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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.

William J. Bernstein

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William J. Bernstein
Age: 76
Born: 1948
Born: January 1
Author
Chemist
Economist
Neurologist
Writer
Purpose
Make
Returns
Investing
Return
Simply
Rich
Dies
Poor

More quotes by William J. Bernstein

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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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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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Mutual fund manager performance does not persist and the return of stock picking is zero.
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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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Do the math. Expect catastrophes. Whatever happens, stay the course.
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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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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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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Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.
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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Investment success accrues not so much to the brilliant as to the disciplined.
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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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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99% of fund managers demonstrate no evidence of skill whatsoever.
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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For the taxable investor, indexing means never having to say you're sorry.
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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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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The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.
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