In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.
More Quotes from Ron Chernow:
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
Writing about dead white males seems to be out of favor among academics.
Ron Chernow
One of the special characteristics of New York is that it is different from a London or a Paris because it's the financial capital, and the cultural capital, but not the political capital.
Ron Chernow
What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.
Ron Chernow
After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.
Ron Chernow
You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.
Ron Chernow
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