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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.

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.

I Don't Think That A Mutual Fund That Invests Exclusively In Biotech Start-ups Or Invests Exclusively In Companies In Thailand Offers Any Great Safety Or Diversification.

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.

A Lot Of The Money In The Stock Market Is Really Our National Retirement Plan, For Better Or Worse.