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

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.

I think there's a tide that tends to carry historians back to the past.

Unless you devote an enormous amount of time to anticipating the future, you won't have any future.

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

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.

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.