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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
Information
Dominated
Really
Monopoly
World
Stock
People
Pool
Professional
Street
Streets
Pools
Wall
Speculators

More quotes by Ron Chernow

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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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A romantic striving for an impossible ideal.
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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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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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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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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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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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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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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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Early on, New York already had a national and even international identity.
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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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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.
Ron Chernow
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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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I think there's a tide that tends to carry historians back to the past.
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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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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 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.
Ron Chernow
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I'm a biographer I can live with a little hyperbole.
Ron Chernow