The central issue now is this: What is a broker's help really worth? As trade execution increasingly becomes a low-priced commodity, main-line brokerages will be forced to put an explicit price tag on what they have long maintained is the feature that sets them apart: their brokers' advice and guidance.
Thomas S. Mulligan in "A New Order for Brokers" from the LA Times (7/4/99)Online trading is here to stay. It's a better way of executing securities transactions for millions of investors who don't need the help of a financial planner or broker. And stock investing is essential to our capital-formation process. But more and more we hear the refrain that investors should forsake funds for stocks, then go online and trade. Borrowing a phrase from economist John Kenneth Galbraith, we call this "Genius is a bull market disease." But the start of true genius is understanding that a bull market doesn't make you smarter.
Norman Fosback in Genius is a Bull Market from Mutual Funds Magazine (6/29/99)Never make forecasts, especially about the future.
Samuel Goldwyn (Forbes Quotes)
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