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
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More

Special Offer