PRINCE ALWALEED: THE PRINCE AND THE PORTFOLIO

HE LIVES LIKE DESERT ROYALTY, BUT SAUDI ARABIA'S PRINCE ALWALEED HAS MADE $12 BILLION BY HUNTING FOR TARNISHED COMPANIES WITH TURNAROUND POTENTIAL

Stock markets everywhere are falling. In Hong Kong, then in New York City, brokers are selling desperately. Deep in the desert night of Saudi Arabia, a reclusive investor, attired in a plain white robe and the red-checked headdress of a Bedouin, is buying. Brother, is he buying.

Nobody would think the worse of him if Prince Alwaleed bin Talal bin Abdul Aziz al Saud joined the selling stampede. The tumbling value of Citicorp alone has cost him, as the banking company's largest shareholder, $640 million by the time the clock strikes noon on Wall Street. But to Alwaleed the only...

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