Washington must have seen that Hamilton, for all his brains and daring, sometimes lacked judgment and had to be supervised carefully.

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

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.

(regarding Charles Lee) This eccentric and notably slovenly man was always trailed by his beloved dogs. "When I can be convinced that men are as worthy objects as dogs", he once explained, "I shall transfer my benevolence to them.

There were two qualities about the mutual funds of the 1920s that made them extremely speculative. One was that they were heavily leveraged. Two, mutual funds were allowed to invest in other mutual funds.

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.