William J. Bernstein - Stocks Quotes

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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

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

Owning a portfolio of value stocks is the equivalent of wearing a Nehru jacket over a pair of bell bottom trousers.

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

Mutual fund manager performance does not persist and the return of stock picking is zero.

William J. Bernstein