The Investor's Manifesto
by William J. Bernstein
Bernstein's concise guide written after the 2008 crash: the history and theory of risk and return, asset allocation, the behavior of investors and the financial industry's incentives. It is rigorous, readable and the best short case for low-cost, diversified, disciplined investing.
Read it if…
you want a rigorous short guide to index-based investing.
Skip it if…
you want to pick stocks; the book explains why you should not.
Three things you will actually use
- Risk and return are inseparable.
- Costs and behavior determine most outcomes.
- The industry is not your friend; know its incentives.
Do this first
Write your asset allocation and the rule for rebalancing it.
Our verdict
Rigorous and concise.
Compare with other Money books
The Elements of Investing
Burton G. Malkiel and Charles D. Ellis · Money
Shortest complete guide.
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