STREET DOGS: The only road to riches
Peter Bernstein on why the harder you try the more difficult it gets
From a Jason Zweig interview with Peter L Bernstein: JZ: Do you think the investing public has gotten smarter? PB: I think my answer would be no … I don’t think that many individual investors have learned that the more you press, the more problems you’re going to get into. They have not learned that, and maybe they never will. A lot of investors feel it isn’t hard, they just don’t know how. Because the more you think this is easy, the more you persuade yourself that you can take the heat. And then, the sooner the oven gets hot, the more shocked you are and the worse you get burned. After 50 years in the investment business I still haven’t got it all clear. And that’s okay, because I understand that I haven’t got it figured out. In a hundred years, I won’t have it all figured out. JZ: How can investors avoid being shocked, or at least reduce the risk of overreacting to a surprise? PB: Understanding that we do not know the future is such a simple statement, but it’s so important. Inve...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.