“Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available to them - separate accounts, hedge funds, limited partnerships, and the like - are designed to bleed them with commissions, transactional costs, and other fees.”

Source: The Four Pillars of Investing (2002), Chapter 8, Behavioral Therapy, p. 187.

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William J. Bernstein29

economist 1948

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William J. Bernstein29

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