"We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario."
"Life can only be understood backwards but it must be lived forwards."Ron Chernow on Soren Kierkegaard
"The only source of knowledge is experience."Ron Chernow on Albert Einstein
"Experience: that most brutal of teachers. But you learn, my God do you learn."Ron Chernow on C. S. Lewis
"Experience is simply the name we give our mistakes."Ron Chernow on Oscar Wilde
"A man who carries a cat by the tail learns something he can learn in no other way."Ron Chernow on Mark Twain
"Partly because his life ended before the age of 50, Hamilton was defined by the other founding fathers, and he managed, with amazing consistency, to alienate most of them."
"The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance."
"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."
"You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk."
"There is a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement."