“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.”

American writer, journalist, and biographer

Ron Chernow is an American writer, journalist, and biographer known for his bestselling historical nonfiction biographies. His work has helped bring major figures from history to a wide audience. He writes history in a narrative style that is meant to be readable as well as well researched. His books focus on lives and public legacies, and he is widely associated with long-form biography and historical interpretation.