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Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available to them - separate accounts, hedge funds, limited partnerships, and the like - are designed to bleed them with commissions, transactional costs, and other fees.

— 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.