William Bernstein's The Four Pillars of Investing gives investors the tools they need to construct top-returning portfolios without the help of a financial adviser. In a relaxed, nonthreatening style, Dr. Bernstein provides a distinctive blend of market history, investing theory, and behavioral finance, one designed to help every investor become more self-sufficient and make better-informed investment decisions.
The Four Pillars of Investing explains how any investor can build a solid foundation for investing by focusing on four essential lessons, each building upon the other. Containing all of the tools needed to achieve investing success, without the help of a financial advisor, it presents:
©2002 McGraw-Hill; (P)2003 AMI
I have been learning to invest for 30 years. Had I bought this book in 1983 and followed Bernstein's advice, I would have slept better and been wealthier. This book prescribes a simple approach that requires discipline, and it explains why the approach will work. Not because it predicts performance of markets, but because it appreciates how markets behave owing to human nature.
Lots of material I've heard before. It's not bad if you are new to Bernstein, but reading this and "The Investor's Manifesto" is redundant.
Yes, and I did. I listened to William Berstein's The Investor's Manifesto, twice.
Sound investing advice but lack specifics. I was startled at the lack of in-depth discussion of portfolio design or asset allocation considering the title is "The Four Pillars of Investing: Lessons for Building a Winning Portfolio."
He did a solid job. I would have no problem listening to his other audio books.
Yes, lacks specifics on asset allocation. For example what should my bond allocation within my portfolio look like for x, y, or z type of investors? Stock allocation within the one's portfolio is driven home but not on one's bond allocation. Other asset securities not discussed much either such as REIT's or International stock investing.
Bernstein's The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between is a much better audiobook. If you are going to read or listen to this book it should be done to compliment the Investor's Manifesto. Additionally, it does suck not having any pdf files of any of the charts, graphs, or pies. At least Tony Robbins 2014 investing audiobook, MONEY Master the Game, he supplies 30 or 40 pages of pdf files with this audio which is critical some of this information. Lastly, I do enjoy Bernstein's sense of humor in both books. Hope this review helped.
Investors should "Read this book"
There is a lot of detail here. Unless you are familiar with the subject of investing, you may want to read it multiple times.
The financial advisor. The author seems to have little respect for most financial advisors.
Instructions on personal investing
I liked this book. It has a lot of good down to earth advice for investors.
William Bernstein does a great job laying out the case for passive investing, explaining why it works, how people can get overly enthusiastic in stocks and how bubbles can really pop. His recommendations on Asset Allocation are also spot on for the individual investor. Highly, Highly Recommend and listen to it over and over again.
This book is a useful primer for investing information. Written in the mid-2000's, the exam market examples are at least 10 to ti25 years old.
The book primarily supports the Efficient Markets Theory (in which a stock price always -- and correctly, a reflects a company's underlying value) but occasionally seems to support a Value Investing approach. (I practice the latter, not the former)
Not a /flawed/ reference, but not one I can unreservedly endorse for inexperienced investors.
There is so such to get from the book that I actually purchased it. I will listen to the book again and make notes in the book as I go along. Definitely need to read twice, maybe more, to learn and understand the concepts and content of the book.
"Great overview on how to start investing"
It gave a very clear overview on pros and cons of investing and how to assemble a portfolio. Gave me the confidence to skip the marketing from the fund options and go straight to index funds.
Only thing I missed a bit was on how to select a suitable investment platform and how to invest in items outside of shares / indexes (eg gold). Other then that great starting guide!
"Investment Basics Made Simple"
To the point.
I am not aware of any that are as short as this but still useful.
Sound less like a compere.
A useful, bite sized introduction to investment strategy.
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