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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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"The value of money is subjective, depending on age. At the age of one, one multiplies the actual sum by 145,000, making one pound seem like 145,000 pounds to a one-year-old. At seven " Bertie's age " the multiplier is 24, so that five pounds seems like 120 pounds. At the age of twenty four, five pounds is five pounds; at forty five it is divided by 5, so that it seems like one pound and one pound seems like twenty pence. (All figures courtesy of Scottish Government Advice Leaflet: Handling your Money.)"
"The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe."
"A sure way to go broke is to spend your outer riches before you have saved enough of your inner ones."
"Misers makes money their lord, but the spenders makes it their slaves and servants."
"You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible."
Explore more quotes by Ron Chernow
"As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin."
"In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms."
"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."
"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."
"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."
"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."
"Because of the love affair between the American public and the stock market, it is possible for entrepreneurs, technological visionaries and inventors of every sort to get financing."
"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."
"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."
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