Wealthy investors should realize that they are the cash cow… - William J. Bernstein

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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

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About William J. Bernstein

William J. Bernstein (born 1948) is an American financial theorist. He is known for his research in the field of modern portfolio theory and for his finance books for individual investors who wish to manage their own equity portfolios. He lives in Portland, Oregon.

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Alternative Names: William Bernstein • Bill Bernstein

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Warren Buffett Benjamin Graham Andy Kessler Peter Lynch Burton Malkiel

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We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.

We tend to think of technological progress as an ever accelerating affair, but it just isn't so.

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

Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available… - William J. Bernstein

About William J. Bernstein

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