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McGraw-Hill Education

The Four Pillars of Investing: Lessons for Building a Winning Portfolio

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The classic guide to constructing a solid portfolio―without 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 blendThe dangers of actively picking stocks, as opposed to investing in the whole marketBehavioral finance and how state of mind can adversely affect decision makingReasons the mutual fund and brokerage industries, rather than your partners, are often your most direct competitorsStrategies for managing all of your assets―savings, 401(k)s, home equity―as one portfolioInvesting 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. Read more

Publisher ‏ : ‎ McGraw Hill


Publication date ‏ : ‎ July 8, 2010


Edition ‏ : ‎ 1st


Language ‏ : ‎ English


Print length ‏ : ‎ 352 pages


ISBN-10 ‏ : ‎ 0071747052


ISBN-13 ‏ : ‎ 59


Item Weight ‏ : ‎ 1.4 pounds


Dimensions ‏ : ‎ 6.3 x 1.3 x 9.2 inches


Part of series ‏ : ‎ PERSONAL FINANCE & INVESTMENT


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Top Amazon Reviews

    • Investing 101!
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." ... show more
Reviewed in the United States on March 3, 2013 by O. Halabieh
    • A must read for any investor
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. ... show more
Reviewed in the United States on December 17, 2018 by RWM

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