“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.”

—  William J. Bernstein

Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 6.

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William J. Bernstein 29
economist 1948

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