Audiobooks by William J. Bernstein

The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio

The classic guide to constructing a solid portfolio-without a financial advisor! Retired neurologist and master investor William J. Bernstein has seen it all throughout his career. Buying investments with borrowed money. Chasing past performance. Overestimating one's own risk tolerance. Listening to cable news. These are just a few of the many mistakes he has witnessed smart, serious investors make, to the peril of their portfolios. Add to these behavioral errors such economic factors as deflation, sudden stock declines, and soaring inflation-and investing can seem like something to be avoided at all costs. But with the right discipline and knowledge, you can build and manage an impressive portfolio. It all comes down to understanding four key pillars: - Theory: Risk and return go hand in hand-you can't make money without risk - History: Understand past markets to understand today's markets - Psychology: Avoid the most common behavioral mistakes that tank portfolios - Business: The cost of investment services can be high-unreasonably high After taking you on a deep dive into each of these topics, Bernstein walks you through the process of designing and maintaining a powerful portfolio.

William J. Bernstein (Author), Tom Parks (Narrator)

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The Delusions Of Crowds: Financial Bubbles, End-Times Manias, and the Reasons People Go Mad in Group

Inspired by Charles Mackay's 19th-century classic Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, Bernstein engages with mass delusion with the same curiosity and passion, but armed with the latest scientific research that explains the biological, evolutionary, and psychosocial roots of human irrationality. Bernstein tells the stories of dramatic religious and financial mania in western society over the last 500 years-from the Anabaptist Madness that afflicted the Low Countries in the 1530s to the dangerous End-Times beliefs that animate ISIS and pervade today's polarized America; and from the South Sea Bubble to the Enron scandal and dot com bubbles of recent years. Through Bernstein's supple prose, the participants are as colorful as their motivation, invariably 'the desire to improve one's well-being in this life or the next.' As revealing about human nature as they are historically significant, Bernstein's chronicles reveal the huge cost and alarming implications of mass mania: for example, belief in dispensationalist End-Times has over decades profoundly affected US Middle East policy. Bernstein observes that if we can absorb the history and biology of mass delusion, we can recognize it more readily in our own time, and avoid its frequently dire impact.

William J. Bernstein (Author), Tom Parks (Narrator)

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The Ages of the Investor

The Ages of the Investor: A Critical Look at Lifecycle Investing is intended to be the first installment in the Investing for Adults series. Just as grownups do not believe in the Tooth Fairy, the Easter Bunny, or Santa Claus, 'Investing adults' know that there is no such creature as the Stock-picking Fairy or the Market-timing Fairy. Further, there is no Risk Fairy who will write you cheap options that will protect your stock holdings against loss. Investing adults are familiar with Gene Fama, Zvi Bodie, Jack Bogle, and Burton Malkiel, and understand that a mean variance optimizer does not blend vegetables. In other words, this series is not for beginners. Future topics will, with luck, include the limits of market efficiency and diversification in increasingly nonsegmented global markets.

William J. Bernstein (Author), Brian Holsopple (Narrator)

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The Four Pillars of Investing: Lessons for Building a Winning Portfolio

The classic guide to constructing a solid portfolio-without 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. It is a journey, and along the way are stockbrokers, journalists, and mutual fund companies whose interests are diametrically opposed to yours. More relevant today than ever, The Four Pillars of Investing shows you how to determine your own financial direction and assemble an investment program with the sole goal of building long-term wealth for you and your family.

William J. Bernstein (Author), Scott Pollak (Narrator)

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The Investors Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between

As recently as a generation or two ago, the lack of financial ability wasn't a handicap for the average person. But in today's world-where most of us have been forced to manage our own investment and retirement portfolios-it has become essential to understand the finer points of our financial life. While the meltdown of 2008-2009 has compounded the complexity of the investment landscape, timeless investment principles can help you navigate even the toughest investment terrain. That's why bestselling author William Bernstein-a grassroots hero to independent investors-has written The Investor's Manifesto. Approaching the problems of investing and saving from the perspective of someone who has had to figure it out for himself, Bernstein knows firsthand how difficult these endeavors can be-especially for those with little professional experience in this arena. Now, with the current market maelstrom as a backdrop, he skillfully describes what it takes to plan for a lifetime of investing, discussing stocks and bonds as well as the relationship between risk and return. Written in a straightforward and accessible style, The Investor's Manifesto: -Explores the theoretical basis of investing and designing portfolios, drawn in large part from financial history -Offers insights on dealing with the emotions and attitudes that routinely cripple investors -Discusses how to deal with the investment industry when executing strategies designed for anything from saving for retirement to putting a child through college -Addresses ways in which individual investors can construct diversified portfolios that can blunt potentially damaging market forces -Covers the concept of Pascal's Wager-which will enable you to identify and avoid worst-case investing scenarios If there were ever a time to take control of your financial future, it is now. Potentially generous returns are available to the brave, the disciplined, and the liquid. If you follow the advice found here and keep your head while others lose theirs, then you will have a fighting chance of avoiding the financial pitfalls in front of you and profiting over the long-term.

