There are only two kinds of investors: t... by William J. Bernstein | We Heart Quotes

There are only two kinds of investors: those who don’t know where the market is headed, and those who don’t know that they don’t know. Then again, there is a third kind: those who know they don’t know, but whose livelihoods depend on appearing to know.

- William J. Bernstein

Other quotes by 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

Although you should not let your emotional responses dictate your allocation, you do need to sleep at night, and your personal preferences are an important part of your asset class structure.

- William J. Bernstein

If you are such an individual and become upset when one of your asset classes does poorly, even when the rest of your portfolio is doing well, then you should not be managing your own money.

- William J. Bernstein

Do not trust historical data—especially recent data—to estimate the future returns of stocks and bonds. Instead, rely on interest and dividend payouts and their growth/failure rates.

- 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

You might like