Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.

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.

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.

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

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.

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