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William J. Bernstein Quotes
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In finance as in life, there is often a huge chasm between what is expected and what actually transpires.
William J. Bernstein
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Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available to them - separate accounts, hedge funds, limited partnerships, and the like - are designed to bleed them with commissions, transactional costs, and other fees.
William J. Bernstein
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The Gordon Equation is as close as being a physical law, like gravitation or planetary motion, as we will ever encounter in finance.
William J. Bernstein
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And lest I offend art lovers, it should be pointed out that even an old master, bought from the the artist for $100 and sold 350 years later for $10,000,000, has returned only 3.34% per year.
William J. Bernstein
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Owning a portfolio of value stocks is the equivalent of wearing a Nehru jacket over a pair of bell bottom trousers.
William J. Bernstein
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Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement in valuations that occurs as doggy stocks become less doggy over time.
William J. Bernstein
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In fact, the nation's biggest investment pools are the retirement funds of the large corporations and governmental bodies, such as the California Public Employees Retirement System (CALPERS), which manages an astounding $170 billion. These plans receive a level of professional management that even the nations wealthiest investors can only dream of.
William J. Bernstein
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We tend to think of technological progress as an ever accelerating affair, but it just isn't so.
William J. Bernstein
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Human beings are not very good at taking losses or admitting failure.
William J. Bernstein
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In other words, since you cannot successfully time the market or select individual stocks, asset allocation should be the major focus of your investment strategy, because it is the only factor affecting your investment risk that you can control.
William J. Bernstein
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Investment planning and execution are two completely different animals.
William J. Bernstein
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The wealthy are different than you and I: they have many more ways of having their wealth stripped away.
William J. Bernstein
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When a famous investor publishes a newsletter, it's a sure tip-off that his techniques have stopped working.
William J. Bernstein
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Investing is not a destination. It is an ongoing journey through its four continents - theory, history, psychology and business.
William J. Bernstein
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The worst possible time to invest is when the skies are the clearest.
William J. Bernstein
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Quote of the day
Time and trouble will tame an advanced young woman, but an advanced old woman is uncontrollable by any earthly force.
Dorothy L. Sayers
William J. Bernstein
Born:
1948
(age 76)
Bio:
William J. Bernstein is an American financial theorist and neurologist. His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios.
Known for:
The Intelligent Asset Allocator (2000)
A Splendid Exchange (2008)
The Birth of Plenty (2004)
Most used words:
investment
fact
financial
stocks
time
finance
investors
history
market
tend
prices
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