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. BernsteinThe purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.
William J. BernsteinMutual fund manager performance does not persist and the return of stock picking is zero.
William J. BernsteinThe typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.
William J. BernsteinMarket risk is like taking a plunge into a cool pool ... a lot of people are finding out right now what their risk tolerance is.
William J. BernsteinAn index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index fund might invest in every single stock or almost every single stock in the U.S. market, it might invest in every single stock abroad, or it might invest in all of the bonds that are out there. And you can make a perfectly fine investing portfolio that mixes equal parts of all three of those.
William J. Bernstein