20 of 40
BACK NEXT
You can't reliably beat the market
William Bernstein
Author, "The Four Pillars of Investing"

"Over 90% of performance is due to noise," uttered over Chinese food by Clifford Asness. This one sentence encapsulated for me the fact that superior manager returns are almost always the result of chance, not skill, and that trying to find the next Great Man is a chump's game.

NEXT: Take risks when you can

Last updated July 22 2008: 11:27 AM ET
More Galleries
5 worst Internet acquisitions of all time
5 worst Internet acquisitions of all time
As well as the 5 best. More
8 ways to hit the road in an RV
8 ways to hit the road in an RV
Retiring boomers are helping the recreational vehicle industry get back on track. Here are 8 choices for traveling in style. More
Best deals in investing
Best deals in investing
Money magazine's Best Deals on Everything: Your guide to the latest bargains in the investing world, from beer can makers and ETFs, to Chinese technology and more. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.
© 2013 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Ad choices .