Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
More Quotes from Ron Chernow:
When the market is just going up, up, and up, we all tend to be blind to the holes in the market. They're all papered over by the rise.Ron Chernow
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.
Ron Chernow
The history of Wall Street is inseparable from New York.
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Hamilton had one of those extraordinary 18th-century minds that touched on virtually every major topic of the day.
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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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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.
Ron Chernow
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