Born into a Mexican family that immigrated to the United States, Arturo “Arte” Moreno was born on August 14, 1946 in Tucson, Arizona (78 years old), who generated his wealth on his own.
He enrolled at Arizona State University in Marketing and Advertising, after enlisting in the US Army and fighting in the Vietnam War, upon his return in 1968, he began working in the outdoor advertising company with which he made his fortune.
At the moment It has a capital of 5 billion dollars, which places it in 266th place on the Forbes 400 list. a publication reporting on the 400 richest people in the world as of September 1, 2024; He occupies position 624, out of a total of 2,692, on the Forbes Billionaires list.
- He owns the baseball team Los Angeles Angelswhich he bought in 2003 for $184 million, is currently worth about $2.7 billion, according to the annual ranking of Major League Baseball (MLB).
- His initial fortune came from the billboard advertising company Outdoor Systemswhich sold to Infinity Broadcasting – owned by CBS Corporation – in 1999, for $8.3 billion.
- He has stakes in other billboard advertising companies, as well as commercial real estate holdings throughout Phoenix.
In an interview for Forbes he pointed out that has shareholdings in various companies world famous. “I have a couple of strong positions in Amazon (AMZN), Alphabet (GOOGL), and Apple (AAPL). I’ve been buying Apple forever; Every time it goes down, I buy more Apple. I also buy JPMorgan (JPM), which pays about 3% dividends. Another company that I really like and in which I have invested for a long time is Blackstone (BX),” he said.
Likewise, it has investments in the real estate, since from their point of view the properties pay off immediately, “I have apartment buildings, some shopping centers, with restaurants, grocery stores, things like that. Then I have some rural land to [futuros] residential developments, which I bought and maintained for a long time,” he said.
He explained that one of his rules To be able to do business is to pay in cash, Without bank loans, “the last seven, eight years, I have had no debt. If I can’t pay cash, I don’t buy it. I have an aversion to debt, to the extreme”, the rejection to financial leverage It basically consists of going into debt to invest, a practice that both companies and individuals often resort to.
