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

William J. Bernstein

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William J. Bernstein
Age: 76
Born: 1948
Born: January 1
Author
Chemist
Economist
Neurologist
Writer
Demonstrate
Whatsoever
Fund
Skill
Managers
Investing
Skills
Evidence

More quotes by William J. Bernstein

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When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.
William J. Bernstein
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You have to ask yourself, what are the things that matter to you most in your life? If you have to have a latte every day that'snice to have right now, but if you take that latte every day right now, you may wind up eating cat food when you are 70. And you have to decide which is worse.
William J. Bernstein
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It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more damage by failing to diversify properly with his or her nest egg. Avoid the problem-buy a well-run index fund and own the whole market.
William J. Bernstein
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You have to understand what market history looks like. What market history tells you is that the very, very best investments are made when things look the worst.
William J. Bernstein
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Bluntly put, there's no chance that your doctor, dentist, or attorney is a high-school dropout. Your stockbroker, however, just might be.
William J. Bernstein
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It's human nature to find patterns where there are none and to find skill where luck is a more likely explanation (particularly if you're the lucky manager).
William J. Bernstein
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The key aspect of an index fund is that many of them, not all of them, but many of them are extremely cheap.
William J. Bernstein
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For the taxable investor, indexing means never having to say you're sorry.
William J. Bernstein
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The definition of investment is the deferring ofpresent consumption for future consumption. So, you dohave to be willing to defer. And there are a couple of tricks that you can use to save money. One of them is simply to pay yourself first.
William J. Bernstein
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The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds in your plan and you see that they're all charging 1.5 and 2 percent,you've gota bad plan.
William J. Bernstein
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The essence of effective portfolio construction is the use of a large number of poorly correlated assets.
William J. Bernstein
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The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.
William J. Bernstein
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All the things that make us human make us terrible investors and you have to understand what they are and how to avoid them.
William J. Bernstein
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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.
William J. Bernstein
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The deeper one delves, the worse things look for actively managed funds.
William J. Bernstein
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There are two kinds of investors, be thay large or small: those who don't know where the market is headed, and those who don't know that they don't know.
William J. Bernstein
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The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.
William J. Bernstein
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Market risk is like taking a plunge into a cool pool ... a lot of people are finding out right now what their risk tolerance is.
William J. Bernstein
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Mutual fund manager performance does not persist and the return of stock picking is zero.
William J. Bernstein
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Investment success accrues not so much to the brilliant as to the disciplined.
William J. Bernstein