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
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
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
First, we invest now so that we may spend later. In fact, this is the essence of investing: the forbearance of immediate spending in exchange for future income. Because of the mathematics of compound interest, spending even a tiny fraction on a regular basis devastates final wealth over the long haul. - 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