“And lest I offend art lovers, it should be pointed out that even an old master, bought from the the artist for $100 and sold 350 years later for $10,000,000, has returned only 3.34% per year.”

— William J. Bernstein

Source: The Four Pillars of Investing (2002), Chapter 2, Measuring The Beast, p. 45

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William J. Bernstein 29

economist 1948

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