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, November 13, 2015
The market has been extremely narrow this year and as a result YTD returns have been strictly about what you own. The tables below show how the 10 largest stocks in the S&P 500 have contributed more the 100% of this year’s 2% gain. Compare that to 2013 and 2014 where the largest 10 stocks contributed less than 20% of the year’s returns. Market leadership remains tied to a handful of stocks which is why it hasn’t been profitable to simply have been long the market this year.