Gisele Bundchen wants to remain the world’s richest model and is insisting that she be paid in almost any currency but the U.S. dollar. Like billionaire investors Warren Buffett and Bill Gross, the Brazilian supermodel, who Forbes magazine says earns more than anyone in her industry, is at the top of a growing list of rich people who have concluded that the currency can only depreciate because Americans led by President George W. Bush are living beyond their means. Even after the dollar lost 34 percent since 2001, the biggest investors and most accurate forecasters say it will weaken further as home sales fall and the Federal Reserve cuts interest rates. The dollar plummeted to its lowest ever last week against the euro, Canadian dollar, Chinese yuan and the cheapest in 26 years against the British pound. ‘We’ve told all of our clients that if you only had one idea, one investment, it would be to buy an investment in a non- dollar currency,” said Gross, the chief investment officer of Pacific Investment Management Co. in Newport Beach, California, and manager of the world’s biggest bond fund. “That should be on top of the list,” said Gross, […]
Tuesday, November 6th, 2007
Supermodel Bundchen Joins Hedge Funds Dumping Dollars
Author: BO NIELSEN and ADRIANA BRASILERIO
Source: Bloomberg
Publication Date: 5-Nov-07
Link: Supermodel Bundchen Joins Hedge Funds Dumping Dollars
Source: Bloomberg
Publication Date: 5-Nov-07
Link: Supermodel Bundchen Joins Hedge Funds Dumping Dollars
Stephan: When the super-rich begin abandoning the dollar it may be only a matter of time until countries do the same, which would produce profound economic consequences, almost all of which would be negative for the U.S.. If China, for instance, were to stop buying our paper the results would be catastrophic.