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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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William J. Bernstein
Age: 76
Born: 1948
Born: January 1
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Chemist
Economist
Neurologist
Writer
Attorney
Doctor
Doctors
Stockbroker
However
Dropout
High
Bluntly
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Dropouts
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The deeper one delves, the worse things look for actively managed funds.
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For the taxable investor, indexing means never having to say you're sorry.
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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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99% of fund managers demonstrate no evidence of skill whatsoever.
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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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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 purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.
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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.
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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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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).
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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.
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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.
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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.
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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.
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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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When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.
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Do the math. Expect catastrophes. Whatever happens, stay the course.
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Investment success accrues not so much to the brilliant as to the disciplined.
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The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.
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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.
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