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Originally posted by article
In early 2012, Batista had a net worth of $30.0 billion, making him the seventh wealthiest person in the world and the richest in Brazil. However, by July 2013 his wealth had plummeted to $200 million

On July 26, 2013, Bloomberg News reported his losses as "historic". The losses can be attributed largely to the downturn in the precious metals mining industry as well as a catastrophic collapse of Batista's OGX, which claimed it would pump 750,000 barrels of oil a day-only to find itself pumping 15,000. Additionally, other economic issues and management decisions factored in as well. Bloomberg News has attributed this fall to a "Perfect Storm".

Eike Batista has been known to have claimed publically several times that he would overtake Mexican baron Carlos Slim Helu to be the world's richest man by 2015. However, akin to Japanese businessman Masayoshi Son, who lost over 90% of his fortune during the dotcom boom of Y2K, Batista's wealth has decreased by over 99% between March 2012 and July 2013, from a peak net worth of $32 Billion to $200 million. Many business and finance related media, such as Forbes Magazine and Businessweek, are still in the process of concluding whether Eike Batista holds the record for having been the fastest destroyer of wealth.

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My heart goes out to him

how will he manage
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"...667 seems to be bereft of anything but silly personal attacks and a general vomitory of retardation"

Sounds like he didn't diversify properly
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Kanuks - The fact is you and foonew tried a double gay on me and ended up being BOTH behind me. Enough fucking said.

serves em right - you got 34billion dollars and u don't do shit with it - doesn't deserve to have it
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I am also a contradiction of my own lies

it's funny that they say he "destroyed wealth"
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i zero bagged your mother

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Originally posted by Fast Luck
hassan-i-asher: majorin in takin pictures
dreamin bout wayne from catalina wine mixers
listen little friend stay outta the deep end
cuz you're less street than vampire weekend

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the undisputed king of the destroyer of weath is B. Obama
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Originally posted by KingHillBilly
I respect players like Chayliss

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Originally posted by Fast Luck
Top quality trolling Chayliss. Hat tip to you

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Originally posted by Sparkz102
also in this post - special shout out to my boy chay

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Originally posted by stoned@chayliss
the undisputed king of the destroyer of weath is B. Obama

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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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Originally posted by stoned@chayliss
the undisputed king of the destroyer of weath is B. Obama

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Originally posted by smurf_king

i rather be a pedophile than a homo

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Originally posted by stoned@chayliss
the undisputed king of the destroyer of weath is B. Obama

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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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"...667 seems to be bereft of anything but silly personal attacks and a general vomitory of retardation"

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"...667 seems to be bereft of anything but silly personal attacks and a general vomitory of retardation"

wow the marx, lenin and obama drawings in that one are horrible, why didnt they just take the original and slap the obama face on it
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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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"...667 seems to be bereft of anything but silly personal attacks and a general vomitory of retardation"

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"...667 seems to be bereft of anything but silly personal attacks and a general vomitory of retardation"

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Originally posted by -667-

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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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Originally posted by stoned@chayliss
the undisputed king of the destroyer of weath is B. Obama

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We need more guys speaking the truth and calling out those puppets for what they are.
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Give me a lever long enough and I shall move the world. - Archimedes

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Originally posted by hassan-i-sabbah

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Originally posted by Fast Luck
hassan-i-asher: majorin in takin pictures
dreamin bout wayne from catalina wine mixers
listen little friend stay outta the deep end
cuz you're less street than vampire weekend

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Give me a lever long enough and I shall move the world. - Archimedes

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Originally posted by foonat

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Originally posted by stoned@chayliss
the undisputed king of the destroyer of weath is B. Obama

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- a poor hillbilly

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Did he lose 30 billion or was he over valued by billions? Sounds like the biggest auditing/ wealth evalution fuck up in the world.
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I have hacks in my brain and I use them.

Seems like more of the latter and similar to what happened during the dot com boom. You have an idea. It might even be a good idea. You hype it beyond belief. Hire someone with charisma and flash to do this for you if you have to. You get some seed money, go public, and before you know it, your stock price is soaring. Since you are the main stock holder your "wealth" is also soaring. But it's all paper wealth. Unless you cash out, it's meaningless. A small handful of dot com founders managed to cash out while still in this dream phase and became instant millionaires. But that was the exception rather than the rule. Most lost their paper wealth.

Eventually reality comes crashing home. Oops, it turns out most people don't want to buy their groceries or pet supplies over the internet. Stockholders realize your company is a flop and bail. Your stock nose dives 99% and with it, your millions of dollars of paper wealth.

From the second article:

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Originally posted by article
To say Batista overreached would be to seriously undersell what has happened in the 18 months since that self-regarding presstravaganza of hubris and magical thinking.

