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"The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine."
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William J. BernsteinValue stock returns are impossible to estimate using the traditional m — William J. Bernstein
"Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement in valuations that occurs as doggy stocks become less doggy over time."
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William J. Bernstein
William J. Bernstein
author29 quotes
William J. Bernstein is an American financial theorist and neurologist. His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios, as well as history. He lives in Portland, Oregon. His bestselling books include The Birth of Plenty and A Splendid Exchange.
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"And lest I offend art lovers, it should be pointed out that even an old master, bought from the the artist for $100 and sold 350 years later for $10,000,000, has returned only 3.34% per year."
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William J. BernsteinQuote
"The worst possible time to invest is when the skies are the clearest."
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William J. BernsteinQuote
"At a very early stage in history we are encountering "survivorship bias" - the fact that only the best results tend to show up in the history books."
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William J. BernsteinQuote
"The rub here is that buying when prices are low is always a very scary proposition. The low prices that produce high future returns are not possible without catastrophe and risk."
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William J. BernsteinQuote
"In finance as in life, there is often a huge chasm between what is expected and what actually transpires."
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William J. Bernstein