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:
Practical investing advice based on fascinating history lessons from the market
Exercises to determine risk tolerance as an investor
An easy-to-understand explanation of risk and reward in the capital markets
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So good I listened twice
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.
Get The Investor's Manifesto instead by Bernstein.
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.
- John Doe