“In other words, since you cannot successfully time the market or select individual stocks, asset allocation should be the major focus of your investment strategy, because it is the only factor affecting your investment risk that you can control.”

Source: The Four Pillars of Investing (2002), Chapter 4, The Perfect Portfolio, p. 108.

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William J. Bernstein29

economist 1948

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“In other words, since you cannot successfully time the market or select individual stocks, asset allocation should be the major focus of your investment strategy, because it is the only factor affecting your investment risk that you can control.”

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William J. Bernstein29

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