Since its initial publication, The Four Pillars of Investing has become a staple for the independent-minded investor looking to make better-informed investment decisions. Written by noted financial expert and neurologist William Bernstein, this time-honored investing guide provides the knowledge and tools for achieving long-term profitability.
Bernstein bridges the four fundamental topics successful investors use to generate exceptional profits on a consistent basis:
The Theory of Investing: "Do not expect high returns without risks."
The History of Investing: "About once every generation, the markets go barking mad. If you are unprepared, you are sure to fail."
The Psychology of Investing: "Identify the era's conventional wisdom and assume that it is wrong. More often than not, it is."
The Business of Investing: "The stockbroker services his clients in the same way that Bonnie and Clyde serviced banks."
From the essential soundness of classic portfolio theory through the inherent wisdom of investing in multiple asset classes, The Four Pillars of Investing provides a distinctive blend of market history, investing theory, and behavioral finance to help you become a successful, self-sufficient investor.
"With relatively little effort, you can design and assemble an investment portfolio that, because of its wide diversification and minimal expenses, will prove superior to the most professionally managed accounts. Great intelligence and good luck are not required."
William Bernstein's commonsense approach to portfolio construction has served investors well during the past turbulent decade and it's what made The Four Pillars of Investing an instant classic when it was first published nearly a decade ago.
This down-to-earth book lays out in easy-to-understand prose the four essential topics that every investor must masteruthe relationship of risk and reward, the history of the market, the psychology of the ...
William J. Bernstein, Ph.D., M.D., is a neurologistand the cofounder of the investment managementfirm Efficient Frontier Advisors. He is theauthor of three finance books—The IntelligentAsset Allocator, The Four Pillars of Investing, andThe Investor’s Manifesto—and two volumes ofeconomic history, The Birth of Plenty and A SplendidExchange. Bernstein is currently working ona history book exploring the effects of access totechnology on human relations and politics.
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