Several stories have popped up about Warren Buffett's Berkshire Hathaway taking it on the chin in this market. Saudi Prince Alwaleed is doing even worse, according to Bloomberg:
This year, Alwaleed’s investments aren’t keeping pace with
regional benchmarks, let alone Buffett. His Riyadh-based Kingdom
Holding Co. has slumped 63 percent -- more than Saudi Arabia’s
Tadawul All-Share Index or Buffett’s Berkshire Hathaway Inc. --
wiping out $13 billion in value. Kingdom today said Alwaleed will
boost his Citigroup stake, his largest holding, to 5 percent,
even after the shares fell more than 80 percent since Jan. 1.
We needn't shed a tear. I'm no expert on Citi, but I think HRH (like Buffett) will be fine over the long term.
Sidenote: Prince Alwaleed's Kingdom Holding Company trades in Saudi Arabia and last I heard non-Saudis can't buy it. He has another investment vehicle -- Kingdom Hotel Investments -- that has global depositary shares listed in London under symbol KHI. Like everything else it has been seeing new lows.
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