Bets Of The Billionaires
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Li Ka-Shing
Net worth: $26.5 billion
Residence: Hong Kong
Bet: Asian banks
The 11th wealthiest person in the world bought shares in the Bank of East Asia Wednesday. The day of Li's investment, depositors swarmed branches to yank their money. Rumors erupted about the bank's financial footing because the company is exposed to risky collateralized debt obligations and recently revised its first-half profits lower. Still, the endorsement by Li raised confidence. Shares of BEA rose by nearly 4%.
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