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.
Ron Chernow
Washington once advised his adopted grandson that where there is no occasion for expressing an opinion, it is best to be silent. For there is nothing more certain than that it is at all times more easy to make enemies than friends.
history advice opinions washington
[Philip's death was] beyond comparison the most afflicting of my life.. He was truly a fine youth. But why should I repine? It was the will of heaven and he is now out of the reach of the seductions and calamities of a world full of folly, full of vice, full of danger, of least value in proportion as it is best known. I firmly trust also that he has safely reached the haven of eternal repose and felicity. (Alexander Hamilton letter to Benjamin Rush about the death of his 19-year old son from mortal wounds inflicted from a duel.)
grief
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
people
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.
crime people
By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.
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.
information people
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 mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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.
people work experience
What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.
numbers people
You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.
I think one of the important things that's happened in the course of the century is that life expectancy has doubled.
life
Partly because his life ended before the age of 50, Hamilton was defined by the other founding fathers, and he managed, with amazing consistency, to alienate most of them.
life consistency age
A lot of the money in the stock market is really our national retirement plan, for better or worse.
plans money
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