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.
Reconstruction is the great black hole that remains to be filled. Even experts on the Civil War don't really understand its full significance.
Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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.
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.
The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.
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.
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.
In many ways, the North won the Civil War militarily and then lost the peace. You know, a group of writers, included many Confederate generals, began a school of thought called the Lost Cause in which they began to romanticize the Confederacy.
The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.
Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.
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.
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
There is no country in the world where it's as easy to find venture capital in the stock market as the United States.
Strange as it may seem, George Washington's life has now been so minutely documented that we know far more about him than did his own friends, family, and contemporaries.
Ultimately, the appraisal of Grant's presidency rests upon posterity's view of Reconstruction.
A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.
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.
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.
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.
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.
The American public historically was really not part of the stock market.
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.