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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.

Ron Chernow

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Ron Chernow
Age: 75
Born: 1949
Born: March 3
Biographer
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Brooklyn
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Ronald Chernow
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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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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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Early on, New York already had a national and even international identity.
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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 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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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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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.
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I'm a biographer I can live with a little hyperbole.
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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 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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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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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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I think there's a tide that tends to carry historians back to the past.
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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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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.
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Writing about dead white males seems to be out of favor among academics.
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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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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 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
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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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