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Top 20 Peter L. Bernstein Quotes (2025 Update)

Peter L. Bernstein Quote: “Game theory says that the true source of uncertainty lies in the intentions of others.”

1. “Game theory says that the true source of uncertainty lies in the intentions of others.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome and the linkage between effect and cause is hidden from us.”

2. “The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome and the linkage between effect and cause is hidden from us.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “The information you have is not the information you want. The information you want is not the information you need. The information you need is not the information you can obtain. The information you can obtain costs more than you want to pay.”

3. “The information you have is not the information you want. The information you want is not the information you need. The information you need is not the information you can obtain. The information you can obtain costs more than you want to pay.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “The Commanding General is well aware that the forecasts are no good. However, he needs them for planning purposes.”

4. “The Commanding General is well aware that the forecasts are no good. However, he needs them for planning purposes.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “The prevalence of surprise in the world of business is evidence that uncertainty is more likely to prevail than mathematical probability.”

5. “The prevalence of surprise in the world of business is evidence that uncertainty is more likely to prevail than mathematical probability.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Our lives teem with numbers, but we sometimes forget that numberss are only tools. They have no soul; they may indeed become fetishes.”

6. “Our lives teem with numbers, but we sometimes forget that numberss are only tools. They have no soul; they may indeed become fetishes.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Markets look a lot less efficient from the banks of the Hudson than from the banks of the Charles.”

7. “Markets look a lot less efficient from the banks of the Hudson than from the banks of the Charles.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Fear of harm ought to be proportional not merely to the gravity of the harm, but also to the probability of the event.”

8. “Fear of harm ought to be proportional not merely to the gravity of the harm, but also to the probability of the event.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “This is the essence of risk aversion – that is, how far we are willing to go in making decisions that may provoke others to make decisions that will have adverse consequences for us.”

9. “This is the essence of risk aversion – that is, how far we are willing to go in making decisions that may provoke others to make decisions that will have adverse consequences for us.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “We are prisoners of the future because we will be ensnared by our past.”

10. “We are prisoners of the future because we will be ensnared by our past.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Nothing ventured, nothing gained, but don’t put all your eggs in one basket.”

11. “Nothing ventured, nothing gained, but don’t put all your eggs in one basket.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “You never get poor by taking a profit.” It would follow that cutting your losses is also a good idea, but investors hate to take losses, because, tax considerations aside, a loss taken is an acknowledgment of error. Loss-aversion combined with ego leads investors to gamble by clinging to their mistakes in the fond hope that some day the market will vindicate their judgment and make them whole.”

12. “You never get poor by taking a profit.” It would follow that cutting your losses is also a good idea, but investors hate to take losses, because, tax considerations aside, a loss taken is an acknowledgment of error. Loss-aversion combined with ego leads investors to gamble by clinging to their mistakes in the fond hope that some day the market will vindicate their judgment and make them whole.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “God is, or he is not. Which way should we incline? Reason cannot answer.”

13. “God is, or he is not. Which way should we incline? Reason cannot answer.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “If the random-walk view is correct, today’s stock prices embody all relevant information. The only thing that would make them change is the availability of new information. Since we have no way of knowing what that new information might be, there is no mean for stock prices to regress to. In other words, there is no such thing as a temporary stock price-that is, a price that sits in limbo before moving to some other point. That is also why changes are unpredictable.”

14. “If the random-walk view is correct, today’s stock prices embody all relevant information. The only thing that would make them change is the availability of new information. Since we have no way of knowing what that new information might be, there is no mean for stock prices to regress to. In other words, there is no such thing as a temporary stock price-that is, a price that sits in limbo before moving to some other point. That is also why changes are unpredictable.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “We are by now well into the eighteenth century, when the Enlightenment identified the search for knowledge as the highest form of human activity. It was a time for scientists to wipe the metaphysical dust from their eyes.”

