9780071747059

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

by
  • ISBN13:

    9780071747059

  • ISBN10:

    0071747052

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 7/8/2010
  • Publisher: McGraw-Hill Education
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Supplemental Materials

What is included with this book?

  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
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Summary

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, 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.

Author Biography

William J. Bernstein, Ph.D., M.D., is a neurologist and the cofounder of the investment management firm Efficient Frontier Advisors. Bernstein is currently working on a history book exploring the effects of access to technology on human relations and politics. He lives in Portland, Oregon.

Table of Contents

Prefacep. vii
Introductionp. xi
The Theory of Investingp. 1
No Guts, No Gloryp. 3
Measuring the Beastp. 43
The Market Is Smarter Than You Arep. 75
The Perfect Portfoliop. 107
The History of Investingp. 127
Tops: A History of Maniasp. 129
Bottoms: The Agony and the Opportunityp. 153
The Psychology of Investingp. 163
Misbehaviorp. 165
Behavioral Therapyp. 181
The Business of Investingp. 189
Your Broker Is Not Your Buddyp. 191
Neither Is Your Mutual Fundp. 203
Oliver Stone Meets Wall Streetp. 219
Investment Strategy: Assembling the Four Pillarsp. 227
Will You Have Enough?p. 229
Defining Your Mixp. 243
Getting Started, Keeping It Goingp. 281
A Final Wordp. 295
Bibliographyp. 299
Indexp. 305
2010 Postscriptp. 317
Table of Contents provided by Ingram. All Rights Reserved.

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Customer Reviews

The Four Pillars = FIVE STARS June 1, 2011
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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. 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. This rental textbook is valuable and worthy, the book was in the condition it was said and I am extremely satisfied with dealing with ecampus.
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio: 5 out of 5 stars based on 1 user reviews.

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