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"Bill Bernstein's impassioned new book is indeed a manifesto—a call to action for Main Street investors to free themselves from exploitation by Wall Street money moguls; to understand the brute principles that ultimately determine stock market returns; and to establish the sound and simple strategies necessary for investment success. The Investor's Manifesto is a grand-slam home run."
—John C. Bogle, founder of the Vanguard Group, Inc.
"This is the investment book that my kids, step-kids, and sisters will read, remember, and thank me for. Bernstein's way with ideas and words means that for all of them, practical investment is no longer too hard or too dull to master. The ahaaa moment for me was finding out what Bernstein is recommending to his readers now."
—Ed Tower, Professor of Economics, Duke University
"The Investor's Manifesto is packed with wisdom and charmingly written. It belongs on every investor's bookshelf."
—Burton G. Malkiel, author of A Random Walk Down Wall Street
"There is no better writer on investing than William Bernstein. If he has written it, it is a must-read. Whether you are just beginning your journey or already in retirement, this book is an invaluable guide filled with pearls of wisdom."
—Larry Swedroe, Principal and Director of Research, The Buckingham Family of Financial Services, author of Wise Investing Made Simple and The Only Guide You'll Ever Need series
"In The Investor's Manifesto, author William Bernstein, PhD, MD, has condensed his long experience and intellectual wisdom into an easy-to-read and easy-to-understand book that deserves to be on the bookshelf of every serious investor."
—Taylor Larimore, coauthor of The Bogleheads' Guide to Investing and The Bogleheads' Guide to Retirement Planning
"The Investor's Manifesto brilliantly lays out timeless investment strategies in a clear, easy-to-understand manner. Whether an investing novice or an experienced investor, Bill Bernstein helps you recover from the market decline and build a solid financial future. Longtime Bernstein fans find the answer to the question 'What would Bill do?'"
—Laura F. Dogu, coauthor of The Bogleheads' Guide to Retirement Planning
Preface.
Chapter 1 A Brief History of Financial Time.
In the Beginning.
Near-Death in Venice.
The Incredible Shrinking Risk Premium.
Summary.
Chapter 2 The Nature of the Beast.
Of Ravens and Returns.
History versus Math.
Mr. Gordon's Curious Equation.
Math Detail: The Discounted Dividend Model.
Home Sweet Home?
Adventures in Equity.
Math Detail: Risk.
Throwing Dice with God.
Gene Fama Looks for Angle and Finds None.
Sandbagged by a Superstar.
Jack Bogle Outfoxes the Suits.
It's Better to be Lucky than Smart.
Bond Funds: A Flatter Playing Field.
Summary.
Chapter 3 The Nature of the Portfolio.
Four Essential Preliminaries.
The Asset Allocation Two-Step.
Math Detail: Mean-Variance Analysis.
With Luck, Zigs and Zags.
Chasing Rainbows.
Summary.
Chapter 4 The Enemy in the Mirror.
Inner Demons.
Behaving Badly.
Bargain-Basement Psychotherapy.
Summary.
Chapter 5 Muggers and Worse.
The World's Largest Bad Neighborhood.
The Fund Funhouse.
Summary.
Chapter 6 Building Your Portfolio.
Financial Planning for a Lifetime: The Basics.
Saving for Retirement: Nuts and Bolts.
How to Save: Dollar Cost Averaging and Value Averaging.
Four Investors, Four Plans.
The Rebalancing Question.
Math Detail: Rebalancing, Momentum, and Mean Reversion.
Teach Your Children Well.
Summary.
Chapter 7 The Name of the Game.
Investment Theory and History: The Short Course.
The Portfolio Theory of Everything.
We Have Met the Enemy, and He is Us.
Heads I Win, Tails You Lose.
Fire When Ready.
The Books You Need...Aged Like Fine Wine.
Notes.
Acknowledgments.
About the Author.
Index.
