Friday, July 1

Communism: Good Money for the "El Viejo"

I guess Fidel Castro is doing ok. Forbes lists Castro as one of the richest in the world, right up there with the Queen of England. I bet he didn't like the attention. It was hard to figure it out, but it seems they managed to throw some numbers together.
In the past, we have relied on a percentage of Cuba's gross domestic product to estimate Fidel Castro's fortune. This year we have used more traditional valuation methods, comparing state-owned assets Castro is assumed to control with comparable publicly traded companies. A reasonable discount was then applied to compensate for the obvious disclosure issues.