15. “We are by now well into the eighteenth century, when the Enlightenment identified the search for knowledge as the highest form of human activity. It was a time for scientists to wipe the metaphysical dust from their eyes.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “The real trouble with this world of ours is not that it is an unreasonable world, nor even that it is a reasonable one. The commonest kind of trouble is that it is nearly reasonable, but not quite. Life is not an illogicality; yet it is a trap for logicians. It looks just a little more mathematical and regular than it is; its exactitude is obvious, but its inexactitude is hidden; its wildness lies in wait.”

16. “The real trouble with this world of ours is not that it is an unreasonable world, nor even that it is a reasonable one. The commonest kind of trouble is that it is nearly reasonable, but not quite. Life is not an illogicality; yet it is a trap for logicians. It looks just a little more mathematical and regular than it is; its exactitude is obvious, but its inexactitude is hidden; its wildness lies in wait.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Eight years later, Daniel Bernoulli, Jacob’s nephew and an equally distinguished mathematician and scientist, first defined the systematic process by which most people make choices and reach decisions. Even more important, he propounded the idea that the satisfaction resulting from any small increase in wealth “will be inversely proportionate to the quantity of goods previously possessed.” With.”

17. “Eight years later, Daniel Bernoulli, Jacob’s nephew and an equally distinguished mathematician and scientist, first defined the systematic process by which most people make choices and reach decisions. Even more important, he propounded the idea that the satisfaction resulting from any small increase in wealth “will be inversely proportionate to the quantity of goods previously possessed.” With.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “We could turn this assertion around and state that a decision should involve the strength of our desire for a particular outcome as well as the degree of our belief about the probability of that outcome.”

18. “We could turn this assertion around and state that a decision should involve the strength of our desire for a particular outcome as well as the degree of our belief about the probability of that outcome.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Shefrin and Statman hypothesize the existence of a split in the human psyche. One side of our personality is an internal planner with a long-term perspective, an authority who insists on decisions that weight the future more heavily than the present. The other side seeks immediate gratification. These two sides are in constant conflict.”

19. “Shefrin and Statman hypothesize the existence of a split in the human psyche. One side of our personality is an internal planner with a long-term perspective, an authority who insists on decisions that weight the future more heavily than the present. The other side seeks immediate gratification. These two sides are in constant conflict.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “In the first sense, probability means the degree of belief or approvability of an opinion – the gut view of probability. Scholars use the term “epistemological” to convey this meaning; epistemological refers to the limits of human knowledge not fully analyzable.”

20. “In the first sense, probability means the degree of belief or approvability of an opinion – the gut view of probability. Scholars use the term “epistemological” to convey this meaning; epistemological refers to the limits of human knowledge not fully analyzable.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Trade is also a risky business. As the growth of trade transformed the principles of gambling into the creation of wealth, the inevitable result was capitalism, the epitome of risk-taking.”

21. “Trade is also a risky business. As the growth of trade transformed the principles of gambling into the creation of wealth, the inevitable result was capitalism, the epitome of risk-taking.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “The word ‘risk’ derives from the early Italian risicare, which means ‘to dare’. In this sense, risk is a choice rather than a fate. The actions we dare to take, which depend on how free we are to make choices, are what the story of risk is all about. And that story helps define what it means to be a human being.”

22. “The word ‘risk’ derives from the early Italian risicare, which means ‘to dare’. In this sense, risk is a choice rather than a fate. The actions we dare to take, which depend on how free we are to make choices, are what the story of risk is all about. And that story helps define what it means to be a human being.”

— Peter L. Bernstein

Peter L. Bernstein Quote: “Why, given their advanced mathematical ideas, did the Arabs not proceed to probability theory and risk management? The answer, I believe, has to do with their view of life. Who determines our future: the fates, the gods, or ourselves? The idea of risk management emerges only when people believe that they are to some degree free agents. Like the Greeks and the early Christians, the fatalistic Muslims were not yet ready to take the leap.”

23. “Why, given their advanced mathematical ideas, did the Arabs not proceed to probability theory and risk management? The answer, I believe, has to do with their view of life. Who determines our future: the fates, the gods, or ourselves? The idea of risk management emerges only when people believe that they are to some degree free agents. Like the Greeks and the early Christians, the fatalistic Muslims were not yet ready to take the leap.”

— Peter L. Bernstein

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