William J. Bernstein - Market Quotes

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If markets were truly efficient, then you shouldn't be able to make any money rebalancing.

William J. Bernstein
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.

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
In fact, using entirely reasonable assumptions, you can make the Dow's discounted market value almost anything you want it to be.

William J. Bernstein
It is often said that a monkey could run an index fund. Nothing could be further fro the truth. Precisely tracking an index requires a very high degree of market savvy, discipline and nerve.

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
It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more damage by failing to diversify properly with his or her nest egg. Avoid the problem-buy a well-run index fund and own the whole market.

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 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.

William J. Bernstein