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 history of Wall Street is inseparable from New York.

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

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.

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.

Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.

In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.