Ron Chernow Quotes
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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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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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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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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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Early on, New York already had a national and even international identity.
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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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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.
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I think there's a tide that tends to carry historians back to the past.
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A prudent silence will frequently be taken for wisdom and a sentence or two cautiously thrown in will sometimes gain the palm of knowledge, while a man well informed but indiscreet and unreserved will not uncommonly talk himself out of all consideration and weight. (Alexander Hamilton's 'thesis on discretion' written to his son James shortly before his fatal duel with Burr.)
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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.
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A romantic striving for an impossible ideal.
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Unless you devote an enormous amount of time to anticipating the future, you won't have any future.
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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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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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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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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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Writing about dead white males seems to be out of favor among academics.
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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.
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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.
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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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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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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.
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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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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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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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Washington once advised his adopted grandson that where there is no occasion for expressing an opinion, it is best to be silent. For there is nothing more certain than that it is at all times more easy to make enemies than friends.
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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 richly cadenced prose is hypnotic, the research prodigious, the analysis acute, the mood spellbinding, and the cast of characters mythic in scale. I cannot conceive of a better book about Capitol Hill. An unforgettable, epic achievement in the art of biography.
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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.
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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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