William Bernstein, William J. Bernstein (Author), Scott Peterson (Narrator)

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A Splendid Exchange

A sweeping narrative history of world trade---from Sumer in 3000 BC to the firestorm over globalization today---that brilliantly explores trade's colorful and contentious past and provides fresh insights into social, political, cultural, and economic history, as well as a timely assessment of trade's future.

William J. Bernstein (Author), Mel Foster (Narrator)

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The Birth of Plenty: How the Prosperity of the Modern World was Created

FROM THE BESTSELLING AUTHOR OF THE INTELLIGENT ASSET ALLOCATOR Praise for The Birth of Plenty: 'Bill Bernstein has given us a compact and immensely readable economic, political, military, and institutional history of our civilization that is a tour de force. Put everything else down. Take a deep breath. Open The Birth of Plenty. And prepare to be amazed. --John C. Bogle, Founder and Former CEO, The Vanguard Group 'The Birth of Plenty is a brilliantly written, whirlwind account of how the modern world was formed. It is a hugely enjoyable read, full of vigor and liveliness, and a book every American should possess--at least those who treasure our abundant life and care about our future.' --William Schultheis, Author, The Coffeehouse Investor 'Put simply, this is my favorite economic history book. It gathers what is interesting about economic history to draw important lessons.'--Ed Tower, Professor of Economics, Duke University 'William Bernstein scrutinizes the research literature, distills it with originality and insight, then shares the results with classic Bernstein clarity and wit. Ideologues on both political wings should prepare to have their assumptions challenged.' --Bernard Sherman, Host, Talk of Iowa - Focus on Finance radio show A daring look at the development of human prosperity--how it was created, and where it's headed In the breakthrough spirit of Against the Gods, William Bernstein's The Birth of Plenty has the topical uniqueness and storytelling panache to literally create its own category and reader. Based upon the premise that mankind experienced virtually zero economic growth from the dawn of time until 1820, this provocative, bigpicture book identifies the four conditions necessary for sustained economic progress--property rights, scientific rationalism, capital markets, and communications and transportation technology-- and then analyzes their gradual appearance and impact throughout every corner of the globe. Filled with bestselling author William Bernstein's trademark meticulous research and page-turning writing style, The Birth of Plenty explores: Where the world economy could be headed next Implications of the book's thesis for today's society How the absence of one or more of the conditions continues to threaten beleaguered regions Rare is the book that proposes an entirely new premise, validates that premise with inarguable research and analysis, and then explains beyond question both the relevance and the implications of its premise to the reader and the world at large. The Birth of Plenty is just such a book. From its unique, topical subject matter to its tremendous review potential, this insightful book will be one of the most talked-about volumes of the publishing season.

William J. Bernstein (Author), Grover Gardner (Narrator)

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The Four Pillars of Investing

Sound, sensible advice from a hero to frustrated investors everywhere William Bernstein's The Four Pillars of Investing gives investors the tools they need to construct top-returning portfolios--without the help of a financial adviser. In a relaxed, nonthreatening style, Dr. Bernstein provides a distinctive blend of market history, investing theory, and behavioral finance, one designed to help every investor become more self-sufficient and make better-informed investment decisions. The 4 Pillars of Investing explains how any investor can build a solid foundation for investing by focusing on four essential lessons, each building upon the other. Containing all of the tools needed to achieve investing success, without the help of a financial advisor, it presents: Practical investing advice based on fascinating history lessons from the market Exercises to determine risk tolerance as an investor An easy-to-understand explanation of risk and reward in the capital markets

William J. Bernstein (Author), Chris Ryan (Narrator)

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The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk

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.

William J. Bernstein (Author), Barrett Whitener (Narrator)

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