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

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

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

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.

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.

Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.

I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives.