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William J. Bernstein Quotes

William J. Bernstein Quote: “The definition of investment is the deferring ofpresent consumption for future consumption. So, you dohave to be willing to defer. And there are a couple of tricks that you can use to save money. One of them is simply to pay yourself first.”
William J. Bernstein Quote: “Do the math. Expect catastrophes. Whatever happens, stay the course.”
William J. Bernstein Quote: “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.”
William J. Bernstein Quote: “Investment success accrues not so much to the brilliant as to the disciplined.”
William J. Bernstein Quote: “There are two kinds of investors, be thay large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know.”
William J. Bernstein Quote: “The reason that ‘guru’ is such a popular word is because ‘charlatan’ is so hard to spell.”
William J. Bernstein Quote: “Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.”
William J. Bernstein Quote: “Bluntly put, there’s no chance that your doctor, dentist, or attorney is a high-school dropout. Your stockbroker, however, just might be.”
William J. Bernstein Quote: “The key aspect of an index fund is that many of them, not all of them, but many of them are extremely cheap.”
William J. Bernstein Quote: “If your broker or investment advisor is not familiar with the concept of standard deviation of returns, get a new one.”
William J. Bernstein Quote: “Only an income-producing possession, such as a stock, bond, or working piece of real estate is a true investment.”
William J. Bernstein Quote: “When it comes to fund managers and market strategists, this year’s hero usually turns into next year’s zero.”
William J. Bernstein Quote: “The essence of effective portfolio construction is the use of a large number of poorly correlated assets.”
William J. Bernstein Quote: “George Bernard Shaw’s famous spelling of “fish” as “ghoti” – the first two letters pronounced as the last two in “tough,” the middle letter as in “women,” and the last two as in “nation.”
William J. Bernstein Quote: “A fast food job, for most people, should be an entry level position. If you see no path for advancement beyond that, it’s time to take a real fast look at your human capital and learn a skill that will make you more money.”
William J. Bernstein Quote: “The highly decentralized nature of the medieval world of Indian Ocean trade produced a bubbling stew of Darwinian economic competition, in which those states whose political “mutations” were best suited to trade and commerce thrived, and those whose institutions were not withered.”
William J. Bernstein Quote: “You have to ask yourself, what are the things that matter to you most in your life? If you have to have a latte every day that’snice to have right now, but if you take that latte every day right now, you may wind up eating cat food when you are 70. And you have to decide which is worse.”
William J. Bernstein Quote: “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 Quote: “If you find yourself stimulated in any way by your portfolio performance, then you are probably doing something very wrong. A superior portfolio strategy should be intrinsically boring.”
William J. Bernstein Quote: “All the things that make us human make us terrible investors and you have to understand what they are and how to avoid them.”
William J. Bernstein Quote: “You have to understand what market history looks like. What market history tells you is that the very, very best investments are made when things look the worst.”
William J. Bernstein Quote: “The deeper one delves, the worse things look for actively managed funds.”
William J. Bernstein Quote: “Mutual fund manager performance does not persist and the return of stock picking is zero.”
William J. Bernstein Quote: “Athens, while remaining nominally independent, no longer commanded its lifelines or its fate. Just as it had invented many Western institutions and intellectual and artistic endeavors, so did it pioneer a less glorious tradition. In the centuries following the Peloponnesian war, Athens became the first in a long line of senescent Western empires to suffer the ignominious transformation from world power to open-air theme park, famous only for its arts, its architecture, its schools, and its past.”
William J. Bernstein Quote: “The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.”
William J. Bernstein Quote: “Christians and Jews often taunted the Arabs about their polytheistic beliefs and their lack of an overarching creed and an afterlife. Consequently, a sense of religious inferiority arose among the desert dwellers, along with a pent-up desire for a comprehensive belief system of their own.”
William J. Bernstein Quote: “99% of fund managers demonstrate no evidence of skill whatsoever.”
William J. Bernstein Quote: “Although the modern image of the imperial city is dominated by the ruins of the Coliseum and the Forum, the economic life of ancient Rome centered on side streets filled with apartments, shops, and horrea.”
William J. Bernstein Quote: “As populations grow beyond Dunbar’s number, face-to-face contact no longer suffices to maintain political control. At this point, writing supplies the best mechanism for communicating among large numbers of people, and power naturally accrues to the literate. Consequently, societies with high rates of literacy, such as Athens, tend to have more smoothly running republics than those with low rates, such as the late Roman one.”
William J. Bernstein Quote: “The easiest way to get rich is to spend as little as possible.”
William J. Bernstein Quote: “For the taxable investor, indexing means never having to say you’re sorry.”
William J. Bernstein Quote: “Although the Romans knew Chinese silk, they knew not China. They believed that silk grew directly on the mulberry tree, not realizing that the leaves were merely the worm’s home and its food.”
William J. Bernstein Quote: “Personal finance, like most important aspects of life, is a never-ending quest. The competent investor never stops learning.”
William J. Bernstein Quote: “The Stoic philosopher and playwright Seneca is said to have owned five hundred tripod tables with ivory legs – no small irony, since he was a vocal critic of the empire’s extravagances.”
William J. Bernstein Quote: “In Battuta’s obsession with sharia and the Muslim world and in his lack of interest in nearly everything outside it we clearly see the double-edged sword of Islam so visible in today’s world: an ecumenical but self-satisfied faith capable of uniting far-flung peoples under one system of belief and one regime of law, but also severely limited in its capacity to examine and borrow from others.”
William J. Bernstein Quote: “In one of history’s most bizarre chains of causation, the brutal, efficient newcomers were driven by a hunger for, of all things, culinary ingredients that today lie largely unused in most Western kitchens.”
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