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”We simply do not know what the future holds.”—Peter Bernstein
Peter Bernstein, a best-selling author and risk management pioneer, passed away earlier this month. On Saturday, the Wall Street Journal ran a nice remembrance. I especially liked the final paragraph which read:
“Asked in 2004 to name the most important lesson he had to unlearn, he said: “That I knew what the future held, that you can figure this thing out. I’ve become increasingly humble about it over time and comfortable with that. You have to understand that being wrong is part of the [investing] process.”
It is a wonderful reminder of both the importance of unlearning—and the need to maintain some intellectual humility.