Ron Chernow
Ron Chernow
RonaldChernowis an American writer, journalist, historian, and biographer. He has written bestselling and award-winning biographies of historical figures from the world of business, finance, and American politics...
NationalityAmerican
ProfessionNon-Fiction Author
Date of Birth3 March 1949
CountryUnited States of America
american-author clever face fund funds glamorous human impersonal industry itself mutual promoting successful
The mutual fund industry has been very successful at promoting itself in this glamorous way. Mutual funds are actually vast, impersonal bureaucratic structures, and yet they were clever enough to give a human face to the mutual funds.
ability american-author banking faith lost medical medicare provide public security social system
The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance.
american-author course life
I think one of the important things that's happened in the course of the century is that life expectancy has doubled.
nice different investing
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.
new-york identity national-identity
Early on, New York already had a national and even international identity.
responsibility safety mutual-fund
Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
littles hyperbole i-can
I'm a biographer; I can live with a little hyperbole.
entrepreneur visionaries affair
Because of the love affair between the American public and the stock market, it is possible for entrepreneurs, technological visionaries and inventors of every sort to get financing.
successful past average
Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.
long healthy excess
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.
past thinking tides
I think there's a tide that tends to carry historians back to the past.
safety workplace argument
The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.
new-york wall inseparable
The history of Wall Street is inseparable from New York.
ties paper assets
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.