William J Bernstein Inspirational Quotes (27)

There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't know. Then again, there is a third type of investor: the investment professional, who indeed knows he doesn't know, but whose livelihood depends upon appearing to know.

Do the math. Expect catastrophes. Whatever happens, stay the course.

99% of fund managers demonstrate no evidence of skill whatsoever.