Timeless advice from Peter Bernstein - bumped into this interview via Seeking Alphahttps://jasonzweig.com/a-long-chat-with-peter-l-bernstein/
. Timeless advice from Peter Bernstein
Peter Bernstein Interview. — Money.com, Oct. 15, 2004
Because the more you think this is easy, the more you persuade yourself that you can take the heat. And then, the sooner the oven gets hot, the more shocked you are and the worse you get burned. After 50 years in the investment business I still haven’t got it all clear.
Understanding that we do not know the future is such a simple statement, but it’s so important. Investors do better where risk management is a conscious part of the process.
Somebody once said that if you’re comfortable with everything you own, you’re not diversified.
The great Michigan economist Paul MacCracken, at the blackest moment of 1974, told me never to believe in apocalyptic scenarios.