Ron Chernow Quotes


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

By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.

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.

The Great Inflation of the 1970s destroyed faith in paper assets because if you held a bond suddenly the bond was worth much less money than it was before.

One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.

Because of the love affair between the American public and the stock market it is possible for entrepreneurs technological visionaries and inventors of every sort to get financing.

Partly because his life ended before the age of 50 Hamilton was defined by the other founding fathers and he managed with amazing consistency to alienate most of them.

As the bull market goes on people who take great risks achieve great rewards seemingly without punishment. It's like crime without punishment or sex without sin.

Unless you devote an enormous amount of time to anticipating the future you won't have any future.

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

After being Washington's aide for four years and becoming the hero of Yorktown Hamilton was viewed with a great deal of suspicion because of his association with Tories.

You don't want too much fear in a market because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.

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.

A lot of the money in the stock market is really our national retirement plan for better or worse.

I'm a biographer; I can live with a little hyperbole.

In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.

Any bull market covers a multitude of sins so there may be all sorts of problems with the current system that we won't see until the bear market comes.

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

As a bull market continues almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.

The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance.

In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.

The founding fathers were not only brilliant they were system builders and systematic thinkers. They came up with comprehensive plans and visions.

I think there's a tide that tends to carry historians back to the past.

One of the special characteristics of New York is that it is different from a London or a Paris because it's the financial capital and the cultural capital but not the political capital.

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 no country in the world where it's as easy to find venture capital in the stock market as the United States.

I think one of the important things that's happened in the course of the century is that life expectancy has doubled.

After 1929 so many people had been traumatized by the stock market crash that there was a lost generation.

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.

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.

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.

I have developed a very strong partiality for the dead: they don't talk back they don't sue and they don't have angry relatives.

Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.

We really haven't had very much experience with people funding their retirement out of the stock market and we don't know frankly how it would work under every scenario.

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.

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

The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.

When the market is just going up up and up we all tend to be blind to the holes in the market. They're all papered over by the rise.

Hamilton had one of those extraordinary 18th-century minds that touched on virtually every major topic of the day.

The history of Wall Street is inseparable from New York.

A romantic striving for an impossible ideal.