John_M_Fleming
Posted December 3, 2009
I Also Recommend:
The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between by neurologist turned financial consumer advocate and commentator, Dr. William Bernstein. Dr. Bernstein's handy manual lets amateur investors in on many of the tricks of the trade that the smart investment strategists, mutual and hedge fund managers use to get one up on the assorted little guys of the investment world. In addition to exposing the wiles of Wall Street, Dr. Bernstein stresses the importance of building a healthy portfolio through diversification and balance, managing risk and controlling you're your emotional response to the exuberant highs and crushing lows the market dishes out. Dr. Bernstein gives advice on what kinds of stocks and commodities to invest in based on proven track records of high returns and minimal risk.
Dr. Bernstein is adamant in his claim that the markets have undergone profound and dramatic changes in the year since the government takeover of such investment giants as Bear-Sterns and Lehman Bros. Dr, Bernstein argues that these changes make it easier than ever for new and formerly skeptical investors to get involved, because they aren't prejudiced by the types of outmoded thinking that led to the tech bubble burst of the early 2000's and the more recent housing bust of the last two years. Dr. Bernstein's message is clear: the time has never been better to get in on the moneymaking game, provided that you have the right guidance--the kind of guidance `The Investor's Manifesto' provides.
Dr. Bernstein's style of writing is no frills and no-nonsense. His message is peppered with dozens of examples of past investors making the right and wrong decisions when it came to sheltering and growing their assets. If Dr. Berstein is a bull, he is a tame one. He is well known to be a strong consumer advocate with no great love for the professional trading racket.
As a former, practicing neurologist Dr. Bernstein brings a unique set of knowledge and skills to bear on understanding how an individual's own instincts can sometimes work against him or her in the investment arena. Bernstein's approach is scientific, comprehensive and farsighted. 'The Investor's Manifesto' is well-written, incisive and complete. A great pick!
Reading Bernstein's 'Manifesto' I was reminded of another great book that came out recently on how to make smart investment moves with an eye toward a secure retirement. Thomas Scott's Fasten Your Financial Seatbelt: What A Fatal Plane Crash Taught Me About Retirement Planning is very similar in style and tone to Bernstein's 'Investor's Manifesto.' Financial planner, Tom Scott, has built his career on helping amateur investors build solid portfolios that can compete with the top mutual funds and yield high returns over the long haul. Scott has distilled much of his wisdom into a concise, easy-to-read handbook that has the dual advantages of being a little shorter and--for those on a tight budget this holiday season--quite a bit cheaper than the more heavily marketed 'Manifesto.'
For those looking for a variety of perspectives on the matter of investing with confidence, another book of interest is John Girourard's The Ten Truths of Wealth Creation. Published in '07, 'Ten Truths' may seem, at this point, to be an oldie, but it's definitely a goodie!
2 out of 2 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Buddy-Boy
Posted February 6, 2010
This is very similar to Mr. Bernstein's previous two books. Sound advice. Easy to follow.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.lifelongreaderRO
Posted January 2, 2010
I Also Recommend:
Frankly, this is a synopsis of the major themes from Bernstein's "Four Pillars of Investing", which he wrote about 3-4 years ago. I would rate "Four Pillars" in the "must read" category. If you are a serious individual investor, you MUST READ this book.
The "Investor's Manifesto" is a summarized, simplified version of the key themes from this former book. It's a quick, good read - but I would definitely recommend the earlier book before this one.
On the other hand, if you have limited time and interest, but still want the "key cepts" of investing policy, then read this book and FOLLOW ITS ADVICE! Both books are the purview of the individual investor. In other words, you must be willing to think and act for yourself. If you are dependent upon a financial advisor, then either: 1) you can read this book and shed the overhead of the advisor; OR 2) you can keep the advisor and skip the book! From my roughly 35 years of investing experience, I heartily recommend the FORMER!
Anonymous
Posted December 19, 2009
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Posted September 10, 2010
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Posted July 12, 2010
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Posted May 15, 2010
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Posted April 11, 2010
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Overview
"Bill Bernstein's impassioned new book is indeed a manifesto—a call to action for Main Street investors to free themselves from exploitation by Wall Street money moguls; to understand the brute principles that ultimately determine stock market returns; and to establish the sound and simple strategies necessary for investment success. The Investor's Manifesto is a grand-slam home run."
—John C. Bogle, founder ...