William Bernstein

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Most investor believe that they can time the market, or worse, that by listening to the right guru, they will be able to. I have a fantasy in which one morning I slip into the Manhattan headquarters of the major brokerage firms and drop truth serum into their drinking water. That day, on news programs all over the country, dozens of analysts and market strategists, when asked for their prediction of market direction, answer, "How the hell should I know? I learned long ago that my predictions weren't worth a darn; you know this as well as I. The only reason that we're both here doing this is because we have mouths to feed, and there are still chumps who will swallow this stuff!"
- William Bernstein

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