The Four Pillars of Investing
by William J. Bernstein
Theory, history, psychology and business: Bernstein's four pillars of what an investor must understand, with a strong historical section on manias and a frank account of how the financial industry profits from your confusion. The updated edition is current. It is more demanding than most guides and more rewarding.
Read it if…
you want to understand investing deeply enough to never be sold to again.
Skip it if…
you want only a plan; the Bogleheads' Guide is lighter.
Three things you will actually use
- Risk and return are inseparable.
- History rhymes; learn the manias.
- The industry is not your friend; costs are.
Do this first
Read the history section first; it teaches humility faster than theory.
Our verdict
Demanding and rewarding.
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