“The rub here is that buying when prices are low is always a very scary proposition. The low prices that produce high future returns are not possible without catastrophe and risk.”

Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 12.

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William J. Bernstein29

economist 1948

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“The rub here is that buying when prices are low is always a very scary proposition. The low prices that produce high future returns are not possible without catastrophe and risk.”

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William J. Bernstein29

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