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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Good guideance for the investor
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.
- D. Hall "Retired Reader"
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.