How He Went From Billionaire to Hobo

by Michael Covel
Daily Reckoning

What’s the quickest way to lose $32 billion?

Well, one option is to pile $32 billion in cash into a giant mountain, and burn it.

Another is to invest it all in commodity-related investments with a “buy-and-hold” mentality.

Brazilian businessman Eike Batista went for option #2.

In 2012, he was the seventh-richest person on the planet, worth an estimated $32 billion, according to the Bloomberg billionaire index.

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