The Investor´s Manifesto:Preparing for Prosperity, Armageddon, and Everything in Between William J. Bernstein
A timeless approach to investing wisely over an investment lifetime With the current market maelstrom as a background, this timely guide describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return. Filled with in-depth insights and practical advice, The Investor´s Manifesto will help you understand the nuts and bolts of executing a lifetime investment plan, including: how to survive dealing with the investment industry, the practical meaning of market efficiency, how much to save, how to maintain discipline in the face of panics and manias, and what vehicles to use to achieve financial security and freedom. * Written by bestselling author William J. Bernstein, well known for his insights on how individual investors can manage their personal wealth and retirement funds wisely * Examines how the financial landscape has radically altered in the past two years, and what investors should do about it * Contains practical insights that the everyday investor can understand * Focuses on the concept of Pascal´s Wager-identifying and avoiding worst-case scenarios, and planning investment decisions on that basis With The Investor´s Manifesto as your guide, you´ll quickly discover the timeless investment approaches that can put you in a better position to prosper over time.
Summary: The Investor´s Manifesto:Review and Analysis of Bernstein´s Book BusinessNews Publishing
Expected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide range of investments. Written by an experienced portfolio manager, scholar, strategist, investment advisor and hedge fund trader, this book challenges investors to broaden their minds from a too-narrow asset class perspective and excessive focus on historical performance. Coverage includes major asset classes (stocks, bonds, alternatives), investment strategies (value, carry, momentum, volatility) and the effects of underlying risk factors (growth, inflation, illiquidity, tail risks). Judging expected returns requires balancing historical returns with both theoretical considerations and current market conditions. Expected Returns summarizes the state of knowledge on all of these topics, providing extensive empirical evidence, surveys of risk-based and behavioral theories, and practical insights. ´´This is the best book on active management ever written - and it achieves that status without mentioning a single stock or bond by name. Anyone who performs the rigorous analysis Ilmanen describes - admittedly a neat trick, since the world´s most sophisticated investors struggle to do it successfully - will beat the market.´´ Laurence B. Siegel, Former Director of Research, The Ford Foundation ´´Antti Ilmanen shows the way forward for the investment management profession in this remarkable book. In a comprehensive and impressive way, he combines financial theory, historical performance data and forward-looking indicators, into a consistent framework for assessing expected returns and risk. His approach is both scientific and practical, based on decades of studies and his own trading experience. With a touch of personal wisdom and humility, Ilmanen´s book is a fascinating and educational journey into the future of investment management.´´ Knut N. Kjaer, Founding CEO of the Norwegian Government Pension Fund/NBIM and former president of RiskMetrics Group ´´Ilmanen´s wonderful book manages to be exquisitely readable while covering just about every aspect of the investment process. Filled with many, many fresh and useful insights. This volume deserves to be read and then kept close at hand - because it is sure to be needed again and again.´´ Martin L. Leibowitz, Managing Director, Morgan Stanley, and former CIO, TIAA-CREF ´´Job one for any investor is to estimate asset class returns. For the first time, Antti Ilmanen has assembled into one volume all of the tools necessary for this task: for the working money manager, a unique treasure trove of analytical techniques and empirical evidence; for the academic, a comprehensive guide to the relevant academic literature; and for the consultant, a blinding light with which to illuminate performance. Expected Returns is destined to occupy the front shelves of investment professionals around the world.´´ William J. Bernstein, author of The Intelligent Asset Allocator, The Birth of Plenty, and A Splendid Exchange, and co-principal of Efficient Frontier Advisors ´´Antti´s synthesis of experience and theory has given us a book which fills a major gap in the literature on investing. Amazing, but true, this is the first book dedicated to the critical and challenging task of estimating how much we should expect to earn on our investments. This illuminating book, teaming with valuable insights that have never before been gathered under one roof, cannot fail to make the reader a more successful and discerning investor.