In The 1920s You Could Buy Stocks

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.

The Great Inflation Of The 1970s Destroyed Faith In Paper Assets, Because If You Held A Bond, Suddenly The Bond Was Worth Much Less Money Than It Was Before.

By The Late 1980s People Realized That Houses Did Not Always Appreciate And That They Could Fluctuate Like Any Other Market Commodity.

In The 1920s, Wall Street Was A World That Was Really Dominated By Professional Speculators And Stock Pools. These People Had A Monopoly Over Information.

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.