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Four pillars of investing 2shared

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four pillars of investing 2shared

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One day, while perusing the message board and sifting through some of these same questions, I found a suggested investing reading list, and this book was listed as the starting point. In this straightforward book, explained with easy-to-understand examples, Dr. Bernstein provides a solid framework for investors to begin to answer some of these questions. In setting this framework, Dr.

Bernstein introduces readers to four basic concepts, or what he terms the four pillars of investing: the theory, history, psychology, and business of investing. The first pillar, the theory of investing, gets most of his attention, as it comprises the first pages of the book and explains how the bond and stock markets work. In this section, Dr. Bernstein emphasizes what he calls the "most important concept in finance" — the relationship between risk and reward.

If investors want high returns, they must take great risks. Following this logic, Dr. Bernstein makes some conclusions that may seem foreign to most investors. For example, the best time to invest is not when things are going well, but when they are going poorly. Those who invest during a bubble are not taking a risk and therefore can expect low returns, whereas those investing during a bear market are taking a risk and therefore can expect but will not be guaranteed higher returns.

Similarly, those who invest in "good companies" like Wal-Mart can expect lower returns than those who invest in "bad companies" like K-Mart, because good companies, with low risk, are generally bad stocks, while bad companies are generally good stocks. This idea — that high returns cannot be achieved without significant risk — is the key concept Dr.

Bernstein continues to emphasize throughout the book. While the first pillar gets the most attention, Dr. Bernstein terms the second pillar, the history of investing, as "the one that causes the most damage" to investors. What separates the professional investor from the amateur investor is that the professional recognizes that bear markets are a fact of life — they inevitably come about once every generation, usually sparked by a new technological advance.

In fact, for beginning investors, a bear market is a blessing, allowing them to accumulate stocks at low prices. This concept again ties to the relationship between risk and return: throughout history, in times of great optimism, when prices are the highest and the risk is the lowest, future returns are the lowest, and when times look the bleakest, and risk is the highest, future returns are also the highest. In the third pillar, the psychology of investing, this relationship between risk and return is again raised.

Most investors follow conventional wisdom of the time, investing in specific stocks or asset classes that are currently the most successful and thus buying at high prices. Bernstein provides two strategies to counter this psychology.

He advises readers first to identify the conventional wisdom of the time and do the exact opposite. He also advises readers that assets with the highest future returns tend to be the ones that are currently most unpopular. The investor that is able to go against the flow — to stick with unpopular asset classes and pay attention to his or her entire portfolio return — in the long-run will be the most successful.

Finally, the fourth pillar concerns the business of investing, which details how brokers, analysts, and the media work together to make money at the expense of often ignorant investors by peddling bad or biased information. Instead of paying exorbitant fees to brokerage firms or financial advisors, which steer investors to underperforming managed funds, investors can buy low-expense index funds through companies like Vanguard and thus tap "into the most powerful intelligence in the world of finance" — the market itself, which is, according to Dr.

Bernstein, the best advisor available. Bernstein concludes his book by applying lessons learned from these four pillars and giving readers practical advice for how to construct their own portfolios. Although this section fell short of answering all my questions, the book as a whole serves as an essential investing guide in providing investors with a basic framework to use in evaluating the myriad of investing choices available.

As even Dr. Bernstein concedes, "Four Pillars of Investing" is not an all-encompassing book on investing. It is not the only book you will need to read, and it is probably not the first investing book you should read, but it is nonetheless a book every investor should read. Apr 29, Zoe rated it really liked it. Very interesting book, well written but it isn't for people who want a quick buck.

I liked how informative this book was. I just didn't really learn anything new. But then there are no new things under the sun. If you are serious about investing your money, remember diversification, patience, spend less, forget about deceiving the market and remember no one can predict the future, no matter how their "track records" may indicate otherwise.

Finance Past performance isn't indicative of future Very interesting book, well written but it isn't for people who want a quick buck. Finance Past performance isn't indicative of future performance. View 2 comments. Jul 05, Paul rated it really liked it. Bernstein argues that the successful investor must understand four essential content areas: the theory, history, psychology, and business of investing.

