 The history of Wall Street is inseparable from New York. |
| 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. |
| 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. |
| 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. |
| 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. |
| The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification. |
| 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. |
| 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. |
| By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity. |
| A lot of the money in the stock market is really our national retirement plan, for better or worse. |
| 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. |
| 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. |
| 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. |
| 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. |
| Writing about dead white males seems to be out of favor among academics. |
| Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks. |
| The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions. |
| 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. |
| 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. |
| In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms. |
