Contrary to the government's line that "inflation hurts everyone," inflation really is a wealth transfer from those without political power to the politically connected.
Charles A. Smith
![smith1](https://cdn.mises.org/static-page/img/charles_a._smith.jpg)
Charles A. (Charlie) Smith is former Chief Investment Officer of Fort Pitt Capital Group in Pittsburgh. The Fort Pitt Capital Total Return Fund (FPCGX) outperformed the S&P 500 Index for the exactly 20 years that he managed it.