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.
From Ron Chernow
The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions.
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.
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.
One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.
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.
As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.
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.
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
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