Profit through good times and bad with a resilient, diversified portfolio The Intelligent Asset Allocator has helped thousands of people like you build wealth through carefully diversified portfolios. Now, with global markets in constant flux, balancing risk and reward is more critical than ever. Self-taught investor William Bernstein offers no gimmicks, inside secrets, or magic solutions-just the facts about investing and calm, smart advice on how to build and manage a portfolio designed for the long run. This is all you need, despite claims of the advisors and pundits looking to profit from your hard-earned money. This easy-to-understand guide provides everything you need, including: * The basics of finance-historical, psychological, and institutional * Time-tested strategies for improving the risk/reward ratio * Ways to sharpen your focus to improve portfolio management Bernstein walks you through the fundamentals of important topics like multiple-asset portfolios, optimal asset allocations, market efficiency, and strategy implementation. No one knows the future of markets. Your forecast is as good as that of the last financial pundit you saw on TV. Trust your instincts, trust your research, and trust the proven-effect approach of The Intelligent Asset Allocator, and your portfolio will deliver returns through the blue skies and storms of financial markets.

This new edition of the bestselling guide brings sophisticated investors—including institutional and individual investors, investment bankers, and those who want to follow in the footsteps of legends like John Bogle—up to date on ETFs, risk management, neuropsychological investing concepts, and more Since its original publication two decades ago, The Four Pillars of Investing has become a classic guide for serious investors. The practicalities of investing, however, have changed dramatically, particularly pertaining to ETFs, and thinking has evolved about a host of key issues, such as lifecycle finance, the nature of risk, and basic finance and neuropsychological concepts. This new edition has been fully updated to address all these issues. Retired neurologist and hugely popular finance author William Bernstein applies his trademark informal writing style to help you become more self-sufficient and make better-informed investment decisions. He walks you through the “four pillars” of investing: The Theory of Investing: “Do not expect high returns without risks.” The History of Investing: “About once every generation, the markets go barking mad. If you are unprepared, you are sure to fail.” The Psychology of Investing: “Your greatest investment enemy is the face staring back at you in the window.” The Business of Investing: “The investment industry wants to make you poor and stupid. Don’t let them.” You’ll learn how to build a solid foundation for investing by focusing on these four essential lessons, each of which builds upon the other. The Four Pillars of Investing includes practical investing advice based on fascinating history lessons from the market, exercises to determine risk tolerance as an investor, and easy-to-understand explanations of risk and reward in the capital markets. This unmatched resource provides the tools you need to construct a high-performance portfolio—without the help of a financial adviser.

"Compact and immensely readable . . . a tour de force. Prepare to be amazed." -- John C. Bogle, Founder and Former CEO, The Vanguard Group

"Vital--a cogent, timely journey through the economic history of the modern world." -- "Publishers Weekly"

In "The Birth of Plenty," William Bernstein, the bestselling author of The Four Pillars of Investing, presents his provocative, highly acclaimed theory of why prosperity has been the engine of civilization for the last 200 years.

This is a fascinating, irresistibly written "big-picture" work that highlights and explains the impact of four elements that when occurring simultaneously, are the fundamental building blocks for human progress: Property rights, which drive creativity Scientific rationalism, which permits the freedom to innovate without fear of retribution; Capital markets, which provide funding for people to pursue their visions; Transportation/communication, which allows for the effective transfer of ideas and products.

Meticulously researched, splendidly told, and featuring a new preface and introduction, "The Birth of Plenty" explains the interplay of the events, philosophies, and related phenomena that were nothing less than the crucible of the modern age. This is one of the rare books that will change how you look at the world.