The classic guide to constructing a solid portfolio— with out 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, 401ks, 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.
關於作者：
William J. Bernstein, Ph.D., M.D., is a neurologist and
the cofounder of the investment management firm Efficient Frontier
Advisors. He is the author of three finance books—The
Intelligent Asset Allocator, The Four Pillars of Investing, and The
Investor’s Manifesto—and two volumes of economic history,
The Birth of Plenty and A Splendid Exchange.
Bernstein is currently working on a history book exploring the
effects of access to technology on human relations and
politics.
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