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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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"Some people will each start investing more of their salary on 'their' house and spending less of it on 'their' car or cars only when they start being able to take 'their' house to work, funerals, weddings, etc."
"When buying shares, ask yourself, would you buy the whole company?"
"God will always respond to our responsible management of the riches we have received from Him with promotion and stability."
"He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary."
"Your future self would surely thank your present self if you start to wisely invest your money now."
"Never exchange your life for a penny."
Explore more quotes by Ron Chernow
"After 1929, so many people had been traumatized by the stock market crash that there was a lost generation."
"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."
"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."
"In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information."
"Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks."
"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."
"In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms."
"The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification."
"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."
"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."
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