All Quotes

5 quotes

PETER BERNSTEIN

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Diversification is the only rational deployment of our ignorance.

diversificationportfolio-theory— Various interviews and writings, 2000
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The fundamental law of investing is the uncertainty of the future.

investingrisk— Against the Gods: The Remarkable Story of Risk, 1996
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The riskiest moment is when you are right. That is when you put on too much weight, get overconfident, and lose discipline.

disciplineoverconfidence— Interview, Financial Analysts Journal, 2004
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The market is smarter than we are and always will be.

humilityinvesting— Capital Ideas Evolving, 2007
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Without a command of probability theory, you are just a gambler in the dark.

decision-makingprobability— Against the Gods: The Remarkable Story of Risk, 1996