book data
106 ratings,
4.18
average rating, 27 reviews
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published
April 26th 2002
by McGraw-Hill
details
Hardcover, 240 pages
isbn
0071385290
(isbn13: 9780071385299)
description
Containing sound, sensible advice from a man who has become a hero to frustrated investors everywhere, William Bernstein's The Four Pillars of Investi…more
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other reviews (showing 1-20 of 213)
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avg 4.18
editions: all | this edition
editions: all | this edition
Read in January, 2009
Re-reading this in light of the money meltdown.
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One of the best books about investing I've read. By no means the first one you should read, but once you've got some of the basics under control, this helps takes it to a very sensible level. Asset allocation and the history of booms and busts are key here.
Though I just finished it a couple of weeks ago, I'd like to start re-reading it again soon. Very readable and interesting, though I can do without ever hearin...more
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One of the best books about investing I've read. By no means the first one you should read, but once you've got some of the basics under control, this helps takes it to a very sensible level. Asset allocation and the history of booms and busts are key here.
Though I just finished it a couple of weeks ago, I'd like to start re-reading it again soon. Very readable and interesting, though I can do without ever hearin...more
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Read in February, 2010
recommended to Chad by:
Kurt Kammingarecommends it for: Investors
An investment adviser and I were talking about the financial books we had read, and he highly recommended this book as the next on my list. I can see why! Instead of immediately offering advice on how to invest, Bernstein takes a step back and makes sure you understand market theory, the history of the markets, the role of psychology in choosing investments, and the very real impact of expenses and the media's influence.
The book contains statistics, tables, graphs, analogies, exampl...more
The book contains statistics, tables, graphs, analogies, exampl...more
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Read in April, 2007
This is an extremely practical book on saving and investing. It gives a brief history of investing, going back around 400 years to give a good feel for how risk and return work. It covers the basics of calculating returns, and how to think about money over time. It teaches the simple mechanics of creating an investment plan with several good real life scenarios. Most importantly, it gives insight to how the financial industry and financial media work. The motivations and methods of both are laid...more
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a very good book with lots of good advice about investing with enough technical data to have relevance but written well enough that a novice can understand. He breaks up the fundamentals of investing into four main parts with the last part giving an overall view about how to set up your portfolio. The first part acknowledges that riskier investments will have higher returns over the long haul and safer investments will have lower returns. He scans history for examples and notes that the US is a ...more
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Read in June, 2008
In the introduction to his book, "The Four Pillars of Investing: Lessons for Building a Winning Portfolio," Dr. William Bernstein states that the "competent investor never stops learning." Yet, because the world of investing can be such a confusing place, it sometimes seems that the more you learn, the more confused you get. As a participant on the Bogleheads message board, I feel I am an educated investor but still I often get lost after reading all the different debates:...more
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Read in March, 2010
An excellent one-book summary of how to invest for the long term. But Bernstein's great insight was how to use portfolio theory. Unfortunately, nobody understood his book on that. They didn't have enough background. Here, he provides the background, but little portfolio theory. And I already had the background by the time I got to his book. But if you don't, you can learn much here: risk is rewarded, history has patterns, you and your broker are your own worst enemies, etc.
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Probably one of the best books on investing ever written. Easy to comprehend, follow and apply. I’m in the investment industry and this is a must read for anyone that actively participates in the equities market with any regularity. I particularly like the chapter on “bubbles” and you’ll recognize why after having gone through the recent financial meltdowns. This book is also one that a person can revisit over and over due to its timelessness.
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Read in October, 2008
recommended to Trevor by:
Chris Colburnrecommends it for: people planning to invest
I strongly recommend this book! It's great for anyone who wants to really understand how markets works and how to best approach the world of investing. However, to really get the most out of this book I would recommend having at least some knowledge of basic investment options before reading. It would probably be a good idea to read a book like "The Bogleheads' Guide to Investing" first because it introduces investment concepts such as what are stocks, mutual funds, bonds, CD's, index ...more
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Read in May, 2007
An excellent basic read which goes through the most fundamental principles of portfolio management, as advertised. Non-technical. Doesn't do a lot to discuss assessment or valuation techniques -- it mostly prescribes a passive strategy.
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Read in February, 2008
Cheesy title, great book. I'm in the middle of his Intelligent Asset Allocator, which has a lot more math.
Here are the four pillars to save you some time:
1. Theory (how to price, why you should index)
2. History (Did you know the interest rate in ancient rome was 4%? You should.)
3. Psychology (ignore your instincts and what people say at dinner parties)
4. Business (stock brokers and business press -- not your friends)
Mr. Bernstein trained as a physi...more
Here are the four pillars to save you some time:
1. Theory (how to price, why you should index)
2. History (Did you know the interest rate in ancient rome was 4%? You should.)
3. Psychology (ignore your instincts and what people say at dinner parties)
4. Business (stock brokers and business press -- not your friends)
Mr. Bernstein trained as a physi...more
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Read in February, 2010
Definitely recommended if you want to become rich. Joking aside, very sound investment advice delivered in a very readable form.
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Read in March, 2009
A great overview of smart investing and avoiding sheep-like behavior.
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Read in January, 2007
A masterpiece. Worth every cent in gold. Go and buy this book!
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Read in February, 2010
This was a great book. The first section was tough to get through but it was necessary to make it through to understand the whole premise. Recommend it and I plan to use it for investment advice.
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Read in January, 2007
Another excellent addition to the library of the long-term index investor, this work present a fascinating history of financial markets, both worldwide and in the U.S. in particular. Bernstein then moves on to provide practical but general investing advice, making insightful suggestions and encouraging the reader to adopt an indexing approach. A bit academic in places, this is not a good starter work for someone interested in investing.
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Read in July, 2007
Bernstein is a former medical doctor who decided that it was somehow easier to bring common sense and intellectual flair to personal finance than perform neurosurgery. Fortunately for him, most of the readers will probably already be adherents to the Vanguard/Boglehead philosophy of investing: keep costs low, favor a passive strategy employing index funds where possible, and live well within your means.
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Read in January, 2007
I really enjoyed this book, but think I would have been a bit lost if I hadn't read some other basic investing books beforehand, not tons, just a couple like a Dummies Guide, or Bogle's Little Book...,etc. Wonderfully full of academic research and examples of index investing.
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Read in January, 2009
Good solid introduction to the fundamentals. Made me want to go read the Bogle set of books... those are good as well.
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Read in August, 2008
Excellent book on investing! I think this book is one that everyone who manages their own finances should read and all financial advisers should read as well! Highly recommend! I think this will be an excellent reference book to keep on my shelf.
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A bit dense, but not overwhelmingly so. Definitely written for those without a finance background, but helps to read in small chunks. A great overall picture of investing that dips pretty seriously into the easily digested technical/historical stuff.
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