By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.

As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.

Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.

After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.

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.

Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.