William J. Bernstein Quote

There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't know. Then again, there is a third type of investor: the investment professional, who indeed knows he doesn't know, but whose livelihood depends upon appearing to know.


The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk (ed. McGraw Hill Professional, 2000) - ISBN: 9780071362368


There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't...

There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't...

There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't...

There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't...