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March 29, 2013

Stories of Hunt Brother Billionaire Again and Madonna

These are a couple of off topic stories of wealth.

1. H.L. Hunt was a billionaire Texas oil tycoon who was the inspiration for the character of JR Ewing on the TV show Dallas.

Two of his 14 children were William Herbert and Nelson Hunt. They were the billionaire Hunt brothers who tried to corner the world silver market back in the 1970s and 1980.

Nelson Bunker Hunt and William Herbert Hunt, the sons of Texas oil billionaire Haroldson Lafayette Hunt, Jr., had for some time been attempting to corner the market in silver. In 1979, the price for silver jumped from $6 per troy ounce to a record high of $48.70 per troy ounce, which represents an increase of 712%. The brothers were estimated to hold one third of the entire world supply of silver (other than that held by governments).

But on January 7, 1980, in response to the Hunts' accumulation, the exchange rules regarding leverage were changed, when COMEX adopted "Silver Rule 7" placing heavy restrictions on the purchase of commodities on margin. The Hunt brothers had borrowed heavily to finance their purchases, and as the price began to fall again, dropping over 50% in just four days, they were unable to meet their obligations, causing panic in the markets. The Hunt brothers went bankrupt.

William Herbert Hunt is once again a billionaire, this time with oil. In October, he sold 43 percent of the North Dakota petroleum assets owned by his closely held Petro-Hunt LLC for $1.45 billion to Houston-based Halcon Resources The cash and stock deal made Hunt Halcon’s largest shareholder and boosted his net worth to $4.2 billion.



2. Huffington Post and other sources were reporting that Madonna had become a billionaire.

Forbes provided a detailed analysis which shows that Madonna is worth about $500 million.

Oprah is on the Forbes list with a net worth of about $2.8 billion.

Michael Jordan is worth about $650 million and earns about $80 million a year from endorsements. His stake in the Charlotte Bobcats has the potential to appreciate quite a bit due to the new NBA revenue agreements and if the team started performing better.

Paul McCartney is worth about $800 million and makes about $52 million per year.

Bono is worth about $600 million.

P Diddy is worth about $550 million. A lot of his wealth is from his Vodka business. Jay Z is worth about $460 million. Jay Z has clothing and other businesses.

Julia Louis Dreyfus by some calculations is worth $3.4 billion (part of a wealthy family). Her farther is the billionaire. She is the eldest of four children. She made a few tens of millions by playing Elaine in the Seinfeld show.

High salary can be very good but getting really wealthy depends upon making shrewd investments or starting successful businesses.

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