--- title: "11 Fund Quotes By William J. Bernstein" description: "11 Fund quotes by William J. Bernstein. Plus more from William J. Bernstein and more Fund sayings from other authors." image: "https://sms4smile.com/quotes/i/8aa/william-j-bernstein-17198_customer_the-deeper-one-delves-the-worse-things-l_1946713.png" --- > [The deeper one delves, the worse things look for actively managed funds.](https://sms4smile.com/quotes/william-j-bernstein/the-deeper-one-delves-the-worse-things-look-for-actively-managed-funds/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) [Image](https://sms4smile.com/quotes/i/8aa/william-j-bernstein-17198_customer_the-deeper-one-delves-the-worse-things-l_1946713.png) > [The key aspect of an index fund is that many of them, not all of them, but many of them are extremely…](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/) [Image](https://sms4smile.com/quotes/i/c3f/william-j-bernstein-17198_aspect_the-key-aspect-of-an-index-fund-is-that_282676.png) > [99% of fund managers demonstrate no evidence of skill whatsoever.](https://sms4smile.com/quotes/william-j-bernstein/99-of-fund-managers-demonstrate-no-evidence-of-skill-whatsoever/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) [Image](https://sms4smile.com/quotes/i/11e/william-j-bernstein-17198_customer_99-of-fund-managers-demonstrate-no-evide_2819426.png) > [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/) [Image](https://sms4smile.com/quotes/i/1fd/william-j-bernstein-17198_customer_when-it-comes-to-fund-managers-and-marke_1378737.png) > [Mutual fund manager performance does not persist and the return of stock picking is zero.](https://sms4smile.com/quotes/william-j-bernstein/mutual-fund-manager-performance-does-not-persist-and-the-return-of/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) [Image](https://sms4smile.com/quotes/i/9df/william-j-bernstein-17198_customer_mutual-fund-manager-performance-does-not_2169748.png) > [The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.](https://sms4smile.com/quotes/william-j-bernstein/the-typical-fund-company-services-401k-plan-participants-in-the-same/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) [Image](https://sms4smile.com/quotes/i/389/william-j-bernstein-17198_baby_the-typical-fund-company-services-401k-p_2532156.png) > [The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds…](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/) [Image](https://sms4smile.com/quotes/i/726/william-j-bernstein-17198_charging_the-key-thing-about-any-fund-is-to-make_141113.png) > [It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more…](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/) [Image](https://sms4smile.com/quotes/i/653/william-j-bernstein-17198_customer_it-s-bad-enough-that-you-have-to-take-ma_643028.png) > [A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the…](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/) [Image](https://sms4smile.com/quotes/i/405/william-j-bernstein-17198_average_a-decade-ago-i-really-did-believe-that-t_257052.png) > [While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own…](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/) [Image](https://sms4smile.com/quotes/i/94e/william-j-bernstein-17198_accounts_while-it-is-probably-a-poor-idea-to-own_578489.jpg) > [An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index…](https://sms4smile.com/quotes/william-j-bernstein/an-index-fund-is-a-fund-that-simply-invests-in-all-of-the-stocks-in-a/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) [Image](https://sms4smile.com/quotes/i/870/william-j-bernstein-17198_customer_an-index-fund-is-a-fund-that-simply-inve_2937168.png) ## Other authors on Fund ## 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/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/fund/william-j-bernstein/#itemlist", "name": "11 Fund Quotes By William J. Bernstein", "numberOfItems": 11, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The deeper one delves, the worse things look for actively managed funds.", "creator": { "@type": "Person", "name": "William J. 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Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "Mutual fund manager performance does not persist and the return of stock picking is zero.", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/mutual-fund-manager-performance-does-not-persist-and-the-return-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9df/william-j-bernstein-17198_customer_mutual-fund-manager-performance-does-not_2169748.png", "contentUrl": "https://sms4smile.com/quotes/i/9df/william-j-bernstein-17198_customer_mutual-fund-manager-performance-does-not_2169748.png", "url": "https://sms4smile.com/quotes/i/9df/william-j-bernstein-17198_customer_mutual-fund-manager-performance-does-not_2169748.png", "width": 1080, "height": 1080, "caption": "“Mutual fund manager performance does not persist and the return of stock picking is zero.” