Successful investing is about managing risk, not avoiding it.William J. Bernstein
Risk and return are inextricably intertwined. Do not expect high returns without scary drawdowns and risks.William J. Bernstein
The primary determinant of future returns is the price paid today.William J. Bernstein
Those who ignore the past are not doomed to repeat it - they are doomed to do much worse.William J. Bernstein
Perhaps most importantly, bankruptcy provides no safe sanctuary from the tax authorities.William J. Bernstein
Over the long haul, remunerative bear markets more than compensate for the terror they breed.William J. Bernstein
The view of most finance academics is that the market's price is always right.William J. Bernstein
Just as nature abhors a vacuum, capitalism abhors a monopoly.William J. Bernstein
Even the laziest investor is shown, by history, to be unwise to scoff at the risk-extinguishing magic of diversification.William J. Bernstein
Each decade, roughly two-thirds of all stock returns come in the month of January.William J. Bernstein
The more frequently you trade, the more likely you are to make mistakes.William J. Bernstein
Your net worth should adjust itself for inflation every 20 to 30 years, depending on how conservative you are.William J. Bernstein