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

Ron Chernow

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Ron Chernow
Age: 75
Born: 1949
Born: March 3
Biographer
Historian
Journalist
Writer
Brooklyn
New York
Chernow
Ronald Chernow
Fund
Diversification
Mutual
Stocks
Safety
Funds
Responsibility
Historically
Individual
Spare
Spares
Picking
Offered

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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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In waiting for the glorious moment of that first book contract, writers must have giant reservoirs of patience. Yet they must persevere because they don't know the destiny that is being worked out for them. They creep humbly along the ground, without the spacious aerial vision of their lives that would show them the destiny in store for them.
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The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.
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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.
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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.
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The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.
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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.
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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.
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Early on, New York already had a national and even international identity.
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The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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There is a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement.
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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.
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I'm a biographer I can live with a little hyperbole.
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Writing about dead white males seems to be out of favor among academics.
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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
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By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.
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In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
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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.
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