---
title: "1 Appearing Quotes By William J. Bernstein"
description: "1 Appearing quotes by William J. Bernstein. Plus more from William J. Bernstein and more Appearing sayings from other authors."
image: "https://sms4smile.com/quotes/i/61c/william-j-bernstein-17198_appearing_there-are-two-kinds-of-investors-be-they_1682614.png"
---

> [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…](https://sms4smile.com/quotes/william-j-bernstein/there-are-two-kinds-of-investors-be-they-large-or-small-those-who-don/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

[Image](https://sms4smile.com/quotes/i/61c/william-j-bernstein-17198_appearing_there-are-two-kinds-of-investors-be-they_1682614.png)

## More by William J. Bernstein

> [“Although the Romans knew Chinese silk, they knew not China. They believed that silk grew directly on the mulberry tree, not realizing that the…](https://sms4smile.com/quotes/william-j-bernstein/although-the-romans-knew-chinese-silk-they-knew-not-china-they/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [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…](https://sms4smile.com/quotes/william-j-bernstein/it-s-human-nature-to-find-patterns-where-there-are-none-and-to-find/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds in your…](https://sms4smile.com/quotes/william-j-bernstein/the-key-thing-about-any-fund-is-to-make-sure-its-expenses-are-low-you/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [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…](https://sms4smile.com/quotes/william-j-bernstein/there-are-two-kinds-of-investors-be-thay-large-or-small-those-who-don/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [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…](https://sms4smile.com/quotes/william-j-bernstein/a-decade-ago-i-really-did-believe-that-the-average-investor-could-do/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.](https://sms4smile.com/quotes/william-j-bernstein/wall-street-is-littered-with-the-bones-of-those-who-knew-just-what-to/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [The key aspect of an index fund is that many of them, not all of them, but many of them are extremely cheap.](https://sms4smile.com/quotes/william-j-bernstein/the-key-aspect-of-an-index-fund-is-that-many-of-them-not-all-of-them/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [If your broker or investment advisor is not familiar with the concept of standard deviation of returns, get a new one.](https://sms4smile.com/quotes/william-j-bernstein/if-your-broker-or-investment-advisor-is-not-familiar-with-the-concept/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in…](https://sms4smile.com/quotes/william-j-bernstein/while-it-is-probably-a-poor-idea-to-own-actively-managed-funds-in/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [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…](https://sms4smile.com/quotes/william-j-bernstein/it-s-bad-enough-that-you-have-to-take-market-risk-only-a-fool-takes/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [You have to ask yourself, what are the things that matter to you most in your life? If you have to have a latte…](https://sms4smile.com/quotes/william-j-bernstein/you-have-to-ask-yourself-what-are-the-things-that-matter-to-you-most/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [The definition of investment is the deferring ofpresent consumption for future consumption. So, you dohave to be willing to defer. And there are a…](https://sms4smile.com/quotes/william-j-bernstein/the-definition-of-investment-is-the-deferring-ofpresent-consumption/)

[William J. Bernstein](https://sms4smile.com/quotes/author/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…](https://sms4smile.com/quotes/william-j-bernstein/you-have-to-understand-what-market-history-looks-like-what-market/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.](https://sms4smile.com/quotes/william-j-bernstein/the-reason-that-guru-is-such-a-popular-word-is-because-charlatan-is/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

> [When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.](https://sms4smile.com/quotes/william-j-bernstein/when-it-comes-to-fund-managers-and-market-strategists-this-year-s/)

[William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/)

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