Practically speaking, he argues that the best portfolios build on that understanding will be based on indexed mutual funds in several key asset classes. It is fair to say, however, that he argues that the market is much smarter and more eff Bernstein argues that the successful investor must understand four essential content areas: the theory, history, psychology, and business of investing.

It is fair to say, however, that he argues that the market is much smarter and more efficient than any one of its actors. Trying to beat the market consistently, year after year, is a pursuit doomed to failure. Also key to his understanding is the assessment that risk and reward go hand in hand. The latter does not come without the former. Berstein emphasizes the historical fact that the market periodically goes mad, resulting in bubbles and bursts. Following fads, however, is a quick way to deplete a portfolio!

Politicians, educators, athletes, academics, and many others routinely dismiss others in their fields. It was still surprising, however, to read the near utter contempt in which Bernstein holds the profession of finance. Stock brokers, mutual fund managers, and finance writers—he heaps scorn on them all.

He certainly does, but in the end the people who profess to want to help you earn money are really more interested in taking it from you. Since the individual investor or fund manager is highly unlikely to beat the market consistently over the life of a decent portfolio, the best thing to do is bet with the market indices themselves.

His advice is more subtle than that, of course, but playing the index is a pretty close approximation of his thesis. It is fair to say, however, that he argues clearly, backs up his assessments with understandable data, and is quick to point out the weaker or more questionable points of his thesis. Oct 23, Jordi Casadevall franco rated it it was amazing Shelves: economics.

Contains a LOT of theory, maths and can be hard to read. But it really defines a framework to work on your own portfolio. The author talks freely about his opinion of active managed funds. And remember, if your family and friends talk about some trendy investment, just run, run!!!

Jul 31, Mark rated it it was amazing Shelves: money. Re-reading this in light of the money meltdown. 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 hearing about the tulip bulb bubble y Re-reading this in light of the money meltdown.

Very readable and interesting, though I can do without ever hearing about the tulip bulb bubble yet again. Nov 29, Oliver rated it it was amazing Shelves: , investing. Widely considered as the bible of investing principles, this book provides the reader with a nice foundation of investment theory. It outlines the main pitfalls to avoid when dealing with different investment market players.

One does not simply encounter a book with condenses so much information while having the ability to lay it out in such a readable and understandable way. I had heard a lot about Bernstein prior to reading this book, but it is upon delightfully devouring its pages that I understood the greatness from his teaching. The book is presented in two main parts. First, the four pillars from which the book title comes from, where the authors in a clear and friendly way introduces a basic theoretical approa One does not simply encounter a book with condenses so much information while having the ability to lay it out in such a readable and understandable way.

First, the four pillars from which the book title comes from, where the authors in a clear and friendly way introduces a basic theoretical approach to investing, from its main mathematical proceedings, to the must-know economic and stock history and its bubbles, along with all the industry behind.

That in itself would have been great, but then he unravels a magnificent part II, in which he unveils the reason why although the market is a winner, most of the misinformed players are losers. Its attacks to the finance industry and the media supporting it are both just and hurtful, and its sensible counsel to how one should approach those beasts whose main purpose is to cunningly transfer your hard earned money to their pockets. Adding this one to the collection, I have read some books about investing, all giving me insightful information and decisiveness as to how approach the beast.

And believe it or not, your pocket too. View 1 comment. Aug 17, Milan rated it liked it Shelves: non-fiction , markets. This book started out well with the introduction and the history of the financial markets. One chapter of the book describe how the various financial intermediaries - brokers, fund houses and investment banks - all work to profit from the investors.

It also shows that the basic role of financial press is marketing financial products and not providing information. William Bernstein correctly shows that the small investor always comes last in the hierarchy of the financial world. As the book moves This book started out well with the introduction and the history of the financial markets.

As the book moves towards 'Efficient Market Hypothesis' and construction of portfolio, it started making less sense to me. Maybe because some things of the US stock market are not really similar to the Indian stock market. Here in India, it is easy to beat the indices. There is a brief introduction to behavioural finance, but that is not enough. The author uses a lot of data to demonstrate the points and sometimes does not hit the mark. We all know how the data can be arranged and highlighted to show someone's point of view.

