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.
Wednesday, September 18, 2013
Notes from Charles de Valux's Value Investing Congress Presentation
They're very cautious right now: "never been as cautiously positioned." He feels US stocks are fully priced right now.
They've reduced their gold position as well. He's worried a lot about China and says it's a big question mark. However, he thinks Japan is cheap mainly due to corporate governance.
He emphasized minimizing losses as a key to compounding wealth.
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