The American Public Historically Was Really Not

Mutual Funds Have Historically Offered Safety And Diversification. And They Spare You The Responsibility Of Picking Individual Stocks.

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.

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.

Once The Brokerage House, Rather Than The Bank, Became The Locus For American Savings, That Money Would Find Its Way Into The Stock Market, Because The Broker Was Someone With A Much Higher Tolerance For Risk Than The Banker.