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.

As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.

A lot of the money in the stock market is really our national retirement plan, for better or worse.

In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.

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.

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 securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.