Quotes By Ron Chernow
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.
Ron Chernow
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.
Ron Chernow
When the market is just going up, up, and up, we all tend to be blind to the holes in the market. They're all papered over by the rise.
Ron Chernow
If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.
Ron Chernow
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.
Ron Chernow
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.
Ron Chernow
The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.
Ron Chernow
That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.
Ron Chernow
A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.
Ron Chernow
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.
Ron Chernow
Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
Ron Chernow
We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario.
Ron Chernow
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.
Ron Chernow
In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.
Ron Chernow
The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
Ron Chernow
I don't think that a mutual fund that invests exclusively in biotech start-ups or invests exclusively in companies in Thailand offers any great safety or diversification.
Ron Chernow
One of the special characteristics of New York is that it is different from a London or a Paris because it's the financial capital, and the cultural capital, but not the political capital.
Ron Chernow
In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
Ron Chernow
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.
Ron Chernow
Hamilton had one of those extraordinary 18th-century minds that touched on virtually every major topic of the day.
Ron Chernow
You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.
Ron Chernow
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.
Ron Chernow
The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.
Ron Chernow
A lot of the money in the stock market is really our national retirement plan, for better or worse.
Ron Chernow
I think one of the important things that's happened in the course of the century is that life expectancy has doubled.
Ron Chernow