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.

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.

The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.

Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.

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.

The history of Wall Street is inseparable from New York.