If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.

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.

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.

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

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

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

When news of the crash came, probably a lot of people in small towns and farms across America felt a sense of grim satisfaction that the sinners had finally been punished for their wicked ways.