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"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."
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"At three in the morning the gaudy paint is off that old whore, the world, and she has no nose and a glass eye. Gaiety becomes hollow and brittle, as in Poe's castle surrounded by the Red Death. Horror is destroyed by boredom. Love is a dream."
"It is not that I was credulous, simply that I belived in all things dark and dangerous. It was part of my young creed that the night was full of ghosts and witches, hungry and flapping and dressed completely in black."
"Some people avoid thinking deeply in public, only because they are afraid of coming across as suicidal."
"Throughout the evolution of mankind our very much primordial ancestors had one thing in common, it was ignorance. This ignorance gave birth to fear. Fear of the unknown became a quintessential element of their daily survival. To ace the intensity of the fear, rituals of worship arose."
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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