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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
Spares
Picking
Offered
Fund
Diversification
Mutual
Stocks
Safety
Funds
Responsibility
Historically
Individual
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I think there's a tide that tends to carry historians back to the past.
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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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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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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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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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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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When news of the crash came, probably a lot of people in small towns and farms across America felt a sense of grim satisfaction that the sinners had finally been punished for their wicked ways.
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