Peter Bernstein on the perfect financial storm

Nothing like this has ever happened before. There have been credit crunches and housing crises and dollar crises, but having all the chickens coming home to roost at the same time and interacting with one another is unique. We have historical perspective on the parts, but not the whole, and that makes things both interesting and scary.

~ Peter Bernstein, author of risk management classic, Against the Gods, "Retirement: Safety First," Barron's, September 15, 2008

Peter Bernstein on inflation complacency in 1958

In 1958, I'd been in the business for seven years when, for the first time in history, bonds yielded more than stocks. My associates said, 'It's an anomaly, don't worry, it will be reversed.' It's 50 years later, and I'm still waiting.

~ Richard Bernstein, Founder, Peter L. Bernstein Inc., "Retirement: Safety First," Barron's, September 15, 2008