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"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."
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"Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions."
"Once you deposit that money in your checking account, it becomes the bank's money and you're just another one of their creditors."
"Money is only a problem to those that aren't willing to develop a higher conscience about how to master it."
"Organized scarcity is the best way to increase your profits.This is the idea of the ends justify the means. There are second and third order effects that will take away all of the gains and then some. Wisdom is better than gold, peace is better than profit."
"A sure way to go broke is to spend your outer riches before you have saved enough of your inner ones."
"Sharpen and trust your judgement: learn when spending is a shrewd investment and when it is merely an indulgence."
"Investing is a simple process of taking into account the present value and future value. The other major factor to understand here, is what you lose as a result of inaction. Consider what you can gain and what you can lose in your decision."
Explore more quotes by Ron Chernow
"I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives."
"I think one of the important things that's happened in the course of the century is that life expectancy has doubled."
"Partly because his life ended before the age of 50, Hamilton was defined by the other founding fathers, and he managed, with amazing consistency, to alienate most of them."
"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."
"There is a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement."
"That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole."
"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."
"In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms."
"Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market."
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