By The Late 1980s People Realized That

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.

If You Go Back To The Time Of J.p. Morgan, The World Of High Finance Was Completely Wholesale. The Prestigious Investment Banks On Wall Street Appealed Exclusively To Large Corporations, Governments, And To Extremely Wealthy Individuals.

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.

Early On, New York Already Had A National And Even International Identity.

I Think Those Who Invest In Mutual Funds Want Someone Else To Do The Thinking For Them. But The Fact That They Can Move The Money Around The Family Of Mutual Funds Just Through A Phone Call Lets Them Feel That They Can Play Tycoons.