William Bernstein on active fund management…

“There are two kinds of investors, be they large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know. Then again, there is a third type of investor – the investment professional, who indeed knows that he or she doesn’t know, but whose livelihood depends upon appearing to know.”
William Bernstein, The Intelligent Asset Allocator

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One Response to “William Bernstein on active fund management…”

  1. hey you are using a Nobel Laurette to hit out at the fund management industry. In fact I think there is increasing evidence to go for an index fund. What do we do for a living???

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