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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
Offered
Fund
Diversification
Mutual
Stocks
Safety
Funds
Responsibility
Historically
Individual
Spare
Spares
Picking

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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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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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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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Early on, New York already had a national and even international identity.
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Writing about dead white males seems to be out of favor among academics.
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A romantic striving for an impossible ideal.
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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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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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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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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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After being Washington's aide for four years and becoming the hero of Yorktown, Hamilton was viewed with a great deal of suspicion because of his association with Tories.
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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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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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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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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.
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I'm a biographer I can live with a little hyperbole.
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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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The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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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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