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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.
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
Street
Streets
Pools
Wall
Speculators
Information
Dominated
Really
Monopoly
World
Stock
People
Pool
Professional
More quotes by Ron Chernow
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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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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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.
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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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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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The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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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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Writing about dead white males seems to be out of favor among academics.
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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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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 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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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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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'm a biographer I can live with a little hyperbole.
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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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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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I think there's a tide that tends to carry historians back to the past.
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The richly cadenced prose is hypnotic, the research prodigious, the analysis acute, the mood spellbinding, and the cast of characters mythic in scale. I cannot conceive of a better book about Capitol Hill. An unforgettable, epic achievement in the art of biography.
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A romantic striving for an impossible ideal.
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