The four pillars of investing
by William J. Bernstein · first published 2002
96% recommend4% neutral
Why HN recommends it
Accessible introduction to index investing for newcomers, built on investment theory, history, psychology and the business of finance. Readers like its actionable advice and case for diversified, hands-off portfolios.
Summarised by Claude from recommending comments
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…man-on-the-street is misunderstanding what they're saying. Two good sources to start with are Malkiel's classic _A Random Walk Down Wall Street_, and William Bernstein's dependable investing guide _The Four Pillars of Investing_.
on “Why I don't trade stocks and (probably) neither should you” ↗This other book by Bernstein is also good: "The four pillars of investing" https://www.amazon.com/Four-Pillars-Investing-Building-Portf...
on “Ask HN: What are some good resources to learn how to invest and build wealth?” ↗…https://www.investopedia.com/managing-wealth/modern-portfoli... * https://en.wikipedia.org/wiki/Modern_portfolio_theory For good layman treatments on the subject I recommend the works of William J. Bernstein, The Intelligent Asset Allocator, The Four Pillars of Investing, and Rational Expectations: * https://en.wikipedia.org/wiki/William_J._Bernstein Recent interviews: * https://rationalreminder.ca/podcast/108 (podcast) * https://www.youtube.com/watch?v=haLGx8KlFvk…
on “Ask HN: I have $450K cash, what should I do to maximize my return?” ↗…portfolio, I compute that I can achieve an overall expense ratio of 0.09%. So I'm saving 0.09% compared to letting Vanguard do the work. [3] Technically the book I read back in the day was Bernstein's Four Pillars of Investing, but I'm assuming that Bernstein has diligently refined his teaching over the years and I can safely recommend his latest.
on “Ask HN: How do I learn about financial matters as a software engineer?” ↗Here is a good list: http://www.bogleheads.org/readbooks.htm General Investing # The Four Pillars of Investing - by William ("Bill") Bernstein. # Wise Investing Made Simple or The Only Guide to a Winning Investment Strategy You'll Ever Need - by Larry Swedroe # The Bogleheads' Guide to Investing - by Taylor…
on “Ask HN: Best books/source to learn about investing?” ↗…have the discipline to follow this plan, minor holes and all, you'll be in better financial shape than the vast majority of the planet. (Obligatory investment-book recommendation: William Bernstein, The Four Pillars of Investing.)
on “VC Part 2: Fuck-off Money” ↗I recommend this book: William Bernstein, The Four Pillars of Investing. (I also read Andrew Tobias' book, which is decent enough, although he's more of a light read.) The super-short version: Index funds. The Impatient Person's version: First, pay off all consumer debt…
on “Ask HN: what to do if you have only cash?” ↗…high quality studies), "Stumbling on Happiness" (same, covers much good research), "The Innovator's Solution", which contains a lot of high quality thought about how industries change, Bernstein's "The Four Pillars of Investing" (again, backed by good financial theory), and "Fooled by Randomness" (less original than it proclaims, but its fundamental perspective of the outcome of chaotic processes is useful for people not familiar…
on “Reading list for those who love to learn” ↗I agree with all of this. I'll also chip in my usual recommendation: Bernstein's The Four Pillars of Investing, which will tell you everything you just heard, only in a different and slightly more recent voice. ;)
on “Ask HN: Steady 4-5% on $5 million?” ↗I just finished and enjoyed: The Four Pillars of Investing by William Bernstein The four pillars consisting of investment theory, history, psychology and business. I ascribe to the indexing model of investing and this book helped crystallize my view point as…
on “Ask HN: Interesting (Non software) books?” ↗…expense, and because timing the market doesn't work, and telling yourself not to time the market usually doesn't work, either. For much more on this topic see the work of e.g. William Bernstein (The Four Pillars of Investing, The Investor's Manifesto) or any of the so-called Bogleheads, or try Ramit Sethi: https://wordsofward.wordpress.com/2010/01/10/the-single-best... Here's another example: The ideal amount of time to…
on “Status Chart: Your Personal Status Dashboard” ↗This is a great book, Four Pillars of Investing - https://www.amazon.com/Four-Pillars-Investing-Building-Portf...
on “Ask HN: What's your favorite way to save money?” ↗…financial plan. May it spread far and wide. If you're the kind of person who can't bring himself to follow a simple and sensible plan like Dilbert's, I have the book for you: William Bernstein's "The Four Pillars of Investing". http://www.amazon.com/Four-Pillars-Investing-Building-Portfo... If you follow Bernstein's advice you will end up with Dilbert's financial plan, except that instead of one giant index fund you'll have…
on “10 Overrated Business Books (and What to Read Instead)” ↗…precisely the wrong moment. So stock market crashes aren't all wine and roses for everyone. But, if you happen to be in your twenties, they're good news. (For more details I recommend Bernstein's The Four Pillars of Investing. Sadly, it's clear to me now that every year that I didn't know about this book was costing me money.)
on “Tell YC: What are your financial strategies amidst this growing credit crunch / dragging economy?” ↗…equities is a really undiversified portfolio for an individual. I think he should read a bit more about investing from an individual investor perspective. I'd start with William Bernstein's brilliant "The Four Pillars of Investing".
on “The Dilbert Black Swan Portfolio: a skeptical/practical guide to investing” ↗