No. of Recommendations: 2
"The reason why even the best predictors of future returns known to mankind do not improve portfolio efficiency is simple: Since 1926 stock prices have risen in two out of three years. For any timing system to succeed, it must therefore supply correct calls 70 percent of the time. Even the proverbial 'microphone in the chairman's townhouse' isn't that good."

--William J. Bernstein, The Best Market Indicator Ever, Efficient Frontier, January 1999
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