American - Author | March 3, 1949 -
Reconstruction is the great black hole that remains to be filled. Even experts on the Civil War don't really understand its full significance.
Ron Chernow
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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.
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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.
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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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After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
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I think one of the important things that's happened in the course of the century is that life expectancy has doubled.
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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.
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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.
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In many ways, the North won the Civil War militarily and then lost the peace. You know, a group of writers, included many Confederate generals, began a school of thought called the Lost Cause in which they began to romanticize the Confederacy.
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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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I'm disturbed by the words missing from the Trump campaign: Liberty, justice, freedom, and tolerance.
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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.
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