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/the-typical-fund-company-services-401k-plan-participants-in-the-same/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/389/william-j-bernstein-17198_baby_the-typical-fund-company-services-401k-p_2532156.png", "contentUrl": "https://sms4smile.com/quotes/i/389/william-j-bernstein-17198_baby_the-typical-fund-company-services-401k-p_2532156.png", "url": "https://sms4smile.com/quotes/i/389/william-j-bernstein-17198_baby_the-typical-fund-company-services-401k-p_2532156.png", "width": 1080, "height": 1080, "caption": "“The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/the-key-thing-about-any-fund-is-to-make-sure-its-expenses-are-low-you/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/726/william-j-bernstein-17198_charging_the-key-thing-about-any-fund-is-to-make_141113.png", "contentUrl": "https://sms4smile.com/quotes/i/726/william-j-bernstein-17198_charging_the-key-thing-about-any-fund-is-to-make_141113.png", "url": "https://sms4smile.com/quotes/i/726/william-j-bernstein-17198_charging_the-key-thing-about-any-fund-is-to-make_141113.png", "width": 1080, "height": 1080, "caption": "“The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds in…” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/it-s-bad-enough-that-you-have-to-take-market-risk-only-a-fool-takes/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/653/william-j-bernstein-17198_customer_it-s-bad-enough-that-you-have-to-take-ma_643028.png", "contentUrl": "https://sms4smile.com/quotes/i/653/william-j-bernstein-17198_customer_it-s-bad-enough-that-you-have-to-take-ma_643028.png", "url": "https://sms4smile.com/quotes/i/653/william-j-bernstein-17198_customer_it-s-bad-enough-that-you-have-to-take-ma_643028.png", "width": 1080, "height": 1080, "caption": "“It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet…” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "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 that only a tiny minority, at most one percent, are capable of pulling it off. Heck, if Helen Young Hayes, Robert Sanborn, Julian Robertson, and the nation's largest pension funds can't get it right, what chance does John Q. Investor have?", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/a-decade-ago-i-really-did-believe-that-the-average-investor-could-do/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/405/william-j-bernstein-17198_average_a-decade-ago-i-really-did-believe-that-t_257052.png", "contentUrl": "https://sms4smile.com/quotes/i/405/william-j-bernstein-17198_average_a-decade-ago-i-really-did-believe-that-t_257052.png", "url": "https://sms4smile.com/quotes/i/405/william-j-bernstein-17198_average_a-decade-ago-i-really-did-believe-that-t_257052.png", "width": 1080, "height": 1080, "caption": "“A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to…” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in taxable accounts... taxes are a drag on performance of up to 4 percentage points each year... many index funds allow your capital gains to grow largely undisturbed until you sell... For the taxable investor, indexing means never having to say you're sorry.", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/while-it-is-probably-a-poor-idea-to-own-actively-managed-funds-in/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/94e/william-j-bernstein-17198_accounts_while-it-is-probably-a-poor-idea-to-own_578489.jpg", "contentUrl": "https://sms4smile.com/quotes/i/94e/william-j-bernstein-17198_accounts_while-it-is-probably-a-poor-idea-to-own_578489.jpg", "url": "https://sms4smile.com/quotes/i/94e/william-j-bernstein-17198_accounts_while-it-is-probably-a-poor-idea-to-own_578489.jpg", "width": 1080, "height": 1080, "caption": "“While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to…” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index fund might invest in every single stock or almost every single stock in the U.S. market, it might invest in every single stock abroad, or it might invest in all of the bonds that are out there. And you can make a perfectly fine investing portfolio that mixes equal parts of all three of those.", "creator": { "@type": "Person", "name": "William J. Bernstein" }, "url": "https://sms4smile.com/quotes/william-j-bernstein/an-index-fund-is-a-fund-that-simply-invests-in-all-of-the-stocks-in-a/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/870/william-j-bernstein-17198_customer_an-index-fund-is-a-fund-that-simply-inve_2937168.png", "contentUrl": "https://sms4smile.com/quotes/i/870/william-j-bernstein-17198_customer_an-index-fund-is-a-fund-that-simply-inve_2937168.png", "url": "https://sms4smile.com/quotes/i/870/william-j-bernstein-17198_customer_an-index-fund-is-a-fund-that-simply-inve_2937168.png", "width": 1080, "height": 1080, "caption": "“An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index fund…” — William J. Bernstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/fund/william-j-bernstein/#webpage", "url": "https://sms4smile.com/quotes/about/fund/william-j-bernstein/", "name": "Fund Quotes by William J. Bernstein", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/fund/william-j-bernstein/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/8aa/william-j-bernstein-17198_customer_the-deeper-one-delves-the-worse-things-l_1946713.png" }, "description": "11 Fund quotes by William J. Bernstein. Plus more from William J. 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