American - Author | March 3, 1949 -
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
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In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
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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.
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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.
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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.
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There is no country in the world where it's as easy to find venture capital in the stock market as the United States.
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The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.
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Hamilton was extremely combative. Not only was he combative, but he also overreacted to anything he perceived as a threat or a criticism.
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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.
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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.
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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.
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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.
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