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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.

Ron Chernow

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Ron Chernow
Age: 75
Born: 1949
Born: March 3
Biographer
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Brooklyn
New York
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Ronald Chernow
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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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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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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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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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I'm a biographer I can live with a little hyperbole.
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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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The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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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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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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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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Early on, New York already had a national and even international identity.
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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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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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Writing about dead white males seems to be out of favor among academics.
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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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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.
Ron Chernow
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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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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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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