FOUR PILLARS OF INVESTING: LESSONS 4 （ISBN 9780071747059） fb2 免费 lrf 下载 kindle azw3 pdf 阿里云

The classic guide to constructing a solid portfolio— with out 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.

Preface

Introduction

Pillar One: The Theory of Investing

Chapter 1. No Guts, No Glory

Chapter 2. Measuring the Beast

Chapter 3. The Market is Smarter Than you Are

Chapter 4. The Perfect Portfolio

Pillar Two: The History of Investing

Chapter 5. Tops

Chapter 6. Bottoms

Pillar Three: The Psychology of Investing

Chapter 7. Misbehavior

Chapter 8. Behavioral Therapy

Pillar Four: The Business of Investing

Chapter 9. Your Broker is Not Your Buddy

Chapter 10. Neither is Your Mutual Fund

Chapter 11. Oliver Stone meets Wall Street

Investment Strategy: Assembling the Four Pillars

Chapter 12. Will you Have Enough?

Chapter 13. Defining Your Mix

Chapter 14. Getting Starts, Keeping it Going

Chapter 15. A Final Word

Bibliography

Index 2010 Postscript

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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书籍介绍

The classic guide to constructing a solid portfolio— with out 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.