As the historic market collapse felled many investors, a handful set themselves apart by scoring big profits.

Now, several of these money managers expect more bad times ahead, including struggles for consumers, limp earnings and a possible surge of inflation.

They also see pockets of opportunity.

George Soros is bullish on China, India and Brazil. John Paulson is investing in distressed debt, residential mortgages, even companies in bankruptcy proceedings. Alan Fournier, a lesser-known investor with a strong track record, likes some health-care shares, while James Melcher, also successful lately, likes corporate bonds.

"We're trying to make hay while the sun's still shining," says Mr. Fournier, who runs $2.8 billion Pennant Capital. "Maybe we can rally through the summer, perhaps for another year, but there are a lot of difficult issues that we're going to have to deal with."

Mr. Soros is just as wary. The renowned 78-year-old investor and philanthropist calls the current terrain a "trading market," saying in a recent interview that investors should take profits when shares surge, even

Warren Buffett isn't shy about giving advice. If he hadn't gone into the investing business, he could well have made teaching his profession.

Now that he's the world's greatest living investor, there are plenty of pupils anxious to attend class.

In a taped interview, Bianna Golodryga asks Buffett for his "top three pieces of advice for average Americans who want to grow their savings and keep their money safe."

In this venue, there's no mention of intrinsic values, durable competitive advantages, or even buy-and-hold.

Buffett's response:



1. If it seems too good to be true, it probably is.

2. Always look at how much the other guy is making when he is trying to sell you something.

3. Stay away from leverage. Nobody ever goes broke that doesn't owe money.

Buffett also finds important life and investing lessons in his favorite game:

"In bridge, everything anybody does or doesn't do, you're drawing inferences from, including your partner and your opponents. You're working with a partner. If you don't work well with partners you're

NEW YORK (Reuters) - A Canadian wealth management firm has won last month's charity auction of a steak lunch with Warren Buffett, in which it agreed to pay $1,680,300 (C$1.97 million) to dine with the world's second-richest person.

Salida Capital Corp, a Toronto-based firm, was the top bidder in the five-day auction, which ended on June 26. The identity of the winner had previously been kept secret.

The auction benefited the Glide Foundation, a nonprofit in San Francisco's Tenderloin district that offers housing, job training, health and child care, and meals for the poor.

Glide has raised more than $5.92 million (C$6.93 million) from such auctions in each of the last 10 years, including a record $2,110,100 (C$2.47 million) in 2008. The auction was conducted on eBay Inc's website. Salida had not bid for the lunch before this year.

"It is something we have been thinking about doing for a while," said Courtenay Wolfe, Salida's chief executive, in an interview. "Warren's success has transcended decades and all types of market conditions, and his wisdom and experience is of great value to us, at such a sensitive time in history."

Buffett, who runs the insurance and investment company Berkshire Hathaway Inc, was out of the office and not immediately available for comment, spokeswoman Carrie Kizer said.

The winner and up to seven friends will dine with the world's second-richest person at the Smith &

PITTSBURGH (AP) -- Boeing Co. will pay $580 million in cash for a plant that makes large sections of its 787 jetliner in an apparent effort to resolve supplier problems that have contributed to costly delays and hurt the company's credibility.

The plant makes sections of the 787's fuselage between its wings and tail that are made primarily from lightweight carbon composites. The next-generation aircraft that has been hampered by repeated delays due to production problems that have cost Boeing billions of dollars in anticipated expenses and penalties.

The airplane maker said Tuesday the acquisition of the North Charleston, South Carolina, plant from Vought Aircraft Industries will boost its capacity to develop and build large plane sections made from carbon composite parts.

After the transaction, Boeing said Vought will continue its work on many Boeing programs, including other components of the 787, as well as parts of the 737, 747, 767, 777, C-17 and V-22 through operations located elsewhere.

As part of the deal, expected to close in the third quarter, Vought will be released from obligations to repay money that had been advanced earlier by Boeing.

It remains unclear when Chicago-based Boeing will conduct the first test flight of the 787, previously scheduled for the second quarter of this year. Deliveries of the new jet were lagging nearly two years

Millionaires have more in common with each other than just their bank accounts — for some millionaires, striking it rich took courage, salesmanship, vision and passion. Find out which traits are most common to the seven-figure bank account set, and what you can do to hone some of these skills in your own life.

1. Independent Thinking

Millionaires think differently. Not just about money, about everything. The time and energy everybody else spends attempting to conform, millionaires spend creating their own path. Since thoughts impact actions, people who want to be wealthy should think in a way that will get them to that goal. Independent thinking doesn't mean doing the opposite of what the rest of the world is doing; it means having the courage to follow what is important to you. So, the lesson here is to forge your own way, and let your success drive you to financial spoils - rather than doing it the other way around and trying to chase the money.

Just look at David Geffen. A self-made millionaire with $4.5 billion to his name in 2009, this American record executive and film producer was college dropout, but made millions founding record agencies and signed some of the most prominent musicians of the 1970s and '80s. Although he didn't take what many assume to be the usual path to success, his tireless work ethic and sense of personal conviction about artists' potential allowed him to rack up a sizable fortune.

2. Vision

Millionaires are creative visionaries with a positive attitude. In other words, wealthy people not only have

Michael Jackson album sales explode since death
More Michael Jackson albums sell in the week since his death than for 6 months prior
On Wednesday July 1, 2009, 12:13 pm EDT


LOS ANGELES (AP) -- Nielsen SoundScan says Michael Jackson's album sales have exploded -- three of his albums are in the top three spots and 2.3 million tracks have been downloaded in the United States since his death.

Album sales for the week through Sunday hit 422,000 in the U.S., up from 10,000 a week earlier. The week's tally was greater than all the Jackson albums sold from the start of the year to June 21.

The top three albums were "Number Ones," "Essential Michael Jackson," and "Thriller." The Black Eyed Peas' latest CD came fourth.