The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks. — William J. Bernstein Copy Share Image
The essence of effective portfolio construction is the use of a large number of poorly correlated assets. — William J. Bernstein Copy Share Image
Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do… — William J. Bernstein Copy Share Image
Mutual fund manager performance does not persist and the return of stock picking is zero. — William J. Bernstein Copy Share Image
Market risk is like taking a plunge into a cool pool ... a lot of people are finding out right now what… — William J. Bernstein Copy Share Image
99% of fund managers demonstrate no evidence of skill whatsoever. — William J. Bernstein Copy Share Image
When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero. — William J. Bernstein Copy Share Image
The key aspect of an index fund is that many of them, not all of them, but many of them are extremely… — William J. Bernstein Copy Share Image
The definition of investment is the deferring ofpresent consumption for future consumption. So, you dohave to be willing to defer. And there… — William J. Bernstein Copy Share Image
It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more… — William J. Bernstein Copy Share Image
The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds… — William J. Bernstein Copy Share Image
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 Copy Share Image
There are two kinds of investors, be thay large or small: those who don't know where the market is headed, and those… — William J. Bernstein Copy Share Image
You have to understand what market history looks like. What market history tells you is that the very, very best investments are… — William J. Bernstein Copy Share Image
There are two kinds of investors, be they large or small: those who don't know where the market is headed and those… — William J. Bernstein Copy Share Image
While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own… — William J. Bernstein Copy Share Image
An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index… — William J. Bernstein Copy Share Image
A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the… — William J. Bernstein Copy Share Image
You have to understand your own psychology. You have to understand that human beings weren't really designed to invest. We have all… — William J. Bernstein Copy Share Image
All the things that make us human make us terrible investors and you have to understand what they are and how to… — William J. Bernstein Copy Share Image
The deeper one delves, the worse things look for actively managed funds. — William J. Bernstein Copy Share Image
If your broker or investment advisor is not familiar with the concept of standard deviation of returns, get a new one. — William J. Bernstein Copy Share Image
The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor. — William J. Bernstein Copy Share Image
“Although the Romans knew Chinese silk, they knew not China. They believed that silk grew directly on the mulberry tree, not realizing that the… — William J. Bernstein Copy Share
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… — William J. Bernstein Copy Share
The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds in your… — William J. Bernstein Copy Share
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… — William J. Bernstein Copy Share
A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the sad conclusion… — William J. Bernstein Copy Share
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 Copy Share
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 Copy Share
If your broker or investment advisor is not familiar with the concept of standard deviation of returns, get a new one. — William J. Bernstein Copy Share
While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in… — William J. Bernstein Copy Share
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… — William J. Bernstein Copy Share
You have to ask yourself, what are the things that matter to you most in your life? If you have to have a latte… — William J. Bernstein Copy Share
The definition of investment is the deferring ofpresent consumption for future consumption. So, you dohave to be willing to defer. And there are a… — William J. Bernstein Copy Share
You have to understand what market history looks like. What market history tells you is that the very, very best investments are made when… — William J. Bernstein Copy Share
The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell. — William J. Bernstein Copy Share
When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero. — William J. Bernstein Copy Share
