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" 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. "

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" 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

Fear

Good

Opportunities

" 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. "

" Reconstruction is the great black hole that remains to be filled. Even experts on the Civil War don't really understand its full significance. "

" 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. "

" The American public historically was really not part of the stock market. "

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

" 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. "

" 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. "

" 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. "

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

" 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. "

" One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

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

" The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification. "

" 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. "

" Unless we know where we've been as a country, we don't know where we are or where we are going. "

" 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. "

" 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. "

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

Ron Chernow

System

Brilliant