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"When news of the crash came, probably a lot of people in small towns and farms across America felt a sense of grim satisfaction that the sinners had finally been punished for their wicked ways."
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"It is not true that people are naturally equal for no two people can be together for even a half an hour without one acquiring an evident superiority over the other."
"There are only two kinds of people who are really fascinating - people who know absolutely everything, and people who know absolutely nothing."
"Most people die of a sort of creeping common sense, and discover when it is too late that the only things one never regrets are one's mistakes."
"The real problem is not why some pious, humble, believing people suffer, but why some do not."
"He makes people pleased with him by making them first pleased with themselves."
"People are always good company when they are doing what they really enjoy."
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."
"By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity."
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