Peter L. Bernstein

Gambling has held human beings in thrall for millennia. It has been engaged in everywhere, from the dregs of society to the…

— Peter L. Bernstein

“Time matters most when decisions are irreversible. And yet many irreversible decisions must be made on the basis of incomplete information.”

— Peter L. Bernstein

“[The] utility resulting from any small increase in wealth will be inversely proportionate to the quantity of goods previously possessed.”

— Peter L. Bernstein

The word 'risk' derives from the early Italian risicare, which means 'to dare'. In this sense, risk is a choice rather than…

— Peter L. Bernstein

“Time matters most when decisions are irreversible.”

— Peter L. Bernstein

The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas…

— Peter L. Bernstein

“But therein lies the logician's trap: past data from real life constitute a sequence of events rather than a set of independent…

— Peter L. Bernstein

“So we pour in data from the past to fuel the decision-making mechanisms created by our models, be they linear or nonlinear.…

— Peter L. Bernstein

“Our lives teem with numbers, but we sometimes forget that numberss are only tools. They have no soul; they may indeed become…

— Peter L. Bernstein

The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the…

— Peter L. Bernstein

“His local campaigns around Macedonia also augmented that absolutely essential economic resource: slaves-slaves to work the mines, slaves to work the fields,…

— Peter L. Bernstein

“The information you have is not the information you want. The information you want is not the information you need. The information…

— Peter L. Bernstein

The Gods are unkind and deny us knowledge of what the future holds

— Peter L. Bernstein

“If the satisfaction to be derived from each successive increase in wealth is smaller than the satisfaction derived from the previous increase…

— Peter L. Bernstein

“[T]he “Law Of Frequency Of Error”. . . reigns with serenity and in complete self-effacement amidst the wildest confusion. The huger the…

— Peter L. Bernstein

What if I am wrong? Any rational investment plan has to start with that question.

— Peter L. Bernstein

As the worldly philosophers of the past affirmed, the goal of economics is to improve the way society functions. In The New…

— Peter L. Bernstein

“life is a collection of similarities rather than identities; no single observation is a perfect example of generality.”

— Peter L. Bernstein

The prospect of getting rich is highly motivating, and few people get rich without taking a gamble.

— Peter L. Bernstein

“So we pour in data from the past to fuel the decision-making mechanisms created by our models, be they linear or nonlinear.…

— Peter L. Bernstein