In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
More Quotes from Ron Chernow:
By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.Ron Chernow
I think there's a tide that tends to carry historians back to the past.
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
Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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
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
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