After getting absolutely crushed in 2008 and the first part of 2009, preferred stocks have made a nice comeback. Below is a chart of the iShares S&P US Preferred Stock Index ETF (PFF). Since bottoming in March, PFF is up 106.71% and is trying to break out from its January highs.
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.
Thursday, May 28, 2009
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