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.
More Quotes from Ron Chernow:
The history of Wall Street is inseparable from New York.Ron Chernow
The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.
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
A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.
Ron Chernow
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.
Ron Chernow
A lot of the money in the stock market is really our national retirement plan, for better or worse.
Ron Chernow
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