If you can understand the chapter’s cent... by William J. Bernstein | We Heart Quotes

If you can understand the chapter’s central point—that the value of a stock or a bond is simply the present value of its future income stream—then you will have a better grasp of the investment process than most professionals.

- William J. Bernstein

Other quotes by William J. Bernstein

Market history shows that when there’s economic blue sky, future returns are low, and when the economy is on the skids, future returns are high.

- William J. Bernstein

Only an income-producing possession, such as a stock, bond, or working piece of real estate is a true investment.

- William J. Bernstein

An index fund dooms you to mediocrity? Absolutely not: It virtually guarantees you superior performance.

- William J. Bernstein

Ideally, a fine painting, like a house, is neither a speculation nor an investment; it is a purchase. Its value consists solely of the pleasure and utility it provides now and in the future. The dividend the painting provides is of the non-financial variety.

- William J. Bernstein

The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.

- William J. Bernstein

How do you avoid overconfidence? By telling yourself at least a few times per year, 'The market is much smarter than I will ever be.'

- William J. Bernstein

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