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Ron Chernow quotes

Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.

Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.

Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.

Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.

A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.

In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.

The history of Wall Street is inseparable from New York.

As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.

Because of the love affair between the American public and the stock market, it is possible for entrepreneurs, technological visionaries and inventors of every sort to get financing.

I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons.

I'm dubious about having Social Security put into the stock market. I think that we have gotten very far away from the idea that there's something sacrosanct about retirement investments.

Once the brokerage house, rather than the bank, became the locus for American savings, that money would find its way into the stock market, because the broker was someone with a much higher tolerance for risk than the banker.

There were two qualities about the mutual funds of the 1920s that made them extremely speculative. One was that they were heavily leveraged. Two, mutual funds were allowed to invest in other mutual funds.

What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.

I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives.

The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.

As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.

There is no country in the world where it's as easy to find venture capital in the stock market as the United States.

A lot of the money in the stock market is really our national retirement plan, for better or worse.

After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.