The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Miller's Value Trust Fund, Legg Mason's flagship, just passed another milestone. As of the end of May, according to Morningstar, the fund is now underperforming the S&P 500 over a 10-year period.
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