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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

Carlos Slim Numero Uno

Forbes magazine recently released their list of the richest people in the world. For the first time ever, a person from a developing nation, Mexico, is now considered the richest in the world as Carlos Slim hurdled over Billy Gates and Warren Buffet to gain the top crown. Carlos Slim is a telecom tycoon, reportedly worth over $53 billion. Like it or not, sometimes the billionaires come from much improvised areas, think the Middle East. But it also points to something investors can take advantage of and that is you really need to have exposure to the growth that is happening in emerging stock and bond markets. The success of Carlos Slim helps to validate the case for investing where the growth is, and that includes scary economies like Mexico.

Speaking of scary economies, last night the salaries of New York State employees was released with our embattled, but lovable (especially if you write for Saturday Night Live) governor ranking about 800 with his wages. What stuck out to me was the sheer number of state employees, many of them benefits rich union workers. It takes almost 290,000 employees to run the state of New York. To put that in perspective, that is about 80,000 more people than live in the third most populated city, Rochester. The weight of this number is crippling the Empire State and Muni-bond investors need to be prudent as we head into the summer.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.