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.
More Quotes from 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
The American public historically was really not part of the stock market.
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
The mutual fund industry has been very successful at promoting itself in this glamorous way. Mutual funds are actually vast, impersonal bureaucratic structures, and yet they were clever enough to give a human face to the mutual funds.
Ron Chernow
I think there's a tide that tends to carry historians back to the past.
Ron Chernow
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.
Ron Chernow
Readers Who Like This Quotation Also Like:
It sounds really stupid, I hate making cosmic comments like this but, I just let it do what it wants to do.Danny Elfman
Methamphetamine is a highly dangerous drug that is wreaking havoc on families and communities throughout this country. The drug's use is spreading across the United States.
Rick Larsen
I hope I'm exactly what America is looking for, I don't know, I'm just going to be myself and hope that they love it. That's all I can do.
Lauren Alaina