We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.


Chapter 1, No Guts, No Glory, p. 6. - The Four Pillars of Investing (2002)

William J. Bernstein Quotes

We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human...

We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human...

We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human...

We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human...