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The Four Pillars of Investing: Lessons for Building a Winning Portfolio (Personal Finance & Investment) by [Bernstein, William J.]
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio (Personal Finance & Investment) Kindle Edition


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Length: 352 pages Word Wise: Enabled Enhanced Typesetting: Enabled
Page Flip: Enabled Language: English

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Product Description

  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.


Product details

  • Format: Kindle Edition
  • File Size: 6603 KB
  • Print Length: 352 pages
  • Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
  • Publisher: McGraw-Hill Education; 1 edition (8 July 2010)
  • Sold by: Amazon Australia Services, Inc.
  • Language: English
  • ASIN: B0041842TW
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Screen Reader: Supported
  • Enhanced Typesetting: Enabled
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: #77,443 Paid in Kindle Store (See Top 100 Paid in Kindle Store)

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Amazon.com: 4.6 out of 5 stars 241 reviews
58 of 58 people found the following review helpful
5.0 out of 5 stars Investing 101! 3 March 2013
By O. Halabieh - Published on Amazon.com
Verified Purchase
As the title suggests, the author presents within this book four essential pillars of successful investing. Each section of the book is then dedicated to investigating and detailing each of these pillars and they are: 1) Theory 2) History 3) Psychology and 4) Business. The first section on theory, is one which the author calls "the most important part of the book". In his words it "surveys the awesome body of theory and data relevant to everyday investing". This section centers itself around the "fundamental characteristic of any investment is that its return and risk go hand in hand." The second section on History postulates that "an understanding of financial history provides an additional dimension of expertise." The third section, Psychology, is one in which the author surveys the area of "behavioral finance". Where one "learns how to avoid the most common behavioral mistakes and to confront your own dysfunctional investment behavior." Last but not least the last section - Business - exposes how "the modern financial services industry is designed solely to serve itself."

What sets this book apart from other investing books is the breadth of areas covered, and also the writing style which is both "understandable and entertaining". A highly recommended read for any investor regardless of level.

Below are key excerpts from the book, that I found particularly insightful:

1) "The highest returns are obtained by shouldering prudent risk when things look the bleakest."

2) "Most small investors naturally assume that good companies are good stocks, when the opposite is usually true."

3) "Sine you cannot successfully time the market or select individual stocks, asset allocation should be the major focus of your investment strategy. because it is the only factor affecting your investment risk and return that you can control."

4) "Bubbles occur whenever investors begin buying stocks simply because they have been going up."

5) "Buying assets that everyone else has been running from takes more fortitude than most investors can manage. But if you are equal to the task, you will be rewarded."

6) "There are really two behavioral errors operating in the overconfidence playground. The first is the "compartmentalization" of success and failure. We tend to remember those activities, or areas of our portfolios, in which we succeeded an forget about those areas where we didn't...The second is that its far more agreeable to ascribe success to skill than to luck."

7) "By indexing, you are tapping into the most powerful intelligence in the world of finance - the collective wisdom of the market itself."

8) "Rebalancing forces you to be a contrarian - someone who does the opposite of what everyone else is doing. Financial contrarians tend to be wealthier than folks who like to simply follow the crowd."

9) "Risk and return are inextricably enmeshed. Do not expect high returns without frightening risks, and if you desire safety, you must accept low returns."

10) "This book should be seen as a framework to which you'll be continuously adding knowledge."

11) "The overarching message of this book is at once powerful and simple: With relatively little effort, you can design and assemble an investment portfolio that, because of its wide diversification and minimal expense, will prove superior to most professionally managed accounts."
12 of 12 people found the following review helpful
5.0 out of 5 stars but this one is more detail and an overall better reference book 5 September 2014
By brian - Published on Amazon.com
Verified Purchase
This should be required reading at the high school or college level. It's fair to say this book, along with "Boglehead's Guide to Investing," changed my life. If you have to pick one, pick "Boglehead's", but this one is more detail and an overall better reference book. Until i read these books, investing seemed too complicated for me, so I either neglected it or paid a "financial advisor" (ha ha) to manage my investments for me. Once i read this book and "Boglehead's", i realized how simple investing is. I have a much greater peace of mind about my retirement accounts, and i will probably have a much more secure retirement as a result of these two books. After reading these books, i laugh when i hear them ask some hedge-fund manager on CNBC "What's your play?" My "play" is this: stick with my chosen asset allocation in my diversified, four-fund Vanguard account, rebalance once every year or two, and otherwise i tune out the day to day financial "noise" i hear in the media. Buy it, read it, do what it says, give it to your kids.
2 of 2 people found the following review helpful
3.0 out of 5 stars Very Basic 8 May 2017
By JDC - Published on Amazon.com
Format: Kindle Edition Verified Purchase
You won't go wrong with any of Dr. Bernstein's advice and if you are new to investing this is probably an ok place to start but if you already know anything about the subject I would go right to his Rational Expectations, written after the financial crisis, and skip this one, which at least as to examples, is a bit dated.
2 of 2 people found the following review helpful
4.0 out of 5 stars A classic. A must have. Others needed for a better picture. 1 April 2017
By Unanimouse - Published on Amazon.com
Verified Purchase
Swedroe, Bernstein, Bogle, Larimore, Buffet. Get them. Then get online to the "Bogleheads forum", or Morningstar forum.
They are a must for personal investment finance for retirees and those working toward a healthy retirement.
5.0 out of 5 stars A Great Introduction Into Portfolio Management 9 December 2013
By L. Booth - Published on Amazon.com
Verified Purchase
This was the book that got me started on successfully spreading out my investments. I, too, took a hit with the big recession, but nothing like what happened to most of my friends. I did not cash in my investments after the fall in the market, and just rebalanced with new purchases. This has been very successful for me. The book appealed to the logical side of my brain, and following my own research, I diversified my "portfolio" to include foreign bonds and stocks, but all in targeted no-load mutual funds. My broker has had several classes in portfolio management and I was not only able to keep up, I was able to add to the class.
This may not be the easiest of his books to read, I can suggest his later books for those who have not had some exposure to the market. But, for my way of thinking, it has enough depth to meet my needs, and the back-up research he has done helped convince me that his premise is a good one. It helped me in time to ride out the rough spots, and now the market is looking up and it is time to rebalance my "portfolio".