William J. Bernstein

"The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine."

"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."

"The brokerage and mutual fund business form a financial colossus that bestrides modern financial, and increasingly, social and political life."

"In finance as in life, there is often a huge chasm between what is expected and what actually transpires."

"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 …"

"Human beings are not very good at taking losses or admitting failure."

"In fact, using entirely reasonable assumptions, you can make the Dow's discounted market value almost anything you want it to be."

"And lest I offend art lovers, it should be pointed out that even an old master, bought from the the artist for $100 and sold 350 years later for $10,000,000, has returned only 3.34% per year."