Why This Baseball Billionaire Is Betting On Amazon, AT&T And J.P. Morgan by John__Hyatt
about what he’s been buying — and holding — during the market downturn: lots of cash, real estate and dividend stocks
Moreno recently added to his largest holding, J.P. Morgan, buying 25,000 shares in March and another 25,000 shares in May. Moreno now holds 375,000 shares of the Wall Street bank, worth around $43 million. He also holds around $12 million worth of shares in rival Morgan Stanley, and positions in oil giants ExxonMobil and Chevron. Moreno says his investment portfolio generates between $11 to 12 million in annual dividend income.
Moreno, 77, first made his fortune in the billboard advertising business. In 1999, he sold his company Outdoor Systems to Infinity Broadcasting for $8.7 billion, pocketing around $1.4 billion himself. Today, much of Moreno’s fortune is tied up in the Los Angeles Angels, which he bought for a hair under $184 million in 2003.
Moreno first started investing in land and real estate after selling his billboard company in 1999. It’s an asset class he’s long been bullish on, but increasingly so as the Federal Reserve tightens money supply. “For young people, I always recommend buying something where they have some kind of equity,” he says. “I call it, buying a piece of the rock.”
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