´´ Victor Haghani, Associate Lecturer, London School of Economics, and former founding partner of LTCM ´´Ilmanen has written a thorough and detailed analysis of one of the central issues in investing.´´ Ken French, Heidt Professor of Finance, Dartmouth College ´´Investors´ decisions should be evidence based. Antti Ilmanen assembles a global body of evidence, and interprets it with insight. Read this book and you will improve your understanding of the future.´´ Elroy Dimson, Emeritus Professor of Finance, London Business School ´´If I could choose only one book on active management, I would choose Expected Returns. This book is extremely thorough and well researched, yet direct and to the point.´´ Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management, and Chairman and CIO of Zebra Capital Management Expected Returns is a one-stop reference that gives investors a comprehensive toolkit for harvesting market rewards from a wide
Buy Low / Sell High:A Commonsense Guide On Becoming a Better Investor Sabin H. Bernstein
As recently as a generation or two ago, the lack of financial ability wasn´t a handicap for the average person. But in today´s world - where most of us have been forced to manage our own investment and retirement portfolios - it has become essential to understand the finer points of our financial life. While the meltdown of 2008 - 2009 has compounded the complexity of the investment landscape, timeless investment principles can help you navigate even the toughest investment terrain. That´s why best-selling author William Bernstein - a grassroots hero to independent investors - has written The Investor´s Manifesto. Approaching the problems of investing and saving from the perspective of someone who has had to figure it out for himself, Bernstein knows firsthand how difficult these endeavors can be - especially for those with little professional experience in this arena. Now, with the current market maelstrom as a backdrop, he skillfully describes what it takes to plan for a lifetime of investing, discussing stocks and bonds as well as the relationship between risk and return. Potentially generous returns are available to the brave, the disciplined, and the liquid. If you follow the advice found here and keep your head while others lose theirs, then you will have a fighting chance of avoiding the financial pitfalls in front of you and profiting over the long-term. 1. Language: English. Narrator: Scott Peterson. Audio sample: http://samples.audible.de/bk/gdan/000334/bk_gdan_000334_sample.mp3. Digital audiobook in aax.
Advance Praise for Against the Gods ´´With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it.´´-John Kenneth Galbraith Professor of Economics Emeritus, Harvard University ´´No one else could have written a book of such central importance with so much charm and excitement.´´ -Robert Heilbronerc author of The Worldly Philosophers ´´A fascinating and unusual perspective on modern man´s Promethean attempt to master risk. The book reads easily and provokes thought-a rare combination.´´ -William Kristol Editor and Publisher, The Weekly Standard ´´Peter Bernstein leads us effortlessly through the history of risk because he writes so beautifully. This is a book on a left brain subject that will have right brain readers lining up for more!´´-Robert Ferguson Managing Director, Bankers Trust Australia Limited ´´In Against the Gods, Peter Bernstein, a scholar, historian, and successful investor gives us the history of great thinkers whose visions put the future at the service of the present.´´-Dr. Marc Faber Managing Director, Marc Faber Limited, Hong Kong ´´This looks like a new classic to me.´´-Barton M. Biggs, Chairman Morgan Stanley Asset Management, Inc. ´´It´s a sizzler!´´-Charles P. Kindleberger author of Manias, Panics & Crashes In this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the more distant past. Against the Gods, a narrative that reads like a novel, chronicles the remarkable intellectual adventure that liberated humanity from the oracles and soothsayers by means of the powerful tools of risk management that are available to us today. This is a richly-woven tale of Greek philosophers and Arab mathematicians, of merchants and scientists, gamblers and philosophers, world-renowned intellects and obscure but inspired amateurs who helped discover the modern methods of putting the future at the service of the present, replacing helplessness before the fates with choice and decision. When investors buy stocks, surgeons perform operations, engineers design bridges, entrepreneurs launch new businesses, astronauts explore the heavens, and politicians run for office, risk is their inescapable partner. Yet their actions reveal that risk today need not be feared: managing risk has become synonymous with challenge and opportunity. Bernstein presents fascinating vignettes of such towering intellects as Omar Khayyam, Pascal and Bernoulli, Bayes and Keynes, Markowitz and Arrow, and Gauss, Galton and von Neumann. With his engaging literary style, he clarifies the concepts of probability, sampling, regression to the mean, game theory, and rational versus irrational decision making. The final sections of the book raise important questions about the role of the computer, the relationship between facts and subjective beliefs, the impact of chaos theory, the role of the burgeoning markets for derivatives, and the looming dominance of numbers. Against the Gods: The Remarkable Story of Risk is that rare book that turns the most profound issues of our time into pure reading pleasure. Advance Praise for Against the Gods ´´With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it.