Do not trust historical data—especially... by William J. Bernstein | We Heart Quotes

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

Other quotes by William J. Bernstein

It’s human nature to find patterns where there are none and to find skill where luck is a more likely explanation.

- William J. Bernstein

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

- William J. Bernstein

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

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

The easiest way to get rich is to spend as little as possible.

- William J. Bernstein

You might like