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 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. – Ron Chernow
The mutual fund industry and small investors are very relentless and very unforgiving if people don’t perform. – Ron Chernow
The best argument for mutual funds is that they offer safety and diversification. But they don’t necessarily offer safety and diversification. – Ron Chernow
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation. – 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
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. – 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. – 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. – 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
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
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. – Ron Chernow
A lot of the money in the stock market is really our national retirement plan, for better or worse. – 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
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
I think one of the important things that’s happened in the course of the century is that life expectancy has doubled. – 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. – 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. – 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
The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions. – 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. – 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
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
