Even the best are struggling. As of yesterday's close, Bill Miller's Legg Mason Value Trust was down 22.7% on the year versus the S&P 500's decline of 8.55%. Mr. Miller's fund performance is doing nothing to help out Legg Mason's stock (LM) either. As shown, it is down nearly 30% on the year.
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.
Friday, June 20, 2008
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Lunch is for wimps

It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.
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