“A crash really occurs when you suddenly have a violent downturn in the market that then heralds a long bull market.”
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Other Ron Chernow Quotes
The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.
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.
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The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.
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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.
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A lot of the money in the stock market is really our national retirement plan, for better or worse.
Ron Chernow
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