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.

建立一个坚实的投资组合的经典指南-没有财务顾问你只需付出相对较少的努力，就可以设计和组合出一个投资组合，由于其广泛的多样化和最低的费用，将证明优于最专业的管理帐户。在过去动荡的十年里，威廉·伯恩斯坦（William Bernstein）关于投资组合构建的常识方法为投资者提供了很好的服务，正是这一点使得《投资四大支柱》在近十年前首次出版时成为了一部即时经典。这本朴实的书用通俗易懂的散文阐述了每个投资者都必须掌握的四个基本话题：风险与回报的关系、市场的历史、投资者与市场的心理以及从投资销售人员那里接受理财建议的愚蠢。伯恩斯坦拉开帷幕，揭示了当今金融业的真实情况，他概述了一个在控制风险的同时创造财富的简单方案。投资的四大支柱在表述上直截了当，在现实生活中的例子也很丰富，这四大支柱不无道理地讨论了：将不同资产类别有效地混合在一起的艺术和科学积极挑选股票的危险，与投资于整个市场行为金融学以及心态如何对决策产生不利影响的原因相反，共同基金和经纪行业，而不是你的合作伙伴，往往是你管理所有资产储蓄的最直接竞争对手策略，401（k）s，房屋净值作为一种投资组合并不是目的地。