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.
More Quotes from Ron Chernow:
The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.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
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.
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
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.
Ron Chernow
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