You have to understand what market history looks like. What market history tells you is that the very, very best investments are made when things look the worst.
William J. BernsteinWhen it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.
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. BernsteinNo one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done all three, and I'm here to tell you that managing money is, in its most critical elements even more demanding than the first two.
William J. Bernstein