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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.

Ron Chernow

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Ron Chernow
Age: 75
Born: 1949
Born: March 3
Biographer
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Journalist
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Brooklyn
New York
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Ronald Chernow
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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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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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Writing about dead white males seems to be out of favor among academics.
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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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We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario.
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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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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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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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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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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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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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A romantic striving for an impossible ideal.
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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.
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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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I'm a biographer I can live with a little hyperbole.
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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 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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