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The Four Pillars of Investing: Lessons for Building a Winning Portfolio, by William J. Bernstein

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From the Back Cover

Since its initial publication, The Four Pillars of Investing has become a staple for the independent-minded investor looking to make better-informed investment decisions. Written by noted financial expert and neurologist William Bernstein, this time-honored investing guide provides the knowledge and tools for achieving long-term profitability. Bernstein bridges the four fundamental topics successful investors use to generate exceptional profits on a consistent basis: The Theory of Investing: “Do not expect high returns without risks.” The History of Investing: “About once every generation, the markets go barking mad. If you are unprepared, you are sure to fail.” The Psychology of Investing: “Identify the era’s conventional wisdom and assume that it is wrong. More often than not, it is.” The Business of Investing: “The stockbroker services his clients in the same way that Bonnie and Clyde serviced banks.” From the essential soundness of classic portfolio theory through the inherent wisdom of investing in multiple asset classes, 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.

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About the Author

William J. Bernstein, Ph.D., M.D., is a neurologist and the cofounder of the investment management firm Efficient Frontier Advisors. He is the author of three finance books―The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor’s Manifesto―and two volumes of economic history, The Birth of Plenty and A Splendid Exchange. Bernstein is currently working on a history book exploring the effects of access to technology on human relations and politics.

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Product details

Hardcover: 352 pages

Publisher: McGraw-Hill Education; 1 edition (July 8, 2010)

Language: English

ISBN-10: 0071747052

ISBN-13: 978-0071747059

Product Dimensions:

6.3 x 1.3 x 9.2 inches

Shipping Weight: 1.6 pounds (View shipping rates and policies)

Average Customer Review:

4.6 out of 5 stars

252 customer reviews

Amazon Best Sellers Rank:

#17,961 in Books (See Top 100 in Books)

It's extremely difficult to get rich quickly--possible but highly unlikely. You get rich slowly by employing these four pillars and let the magic of "compounding" interest and dividends work over time. This book and "The Intelligent Asset Allocator" by the same author are my two favorite books on investing. Giving this book to a young person would be an awesome gift to have them easily build a portfolio for a comfortable retirement.

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."

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.

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.

I have started devoting time to understanding personal finance and retirement over the past year. I've listened to multiple pod casts and read about six books on the subject. I avoided this book because it was written in 2002 and obviously, now, out of date (the 2010 update was a short, and rather useless, post-script). The investment strategies that I have gravitated to have been simplicity and indexed funds, especially Vanguard. I have not looked into whether or not this was one of the foundational books which made an argument for this strategy or not, but no book has been close in quality. Until completing the book I was honestly skeptical that a good knowledge of theory, history, and understanding of the financial business was important to me. I see now that I was wrong. Even after reading other books, I have evaluated investment options completely wrong. I finished the book one day ago, so I would rather wait a year before making this statement, but presently I feel this is one of the top 5 most important books I have read. An absolute game changer. I could not suggest more strongly that you read this book, regardless of how much you buy his advice at the end of the book, I think the foundational knowledge you receive in the first three quarters is absolute gold. Regarding the antiquity of the book, its actually irrelevant and surprisingly improves its punch. The book was written during the dot com meltdown and before the housing bubble. In retrospect, yet again nothing is new and the solid foundations discussed in the book have held true. My only criticism is the last section felt very much like 2002 advice and not generalized enough, which I think can be problematic. It is touched on in his post script, but I think a complete revision would be more appropriate when describing the book as a new edition.

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