After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
Ron Chernow
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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
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That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.
- Ron Chernow -