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In fact, the nation's biggest investment pools are the retirement funds of the large corporations and governmental bodies, such as the California Public Employees Retirement System (CALPERS), which manages an astounding $170 billion. These plans receive a level of professional management that even the nations wealthiest investors can only dream of.

— William J. Bernstein The Four Pillars of Investing (2002)

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More quotes by William J. Bernstein

Investing is not a destination. It is an ongoing journey through its four continents - theory, history, psychology and business.

The Four Pillars of Investing (2002)

The advent of modern communication technology has simply facilitated the rapid dissemination of increasingly trivial information.

The Four Pillars of Investing (2002)

Human beings are not very good at taking losses or admitting failure.

The Four Pillars of Investing (2002)

In finance as in life, there is often a huge chasm between what is expected and what actually transpires.

The Four Pillars of Investing (2002)

The worst possible time to invest is when the skies are the clearest.

The Four Pillars of Investing (2002)

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Quote text and notes from Wikiquote: William J. Bernstein (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.