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…

— 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…

— 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…

— 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…

— 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…

— 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…

— 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…

— William J. Bernstein

If your broker or investment advisor is not familiar with the concept of standard deviation of returns, get a new one.

— 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…

— 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…

— 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…

— 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…

— 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…

— William J. Bernstein

The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.

— William J. Bernstein

When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.

— William J. Bernstein

“When, and only when, you’ve gotten rid of all your debt are you truly saving for retirement.”

— William J. Bernstein

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

No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an…

— William J. Bernstein

Investment success accrues not so much to the brilliant as to the disciplined.

— William J. Bernstein

The deeper one delves, the worse things look for actively managed funds.

— William J. Bernstein

The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.

— William J. Bernstein

Mutual fund manager performance does not persist and the return of stock picking is zero.

— William J. Bernstein

Do the math. Expect catastrophes. Whatever happens, stay the course.

— William J. Bernstein

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

The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.

— William J. Bernstein