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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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William J. Bernstein
Age: 76
Born: 1948
Born: January 1
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Chemist
Economist
Neurologist
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Market
Hero
Usually
Strategists
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Investing
More quotes by William J. Bernstein
Investment success accrues not so much to the brilliant as to the disciplined.
William J. Bernstein
Mutual fund manager performance does not persist and the return of stock picking is zero.
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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.
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The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.
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The essence of effective portfolio construction is the use of a large number of poorly correlated assets.
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Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.
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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.
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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
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.
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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.
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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.
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For the taxable investor, indexing means never having to say you're sorry.
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If your broker or investment advisor is not familiar with the concept of standard deviation of returns, get a new one.
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The deeper one delves, the worse things look for actively managed funds.
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A fast food job, for most people, should be an entry level position. If you see no path for advancement beyond that, it's time to take a real fast look at your human capital and learn a skill that will make you more money.
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The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.
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99% of fund managers demonstrate no evidence of skill whatsoever.
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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
The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.
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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
