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Ron Chernow QUOTES / QUOTATIONS
A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.
Quotation of Ron Chernow
A lot of the money in the stock market is really our national retirement plan, for better or worse.
Quotation of Ron Chernow
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.
Quotation of Ron Chernow
As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.
Quotation of Ron Chernow
Certain funds, like Fidelity, were so successful that a Peter Lynch could actually become a guru to a new generation of investors.
Quotation of Ron Chernow
Early on, New York already had a national and even international identity.
Quotation of Ron Chernow
Even though there was a very vigorous bull market in the 1950s, it could only attract 6 million investors. It required the growth of a large middle class investing public.
Quotation of Ron Chernow
Hamilton had one of those extraordinary 18th-century minds that touched on virtually every major topic of the day.
Quotation of Ron Chernow
Hamilton's first specialty as a lawyer, after he qualified in record time to practice, was to defend Tories against what he saw as discriminatory legislation.
Quotation of Ron Chernow
I don't think that a mutual fund that invests exclusively in biotech start-ups or invests exclusively in companies in Thailand offers any great safety or diversification.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
I think one of the important things that's happened in the course of the century is that life expectancy has doubled.
Quotation of Ron Chernow
I think that there's a kind of institutionalized complacency in the market now. So many people have been told to buy and hold forever.
Quotation of Ron Chernow
I think there's a tide that tends to carry historians back to the past.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
I was asked to write about Bill Gates a number of times.
Quotation of Ron Chernow
I'm a biographer; I can live with a little hyperbole.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
If people had bought money the day before the 1929 Crash, they would have, within the space of a few days, have lost about 25 percent.
Quotation of Ron Chernow
If we go back 10 years, there were about 1,700 mutual funds with about $700 billion. Today, we have about 7,000 mutual funds with $3 trillion worth of assets.
Quotation of Ron Chernow
If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.
Quotation of Ron Chernow
In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.
Quotation of Ron Chernow
It's very interesting what happens to people when they invest in the stock market. Suddenly they own a piece of Corporate America. Every morning they get it, they're rooting for it.
Quotation of Ron Chernow
Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.
Quotation of Ron Chernow
Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.
Quotation of Ron Chernow
Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
Quotation of Ron Chernow
Once the brokerage house, rather than the bank, became the locus for American savings, that money would find its way into the stock market, because the broker was someone with a much higher tolerance for risk than the banker.
Quotation of Ron Chernow
One of the special characteristics of New York is that it is different from a London or a Paris because it's the financial capital, and the cultural capital, but not the political capital.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
Partly because his life ended before the age of 50, Hamilton was defined by the other founding fathers, and he managed, with amazing consistency, to alienate most of them.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
The American public historically was really not part of the stock market.
Quotation of Ron Chernow
The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.
Quotation of Ron Chernow
The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.
Quotation of Ron Chernow
The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.
Quotation of Ron Chernow
The history of Wall Street is inseparable from New York.
Quotation of Ron Chernow
The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
Quotation of Ron Chernow
The mutual fund industry has been very successful at promoting itself in this glamorous way. Mutual funds are actually vast, impersonal bureaucratic structures, and yet they were clever enough to give a human face to the mutual funds.
Quotation of Ron Chernow
The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance.
Quotation of Ron Chernow
The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.
Quotation of Ron Chernow
There are so many funds and so many stocks and so many bonds and so many warrants and so many options, it's such a dizzying universe of choice for people that they're attracted to any sort of professional management of people who can help them.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
There is no country in the world where it's as easy to find venture capital in the stock market as the United States.
Quotation of Ron Chernow
There were two qualities about the mutual funds of the 1920s that made them extremely speculative. One was that they were heavily leveraged. Two, mutual funds were allowed to invest in other mutual funds.
Quotation of Ron Chernow
There's a very powerful dynamic that sets in as any bull market continues. And the longer the bull market continues, the more powerful the dynamic.
Quotation of Ron Chernow
To this day, the mutual fund industry, instead of having the traditional antagonistic relationship with Washington, has had a very harmonious relationship with Washington.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
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.
Quotation of Ron Chernow
When the great bull market began, many more of the mutual funds were investing in the big blue chip companies, so it seemed like a safe cross-section of companies that were very safe buys.
Quotation of Ron Chernow
When the market is just going up, up, and up, we all tend to be blind to the holes in the market. They're all papered over by the rise.
Quotation of Ron Chernow
Writing about dead white males seems to be out of favor among academics.
Quotation of Ron Chernow
You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.
Quotation of Ron Chernow