The Four Pillars of Investing: Lessons for Building a Winning Portfolio

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9780071747059: The Four Pillars of Investing: Lessons for Building a Winning Portfolio

The classic guide to constructing a solid portfolio—without a financial advisor!

“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 master: the relationship of risk and reward, the history of the market, the psychology of the investor and the market, and the folly of taking financial advice from investment salespeople.

Bernstein pulls back the curtain to reveal what really goes on in today’s financial industry as he outlines a simple program for building wealth while controlling risk. Straightforward in its presentation and generous in its real-life examples, The Four Pillars of Investing presents a no-nonsense discussion of:

  • The art and science of mixing different asset classes into an effective blend
  • The dangers of actively picking stocks, as opposed to investing in the whole market
  • Behavioral finance and how state of mind can adversely affect decision making
  • Reasons the mutual fund and brokerage industries, rather than your partners, are often your most direct competitors
  • Strategies for managing all of your assets—savings, 401(k)s, home equity—as one portfolio

Investing is not a destination. It is a journey, and along the way are stockbrokers, journalists, and mutual fund companies whose interests are diametrically opposed to yours.

More relevant today than ever, The Four Pillars of Investing shows you how to determine your own financial direction and assemble an investment program with the sole goal of building long-term wealth for you and your family.

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From the Back Cover:

Since its initial publication, The Four Pillars of Investing has become a staplefor the independent-minded investor looking to make better-informedinvestment decisions. Written by noted financial expert and neurologistWilliam Bernstein, this time-honored investing guide provides the knowledgeand tools for achieving long-term profitability.

Bernstein bridges the four fundamental topics successful investors use to generateexceptional profits on a consistent basis:

  • The Theory of Investing: “Do not expect high returnswithout 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’sconventional wisdom and assume that it is wrong.More often than not, it is.”
  • The Business of Investing: “The stockbroker serviceshis clients in the same way that Bonnie and Clydeserviced banks.”

From the essential soundness of classic portfolio theory through the inherent wisdomof investing in multiple asset classes, The Four Pillars of Investing providesa distinctive blend of market history, investing theory, and behavioral finance tohelp you become a successful, self-sufficient investor.

About the Author:

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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Book Description McGraw-Hill Education - Europe, United States, 2011. Hardback. Book Condition: New. 239 x 163 mm. Language: English . Brand New Book. The classic guide toconstructing a solid portfolio-with out a financial advisor! With relatively little effort, youcan design and assemble aninvestment portfolio that, becauseof its wide diversification and minimalexpenses, will prove superior to themost professionally managed accounts.Great intelligence and good luckare not required. William Bernstein s commonsense approachto portfolio construction has served investorswell during the past turbulent decade-andit s what made The Four Pillars of Investing aninstant classic when it was first published nearlya decade ago. This down-to-earth book lays out in easy-to-understandprose the four essential topics thatevery investor must master: the relationship ofrisk and reward, the history of the market, thepsychology of the investor and the market, andthe folly of taking financial advice from investmentsalespeople. Bernstein pulls back the curtainto reveal what really goes on in today s financialindustry as he outlines a simple program forbuilding wealth while controlling risk.Straightforward in its presentation and generous inits real-life examples, The Four Pillars of Investingpresents a no-nonsense discussion of: The art and science of mixingdifferent asset classes into aneffective blend The dangers of actively pickingstocks, as opposed to investingin the whole market Behavioral finance and howstate of mind can adverselyaffect decision making Reasons the mutual fund andbrokerage industries, rather thanyour partners, are often yourmost direct competitors Strategies for managing all of yourassets-savings, 401(k)s, homeequity-as one portfolio Investing is not a destination. It is a journey, andalong the way are stockbrokers, journalists, andmutual fund companies whose interests are diametricallyopposed to yours. More relevant today than ever, The Four Pillars ofInvesting shows you how to determine your ownfinancial direction and assemble an investmentprogram with the sole goal of building long-termwealth for you and your family. Bookseller Inventory # AA39780071747059

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Book Description McGraw-Hill Education - Europe, United States, 2011. Hardback. Book Condition: New. 239 x 163 mm. Language: English . Brand New Book. The classic guide toconstructing a solid portfolio-with out a financial advisor! With relatively little effort, youcan design and assemble aninvestment portfolio that, becauseof its wide diversification and minimalexpenses, will prove superior to themost professionally managed accounts.Great intelligence and good luckare not required. William Bernstein s commonsense approachto portfolio construction has served investorswell during the past turbulent decade-andit s what made The Four Pillars of Investing aninstant classic when it was first published nearlya decade ago. This down-to-earth book lays out in easy-to-understandprose the four essential topics thatevery investor must master: the relationship ofrisk and reward, the history of the market, thepsychology of the investor and the market, andthe folly of taking financial advice from investmentsalespeople. Bernstein pulls back the curtainto reveal what really goes on in today s financialindustry as he outlines a simple program forbuilding wealth while controlling risk.Straightforward in its presentation and generous inits real-life examples, The Four Pillars of Investingpresents a no-nonsense discussion of: The art and science of mixingdifferent asset classes into aneffective blend The dangers of actively pickingstocks, as opposed to investingin the whole market Behavioral finance and howstate of mind can adverselyaffect decision making Reasons the mutual fund andbrokerage industries, rather thanyour partners, are often yourmost direct competitors Strategies for managing all of yourassets-savings, 401(k)s, homeequity-as one portfolio Investing is not a destination. It is a journey, andalong the way are stockbrokers, journalists, andmutual fund companies whose interests are diametricallyopposed to yours. More relevant today than ever, The Four Pillars ofInvesting shows you how to determine your ownfinancial direction and assemble an investmentprogram with the sole goal of building long-termwealth for you and your family. Bookseller Inventory # AA39780071747059

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Book Description McGraw-Hill Education - Europe. Book Condition: New. 2010. 1st Edition. Hardcover. Covers the four fundamental topics that every investor must understand: the theory, history, psychology, and business of investing. Num Pages: 352 pages, black & white tables, figures. BIC Classification: KF. Category: (P) Professional & Vocational. Dimension: 230 x 162 x 28. Weight in Grams: 596. . . . . . Books ship from the US and Ireland. Bookseller Inventory # V9780071747059

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