No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done… — 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 these emotions that are appropriate responses if you're being chased by a tiger, but they're terrible responses if… — 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 Image
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 Image
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 Image
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 Image
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 Image
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 Image
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 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
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 Image
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 Image
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 Image
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 Image
