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.

Quote by Ron Chernow

Topics: Ron Chernow Quotes

The American public historically was really not part of the stock market.

The American public historically was really not part of the stock market.

I think those who invest in mutual funds want someone else to do the thinking...

I think those who invest in mutual funds want someone else to do the thinking...

The history of Wall Street is inseparable from New York.

The history of Wall Street is inseparable from New York.

The public has lost faith in the ability of Social Security and Medicare to provide...

The public has lost faith in the ability of Social Security and Medicare to provide...

By the late 1980s people realized that houses did not always appreciate and that they...

By the late 1980s people realized that houses did not always appreciate and that they...

The best argument for mutual funds is that they offer safety and diversification. But they...

The best argument for mutual funds is that they offer safety and diversification. But they...

There were two qualities about the mutual funds of the 1920s that made them extremely...

There were two qualities about the mutual funds of the 1920s that made them extremely...

A lot of the money in the stock market is really our national retirement plan,...

A lot of the money in the stock market is really our national retirement plan,...

A crash really occurs when you suddenly have a violent downturn in the market that...

A crash really occurs when you suddenly have a violent downturn in the market that...

Because of the love affair between the American public and the stock market, it is...

Because of the love affair between the American public and the stock market, it is...

I have developed a very strong partiality for the dead: they don't talk back, they...

I have developed a very strong partiality for the dead: they don't talk back, they...

In the 1920s, Wall Street was a world that was really dominated by professional speculators...

In the 1920s, Wall Street was a world that was really dominated by professional speculators...

One of the very nice things about investing in the stock market is that you...

One of the very nice things about investing in the stock market is that you...

After being Washington's aide for four years and becoming the hero of Yorktown, Hamilton was...

After being Washington's aide for four years and becoming the hero of Yorktown, Hamilton was...

Early on, New York already had a national and even international identity.

Early on, New York already had a national and even international identity.

After 1929, so many people had been traumatized by the stock market crash that there...

After 1929, so many people had been traumatized by the stock market crash that there...

We really haven't had very much experience with people funding their retirement out of the...

We really haven't had very much experience with people funding their retirement out of the...

As a bull market continues, almost anything you buy goes up. It makes you feel...

As a bull market continues, almost anything you buy goes up. It makes you feel...

The founding fathers were not only brilliant, they were system builders and systematic thinkers. They...

The founding fathers were not only brilliant, they were system builders and systematic thinkers. They...

Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they...

Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they...