Another thing that I did not like is that the author emphasises too much on relative performance rather than absolute performance. From the perspective of the US investors, the book can be very useful. But not so much for us Indians. Apr 08, Wells Hamilton rated it really liked it. After years of studying technical and fundamental analysis, I can finally rest. Bernstein William J. Bernstein , a buy-and-hold, dollar cost averaging, index investing, portfolio rebalancer has made me a believer.

I would have created a synopsis of the book for quick reviews down the road, but Bernstein conveniently included one at the end of each chapter, and one in the last chapter covering the whole book. The book is well-written, intelligent, and extraordinarily practical.

Jun 02, Kurt rated it it was amazing Shelves: economics-recommendations. A very good book I'd recommend to anyone interested in investing. It covers all the fundamentals one should know to try to avoid making big mistakes. Though I do disagree with his assumption that the market is rational in that risk and return will always be proportionally related. Apr 13, Jiliac rated it really liked it Shelves: finance.

This is a good book. Not incredible though. Just down to earth book on investment. If you are not convince passive investing or if you want some help for keeping on track, then you can give it a shot. Its four pillars are: 1. Returns are equivalent to Risk. If you have returns, it means you took risk. No way around it. History shows: mania explode. Sooner or later, reality catches up. Funnily the book was written just before the burst of the. It takes years, but it happens.

Psycho This is a good book. Psychology: we think we are better, and we know how to beat the market. But we don't. Our mind is made to recognize patterns even when there isn't. Moreover, even though market "go so high" or "are so flat" in the last few years 5 to 10 , in the end, their returns average to their risk. They have always done so in the past. Minimize the fees of your broker, mutual fund, advisor.

They are here to take your money, most often not to see you make some. May 02, Carlos Luso rated it it was amazing. In one word: amazing! It trashes the financial news that we, as traders or just regular joe's, receive on a daily basis. It details how our banks and brokers are not our friends and it teaches us how to invest properly.

We will not find the next Microsoft, that's for sure, but we won't ruin our financial life by trying to do it. Also, we will not be hostages of the hefty fees charged by banks and financial brokers. Jan 29, Ryan Goodyear rated it it was amazing Shelves: personal-finance.

The current GME stuff is fascinating in a sociological way, but there are going to be some big surprises for some. My gems: P45 speculation vs. Jul 09, Ali rated it liked it. I'm pretty sure it is beneficial to those who are interested in investing in stock market! Jul 13, Kieran Donnelly rated it it was amazing. Absolutely excellent. High emphasis on knowing financial history and relying on data. How to spot a bubble. Fairly mathematical and full of actionable insights. Particularly enjoyed being taken to school on bonds and the value in one's portfolio.

If you intend to have any say in your future wealth, this is highly recommended. Sep 15, Fernando rated it really liked it. Very recommendable book. It includes great pieces of advice about general financial knowledge and more advanced things that, in my opinion, are very useful for life. These are the kind of things that are not taught at school and definitely should. As the disadvantages of this book I would say that it is a little bit dense and out of date in some aspects.

Jul 22, PRY rated it it was amazing. Excellent summary of the basics of successful investing. Aug 10, Catlin Bettridge rated it it was amazing. Through the numerous anecdotes provided by financial market history such as the Dutch Tulip Bubble of the s and the Great Depression of the s, this book provides a broad overview and introductory education in finance and investing.

This book is somewhat technical and will be especially appealing to the reader who enjoys mathematical and scientific explanations of financial concepts. Creation of the pipeline of investable projects. FaithInvest undertakes research and collaboration based on the stated needs and priorities of our members. Key issues will be researched, either directly by us or in coordination with our partners and members, and shared with our members.

Exploration of aspects of investing specific or specialised for the faiths. Deep dive analysis of areas of priority or focus for the faiths. FaithInvest will provide a platform for investment ideas and opportunities through information exchange, investable projects, due diligence, technical assistance and the pipeline programme.

The aim is to drive the creation and delivery of investment opportunities and capabilities specifically designed for or motivated by the needs of our members. We are currently developing the platform for providing such opportunities, and this will be launched in By understanding the priorities of the members, combining their interests where applicable and presenting clear criteria to the broader investment community, we will leverage the existing power of the faiths and deliver solutions that fit their priorities and requirements.

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