A few days after Batista took OGX public in June 2008, oil hit a record $145.30 a barrel. The initial public offering raised 6.7 billion reais ($3 billion), making it the biggest in Brazilian history. "You can see why everybody wanted to jump on the train" They announced potential resources of 4.8 billion barrels, more than a third of Petrobras's proven reserves. OGX had yet to drill a single well. "They went in and paid massively; they put multiple times anyone else. They needed to have extraordinary success to recoup. The high bid kind of forced the hand to begin with. They were showing the world they could beat everybody."

As the economy cruised along, investors who wanted in on the Brazilian miracle came to Batista. By the end of 2010, careful observers might have noticed some odd signs about the Batista empire. For one, Batista was publicly peddling a stake in the Campos Basin to the Chinese and other possible buyers yet finding no takers-this at a time when Beijing-based Sinopec Group was willing to pay $7.1 billion for a 40 percent stake in Spanish oil giant Repsol's (REPYY) Brazilian operations. Management at the time called that a positive development, saying it could get a better price after additional exploration unveiled more hydrocarbon riches.

In April 2011, OGX released a report by independent auditors that startled investors. Reserves in the company's fields looked less a sure thing than earlier reports indicated, with a good portion of them marked down as "prospective" instead of "contingent." Essentially, recoverable reserves simply were not as certain as they once seemed to be. The stock fell 17 percent, the most in two and a half years, and OGX would never recover to the 20-reais level traded early that year. An historic unraveling had begun.

Unable to find drilling partners, Batista and OGX in May 2011 turned to the bond markets and-despite concerns about its reserves-the "smart money" poured in. The company raised $2.6 billion for its exploration campaign and began to tout a 100 percent success rate on its Campos test wells. Many oil companies would have stayed quiet in this period so as not to be accused later of inflating expectations. Several of his top executives are believed to have advised Batista to tone down the promises. Batista, according to people working with him at the time, couldn't help himself.

"He set goals that should have taken 5 to 10 years to achieve but was managing them as if he were running the 400 meters." Batista also doesn't like bad news, according to this person. "Management was structured in a way that there was incentive to take only good news to Eike because he had a tendency to shoot the messenger"

Brazilian growth slowed in 2012, and Batista's fortunes followed. On June 26, OGX announced that well pressure at the Tubarao Azul field had faded and that "ideal" production at its first two wells would be about 5,000 barrels a day-75 percent less than expected. It was a number that could not be spun. Shares fell about 45 percent in two days, and OGX bonds began a free fall as analysts cut ratings. It only got worse. An eight-month study showed the wells were basically duds.

"It's stunning. There's a maxim: Never drill with debt," says Michael Roche, an emerging-market strategist at broker-dealer Seaport Group. "I'm sure the bond managers who suffered the most losses say 'I'm never again going to lend to an oil company that's not producing oil.'"

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Originally posted by kublikhan
Seems like more of the latter and similar to what happened during the dot com boom. You have an idea. It might even be a good idea. You hype it beyond belief. Hire someone with charisma and flash to do this for you if you have to. You get some seed money, go public, and before you know it, your stock price is soaring. Since you are the main stock holder your "wealth" is also soaring. But it's all paper wealth. Unless you cash out, it's meaningless. A small handful of dot com founders managed to cash out while still in this dream phase and became instant millionaires. But that was the exception rather than the rule. Most lost their paper wealth.

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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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Well yeah the value of most public companies is 100% based on future uncertain income. A company that earns $1-2 billion a year or less with almost no liquidation value could be worth $50 billion, but the same company could easily be worthless in a few years. People will pay ridiculous premiums based on "growth" potential hoping to hit a home run.

Messiah it has nothing to do with poor auditors. At one time he could have literally sold his assets for tens of billions, but that's the way the stock market goes.

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Originally posted by hassan-i-sabbah
stock markets are cool and a good thing to base an economy on

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Originally posted by RamJam

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Originally posted by hassan-i-sabbah
stock markets are cool and a good thing to base an economy on

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I'm so sick of hearing that the economy is doing good based on the DJIA going up 1k points or some shit like it actually means anything except people are optimistic about the future which can change very fast.

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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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reminder that the world economy is basically built on a foundation of rich people and institutions and whether or not they have a good feeling or a bad feeling about a thing
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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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Originally posted by hassan-i-sabbah
i listen to npr on the way to and from work

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Originally posted by Fast Luck
hassan-i-asher: majorin in takin pictures
dreamin bout wayne from catalina wine mixers
listen little friend stay outta the deep end
cuz you're less street than vampire weekend

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