There were two qualities about the mutual funds of the 1920s that made them extremely speculative. One was that they were heavily leveraged. Two, mutual funds were allowed to invest in other mutual funds.

Quote by Ron Chernow

Topics: Ron Chernow Quotes

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...

Mutual funds give people the sense that they're investing with the big boys and that...

Mutual funds give people the sense that they're investing with the big boys and that...

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 Great Inflation of the 1970s destroyed faith in paper assets, because if you held...

The Great Inflation of the 1970s destroyed faith in paper assets, because if you held...

One of the special characteristics of New York is that it is different from a...

One of the special characteristics of New York is that it is different from a...

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

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

Any bull market covers a multitude of sins, so there may be all sorts of...

Any bull market covers a multitude of sins, so there may be all sorts of...

You don't want too much fear in a market, because people will be blinded to...

You don't want too much fear in a market, because people will be blinded to...

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...

I'm dubious about having Social Security put into the stock market. I think that we...

I'm dubious about having Social Security put into the stock market. I think that we...

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...

Writing about dead white males seems to be out of favor among academics.

Writing about dead white males seems to be out of favor among academics.

What I find very interesting about the mutual funds managers is that here are people...

What I find very interesting about the mutual funds managers is that here are people...

When the market is just going up, up, and up, we all tend to be...

When the market is just going up, up, and up, we all tend to be...

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...

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...

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

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

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...

To reap a return in ten years, plant trees. To reap a return in 100,...

To reap a return in ten years, plant trees. To reap a return in 100,...

The best investment on earth is earth.

The best investment on earth is earth.