William J. Bernstein Quotes

40 Sourced Quotes

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
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
We tend to think of technological progress as an ever accelerating affair, but it just isn't so.

William J. Bernstein
Human beings are not very good at taking losses or admitting failure.

William J. Bernstein
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
Investment planning and execution are two completely different animals.

William J. Bernstein
The wealthy are different than you and I: they have many more ways of having their wealth stripped away.

William J. Bernstein
When a famous investor publishes a newsletter, it's a sure tip-off that his techniques have stopped working.

William J. Bernstein
Investing is not a destination. It is an ongoing journey through its four continents - theory, history, psychology and business.

William J. Bernstein
The worst possible time to invest is when the skies are the clearest.

William J. Bernstein