you go through a day without using Google?”
about what he’s been buying — and holding — during the market downturn: lots of cash, real estate and dividend stocks
Moreno recently added to his largest holding, J.P. Morgan, buying 25,000 shares in March and another 25,000 shares in May. Moreno now holds 375,000 shares of the Wall Street bank, worth around $43 million. He also holds around $12 million worth of shares in rival Morgan Stanley, and positions in oil giants ExxonMobil and Chevron. Moreno says his investment portfolio generates between $11 to 12 million in annual dividend income.
Moreno, 77, first made his fortune in the billboard advertising business. In 1999, he sold his company Outdoor Systems to Infinity Broadcasting for $8.7 billion, pocketing around $1.4 billion himself. Today, much of Moreno’s fortune is tied up in the Los Angeles Angels, which he bought for a hair under $184 million in 2003.
Moreno first started investing in land and real estate after selling his billboard company in 1999. It’s an asset class he’s long been bullish on, but increasingly so as the Federal Reserve tightens money supply. “For young people, I always recommend buying something where they have some kind of equity,” he says. “I call it, buying a piece of the rock.”
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
93-year-old homeowner shoots, kills burglary suspect inside Moreno Valley homeThe homeowner, 93-year-old Joe Howard Teague, told deputies that he had several suspects at gunpoint.
Read more »
Burglary suspect dies week after being shot by 93-year-old homeowner in Moreno ValleyA suspected burglar who was shot last week by a 93-year-old homeowner in Moreno Valley has now died, officials say.
Read more »
Burglary suspect dies after being shot by Moreno Valley homeownerThe homeowner called authorities on June 29, telling them that he had several people at gunpoint after they attempted to burglarize his home. When they arrived, they found one man suffering from a gunshot wound.
Read more »
MLB Props Picks - Our Best Bets for July 8Often the best MLB prop values lie in lesser-known players, but every now and then, the stars' lines are just too tempting to ignore. Such is the case tonight as we back some of the MLB's best with our player prop picks.
Read more »
Great Lakes Brewing Co. sets Cleveland baseball-beer tasting event at next ‘Hop College’Guardians historian Jeremy Feador will speak on Cleveland baseball history at Great Lakes Brewing Co.’s Hop College: Baseball and Beer with the Cleveland Guardians.
Read more »
Rosie O'Donnell Returning for 'League of Their Own' Series in New RoleRosie O'Donnell will be back on the baseball field in an upcoming Amazon Prime Video television reboot of the 1992 film A League of Their Own.’
Read more »