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My Favorite Quotes
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 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.”
 Ron Chernow - “Writing about dead white males seems to be out of favor among academics.”
 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.”
 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.”
 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.”
 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.”
 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.”
 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.”
 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.”
 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.”
 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.”
 Ron Chernow - “The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.”
 Ron Chernow - “The history of Wall Street is inseparable from New York.”
 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.”
 Ron Chernow - “The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.”
 Ron Chernow - “The American public historically was really not part of the stock market.”
 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.”
 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.”
 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.”
 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.”
 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.”
 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.”
 Ron Chernow - “Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.”
 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.”
 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.”

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