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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
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