In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.
Ron Chernow
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Once the brokerage house, rather than the bank, became the locus for American savings, that money would find its way into the stock market, because the broker was someone with a much higher tolerance for risk than the banker.
- Ron Chernow -
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Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
- Ron Chernow -