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.

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

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

A prudent silence will frequently be taken for wisdom and a sentence or two cautiously thrown in will sometimes gain the palm of knowledge, while a man well informed but indiscreet and unreserved will not uncommonly talk himself out of all consideration and weight. (Alexander Hamilton's 'thesis on discretion' written to his son James shortly before his fatal duel with Burr.)

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.

A romantic striving for an impossible ideal.

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