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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.

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
News
Farms
Way
Probably
Crash
People
Ways
Sinner
Small
Wicked
Came
Towns
Sense
Satisfaction
Punished
Felt
Finally
Sinners
Across
Grim
America

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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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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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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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In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
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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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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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Writing about dead white males seems to be out of favor among academics.
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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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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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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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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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A romantic striving for an impossible ideal.
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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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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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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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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual 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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Early on, New York already had a national and even international identity.
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