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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.

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
Strategy
Market
Effects
Hold
Dangerous
Sound
Individual
Perverse
Whole
Sensible

More quotes by Ron Chernow

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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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In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
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Early on, New York already had a national and even international identity.
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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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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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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 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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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 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 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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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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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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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 there's a tide that tends to carry historians back to the past.
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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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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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By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.
Ron Chernow
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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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