In The 1920s You Could Buy Stocks

A Romantic Striving For An Impossible Ideal.

In The 1920s You Could Buy Stocks On Margin. You Could Put 10 Percent Down And Borrow The Rest Against Your Stocks.

The Mutual Fund Industry And Small Investors Are Very Relentless And Very Unforgiving If People Don't Perform.

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.

I'm A Biographer; I Can Live With A Little Hyperbole.