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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.

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
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I think there's a tide that tends to carry historians back to the past.
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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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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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I'm a biographer I can live with a little hyperbole.
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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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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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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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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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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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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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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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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 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 mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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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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