FB Roundup: Ray Dalio, Craig Duchossois, Warren Buffett

Ray Dalio invests in shophouses in Singapore

The family office of hedge fund billionaire Ray Dalio has acquired two shophouses in Singapore for $18.9 million, according to reports in the Financial Times. 

Introduced by Chinese immigrants in the 1800s, shophouses are a building type found across Southeast Asia. They generally stand as part of a terraced house, often fronted with a five-foot-way arcade. They are also historically used as the owner’s residence.  

There are 6,700 preserved shophouses in Singapore and as a heritage building, they are seen as a good investment. The sales of shophouses in Singapore jumped 52.2% to $120 million in the first quarter of this year according to Knight Frank. The property consultancy went on to predict that the sales volume of shophouses will be up to $890 million for the rest of the year.

Dalio has bought two shophouses on Club Street, a street lined with conserved shops that are occupied by restaurants, bars as well as galleries. He moved his family office to Singapore in November 2020, according to Bloomberg. 

Ray Dalio has served as co-chief investment officer of Bridgewater Associates, the world’s largest hedge fund, since 1985. He ranks 42 on the Forbes 400 list with an estimated net worth of $15.4 billion. 

Craig Duchossois steps down as head of family office

Craig Duchossois has stepped down as Executive Chairman of Duchossois Capital Management and has passed the mantle to his daughter Ashley Joyce. Duchossois himself has been named Executive Chair Emeritus of the Chicago-based family business. 

According to Bloomberg, Joyce is now the third-generation Duchossois to be involved in managing the family’s money. She initially became chair of the Duchossois Family Foundation in 2022. The family foundation was established in 1984 by first- and second-generation family members to deliver community grants ($645,000 last year), to support scholarship, education, and patient care, and to support the veteran community in the US. 

The family is best known as the largest shareholder of Churchill Downs, owner of the racetrack famous for the Kentucky Derby. It has been selling down its shares since 2015. 

The dynasty was founded by Crag’s father Dick Duchossois who expanded his wife’s rail care business in the post-World War II boom. He died in 2022 at the age of 100. 

Gurufocus reports that Craig Duchossois had a net worth of $1.7 billion at the end of May this year. 

Buffett takes stake in Chubb

Legendary investor and philanthropist Warren Buffett has unveiled a stake in the insurer Chubb. 

He has, according to the Financial Times, built up a $6.7bn position in the New York-listed company. 

Via Berkshire Hathaway, Buffett has been growing his stake since last year. The FT reports that regulators had allowed Buffett’s multinational conglomerate to keep its position confidential. 

After the news broke of Buffett’s holding, shares in Chubb jumped 9%. 

The insurance sector has proved problematic over the past few years. Not only has the frequency of natural disasters, exacerbated by climate change, increased losses at insurers, Chubb has seen greater claims than usual. It was one of the insurers of the Francis Scott Key Bridge in Baltimore which collapsed at the end of March this year. 

Known as the “Oracle of Omaha,” Warren Buffett is one of the most successful investors of all time. Berkshire Hathaway owns dozens of companies across the US, including the insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.

Warren Buffett has promised to donate more than 99% of his wealth. To date, he has given more than $56 billion, mostly via the Gates Foundation.

Buffett is worth $134.5 billion according to Forbes.