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

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.

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

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.

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.

The history of Wall Street is inseparable from New York.

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.