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The Four Pillars of Investing

Lessons for Building a Winning Portfolio
Narrated by: Scott R. Pollak
Length: 12 hrs and 16 mins

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Summary

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 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.

©2010 William J. Bernstein (P)2019 McGraw Hill Digital

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  • Amazon Customer
  • 23-08-19

Awesome book

I learned more about investing in listening to this book than any other book I've read.

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  • Mr
  • 04-09-19

Best investing book I’ve read so far

I’ve also read money master the game and while they are quite similar in nature this one is better in my opinion. A bit more substance here.

Downside of this book is it’s getting dated so all of the examples don’t include the 2008 crash. But still the principles are the same.