Charles Ellis is esteemed as ‘the dean of the investment-management industry.’ He told us how the meme-stock mania will end up hurting newer investors, and shared his advice for safely diving in.

One of the biggest financial stories of the year is the wave of retail investors that has crashed into the stock market. The sudden flood of younger, often inexperienced investors pouring money into the market has sent stocks to stratospheric valuations…

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