After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.

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.

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

Hamilton had one of those extraordinary 18th-century minds that touched on virtually every major topic of the day.

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.

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

A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.