The history of Wall Street is inseparable from New York.

I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons.

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.

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.

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

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.

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.