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William J. Bernstein
29 quotes
“The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“The brokerage and mutual fund business form a financial colossus that bestrides modern financial, and increasingly, social and political life.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“At a very early stage in history we are encountering "survivorship bias" - the fact that only the best results tend to show up in the history books.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“The rub here is that buying when prices are low is always a very scary proposition. The low prices that produce high future returns are not possible without catastrophe and risk.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“When the barbarians are at the gates, interest rates rise and bond prices fall precipitously.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Owning a portfolio of value stocks is the equivalent of wearing a Nehru jacket over a pair of bell bottom trousers.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“And lest I offend art lovers, it should be pointed out that even an old master, bought from the the artist for $100 and sold 350 years later for $10,000,000, has returned only 3.34% per year.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“In fact, using entirely reasonable assumptions, you can make the Dow's discounted market value almost anything you want it to be.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“The Gordon Equation is as close as being a physical law, like gravitation or planetary motion, as we will ever encounter in finance.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“The worst possible time to invest is when the skies are the clearest.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement in valuations that occurs as doggy stocks become less doggy over time.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“In finance as in life, there is often a huge chasm between what is expected and what actually transpires.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Most great financial innovators come from humble circumstances - nothing arouses fascination with financial assets quite like their absence.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“In fact, the nation's biggest investment pools are the retirement funds of the large corporations and governmental bodies, such as the California Public Employees Retirement System (CALPERS), which manages an astounding $170 billion. These plans receive a level of professional management that even the nations wealthiest investors can only dream of.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“when a famous investor publishes a newsletter, it's a sure tip-off that his techniques have stopped working.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“In other words, since you cannot successfully time the market or select individual stocks, asset allocation should be the major focus of your investment strategy, because it is the only factor affecting your investment risk that you can control.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“It is one thing to coolly design a portfolio strategy on a sheet of paper or computer monitor, and quite another to actually deploy it.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“We tend to think of technological progress as an ever accelerating affair, but it just isn't so.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“The advent of modern communication technology has simply facilitated the rapid dissemination of increasingly trivial information.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Human beings are not very good at taking losses or admitting failure.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“The wealthy are different than you and I: they have many more ways of having their wealth stripped away.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available to them - separate accounts, hedge funds, limited partnerships, and the like - are designed to bleed them with commissions, transactional costs, and other fees.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Journalism attracts people with exceptional linguistic talent, but I have found that very few have the mathematical sophistication to appreciate the difference between skill and luck.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“It is often said that a monkey could run an index fund. Nothing could be further fro the truth. Precisely tracking an index requires a very high degree of market savvy, discipline and nerve.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“If markets were truly efficient, then you shouldn't be able to make any money rebalancing.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Investment planning and execution are two completely different animals.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Ninety-nine percent of what you read about investing in magazines and newspapers, and 100% of what you hear on television is worse than useless.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source
“Investing is not a destination. It is an ongoing journey through its four continents - theory, history, psychology and business.”
William J. Bernstein (born 1948) wikiquote, CC BY-SA 4.0 source