´´-John Kenneth Galbraith Professor of Economics Emeritus, Harvard University ´´No one else could have written a book of such central importance with so much charm and excitement.´´ -Robert Heilbronerc author of The Worldly Philosophers ´´A fascinating and unusual perspective on modern man´s Promethean attempt to master risk. The book reads easily and provokes thought-a rare combination.´´ -William Kristol Editor and Publisher, The Weekly Standard ´´Peter Bernstein leads us effortlessly through the history of risk because he writes so beautifully. This is a book on a left brain subject that will have right brain readers lining up for more!´´-Robert Ferguson Managing Director, Bankers Trust Australia Limited ´´In Against the Gods, Peter Bernstein, a scholar, historian, and successful investor gives us the history of great thinkers whose visions put the future at the
William Bernstein´s The Four Pillars of Investing gives investors the tools they need to construct top-returning portfolios without the help of a financial adviser. In a relaxed, nonthreatening style, Dr. Bernstein provides a distinctive blend of market history, investing theory, and behavioral finance, one designed to help every investor become more self-sufficient and make better-informed investment decisions. The Four Pillars of Investing explains how any investor can build a solid foundation for investing by focusing on four essential lessons, each building upon the other. Containing all of the tools needed to achieve investing success, without the help of a financial advisor, it presents: Practical investing advice based on fascinating history lessons from the market Exercises to determine risk tolerance as an investor An easy-to-understand explanation of risk and reward in the capital markets 1. Language: English. Narrator: Chris Ryan. Audio sample: http://samples.audible.de/bk/graw/000010/bk_graw_000010_sample.mp3. Digital audiobook in aax.
William Bernstein is one of today´s most unlikely financial heroes. A practicing neurologist, he used his self-taught investment knowledge and research to build a popular investor´s Web site. Now, in the plain-spoken The Intelligent Asset Allocator, he shows independent investors how to build a diversified portfolio without the help of a financial advisor. A breath of fresh air for investors tired of overly technical investment tomes, this book will help investors: Learn the risk/reward characteristics of various investment types Understand and apply portfolio theory for an improved risk/reward ratio Sharpen their focus and take control of their investment programs 1. Language: English. Narrator: Barrett Whitener. Audio sample: http://samples.audible.de/bk/graw/000031/bk_graw_000031_sample.mp3. Digital audiobook in aax.
One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity, which have forewords by financial luminaries and new introductions by the author, you can enjoy some of the best of Bernstein in his earlier Wall Street days. Peter Bernstein´s Economist on Wall Street is a collection of work from 1955 to 1970. The audio is especially interesting because so many of Bernstein´s observations reflect the most important issues of the present - the outlook for inflation and its control, the intricacies of monetary policy, the future of the dollar, and the dilemmas of household finances. Bernstein was also concerned with developments in portfolio management, including the new influence of institutional investors and rules for optimal asset mixes. He provides light touches, too, as he indulges in fantasies and philosophical musings over a wide variety of topics.With so many years of hindsight, we should not be surprised to find some of Bernstein´s predictions running awry. But why? In each instance, these forecasts were biased by memories of the past. There is a big lesson to be learned there. Economist on Wall Street is a remarkable audio work, with lasting relevance and keen insights into the art of investment management, the capital markets, gold and the dollar, and the fun of being alive. 1. Language: English. Narrator: Sean Pratt. Audio sample: http://samples.audible.de/bk/gdan/000221/bk_gdan_000221_sample.mp3. Digital audiobook in aax.