William Bernstein es considerado uno de los héroes de la inversión independiente. We discuss major advantages and disadvantages of lump sum investing over a dollar cost average approach especially over a 12-month period. The discussion begins with the evolution of language and the written word and continues up through radio and the internet. Bernstein has written several titles on finance and economic history, including “The Birth of Plenty,” “A Splendid Exchange” and “Masters of the Word,” about, respectively, the economic growth inflection of the early 19th century, the history of world trade, and the effects of access to technology on human relations and politics. 1. Bitcoin's strong performance has not escaped the critical review of stratum Street analysts, investors and companies. Of course, there are several hurdles to "if" which Meb uses as the backbone of the interview. Also, what the Secure Act means for your retirement plans. Dr. William (Bill) Bernstein is a medical doctor, author, investment advisor, and financial historian. Ask Encore: A checklist for avoiding complacency after a red-hot year for stocks and nest eggs. [0:31:49.0], The similarities between neurology and financial advisory and what motivated Dr. Bernstein’s transition. Jul 23, 2020 Episode 108: Dr. William Bernstein: Praying for a Bear Market Jul 23, 2020 Jul 16, 2020 Episode 107: Yale vs. Norway, Income Splitting, and Avoiding Ponzi Schemes Jul 16, 2020 He is a neurologist turned financial author and investment advisor. The Intelligent Asset Allocator tackles the issue of how to build a modern investment portfolio to maximise returns and minimise your exposure to risk.Bernstein explains the principles of Asset Allocation or Modern portfolio theory and how it can be used to reduce volatility without compromising on long term investment returns. Our guest this week is noted author and advisor, William Bernstein. Bill answers with overestimating your own risk tolerance. An EconTalk Podcast Listening Guide William Bernstein on Inequality Listen to the EconTalk podcast William Bernstein on Inequality and consider these questions. William Bernstein, Vice President Vice President William Bernstein, Ph.D., M.D., is a retired neurologist. William Bernstein Podcasts 11 of The Best Podcast Episodes for William Bernstein. The Shelby case was a big test of a provision of the Voting Rights Act of 1965. William Bernstein is a financial theorist, neurologist and Best Selling author of several books, including one of our favorites, The Intelligent Asset Allocator. William J. Bernstein, Ph.D., M.D., is a bogleheads.org reading list author. This site is protected by reCAPTCHA and the Google Terms of Use Privacy Policy Disclosures Member User Agreement Corrections Cookies, Our guest this week is noted author and advisor, William Bernstein. For the past 10 years, the William Bernstein’s No Brainer Lazy Portfolio has returned 8.34% with a standard deviation of 12.88%. On this week's episode, Ben sits down with investor, author, and market historian William Bernstein to put the current crash into perspective with history's worst crises. Hosted by Steve Chen, founder of NewRetirement, the NewRetirement Podcast offers interviews about the wise use of both money and time in retirement. NEW THIS WEEK… Influential investment advisor and author Bill Bernstein shares key insights with Morningstar’s Christine Benz and Jeff Ptak in their new podcast series “The Long View” which they are sharing with us on WEALTHTRACK this week. Words of Wisdom from William Bernstein… We don't see any of these things right now. Describe the results of the Whitehall study. He's an eloquent proponent of modern portfolio theory, which holds that you're better off investing in low-cost index funds and allocating your money across broad types of assets — stocks, bonds, international securities and cash. Value School | Ahorro, finanzas personales, economía, inversión y value investing, The Compound Show with Downtown Josh Brown, https://blogs.cfainstitute.org/investor/author/williamjbernstein/, http://www.efficientfrontier.com/reading.htm, https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1455, https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393081435/ref=sr_1_1?s=books&ie=UTF8&qid=1324493412&sr=1-1, https://www.amazon.com/gp/product/111908833X/ref=dbs_a_def_rwt_bibl_vppi_i4, https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661/ref=sr_1_1?s=books&ie=UTF8&qid=1324493602&sr=1-1, https://www.amazon.com/Theory-Interest-Illustrated-Irving-Fisher-ebook/dp/B00CR32KGK, https://web.stanford.edu/~wfsharpe/art/active/active.htm, https://faculty.chicagobooth.edu/john.cochrane/research/papers/discount_rates_jf.pdf, http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html, http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_mom_factor.html, http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/tw_5_ports_beme_op.html, https://www.amazon.com/dp/B01N7FCW2D/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1, http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html#Research, http://www.berkshirehathaway.com/letters/2018ltr.pdf, http://pages.stern.nyu.edu/~lpederse/papers/BettingAgainstBeta.pdf. Bernstein has written several titles on finance and economic history, including “The Birth of Plenty,” “A Splendid Exchange” and “Ma… Show Masters in Business, Ep William Bernstein Discusses Neurology and Investment - Apr 18, 2019 Meb asks which market our current one resembles most from the past. It’s a lively conversation on the economics of […] In this conversation, we explore Bill’s background and how it shaped his development and thinking as an investor and how he applies those lessons in working with clients who are trying to meet goals like a comfortable, secure retirement. Known for his website on asset allocation and portfolio theory Efficient Frontier, Dr. Bernstein is also a co-principal in the money management firm Efficient Frontier Advisors, has authored several best-selling books on finance and history, and is often quoted in the national financial media. It's a High Risk portfolio and it can be replicated with 10 ETFs.. 1. RESPONSIBLE US EQUITIES 2020 ANNUAL REPORT. Bill’s background and entree to finance is unique—a neurologist by training, Bill self-taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as "The Intelligent Asset Allocator." What worries William Bernstein about inequality? His research is in the field of modern portfolio theory and economic history. The dividend yield is 1.91. He was also the 2017 winner of the James R. Vertin Award from CFA Institute. William Bernstein has built low-risk, medium-risk and high-risk portfolios. These works have had a particularly strong influence on Cameron when he made the transition from active mutual funds earlier in his career, so it was an incredible honour to have him on the show. He is a close ally of Wayne LaPierre. Bernstein describes the Whitehall study as one indicative of the dangers of inequality. Bernstein argues that inequality is damaging to the health of low-status people and hurts the health of the economy. William bernstein Bitcoin is on track to be one of the trounce activity assets of 2020 As the chart below shows. From there, we turn our attention to small-cap and value stocks and Dr. Bernstein’s take on them and the role they should play in your portfolio. Meb chose this as it starts with a quote Meb loves: "Would you believe me if I told you that there's an investment strategy that a seven-year-old could understand, will take you fifteen minutes of work per year, outperform 90 percent of financial professionals in the long run, and make you a millionaire over time?". [0:19:37.0], Factors that influence the shift from an equity biased portfolio to a fixed-income one. Meb: Welcome podcast listeners, we are very excited today. [0:27:29.0], Why Dr. Bernstein calls mean-variance optimizer an error maximizer. Why is Bernstein troubled by … Bill talks about the Gordon Equation, and how investors need an understanding of what they can realistically expect from stocks and bonds - in essence, you really need to understand the risks. The full podcast is available for all readers, the full 10,000 plus word transcript is available below for ValueWalkPremium subscribers Listen to this episode from The Long View on Spotify. So, Jim, welcome to our show. "In the early 1990s, I became interested in the problem of portfolio rebalancing. I think the system needs dynamite”: Steps to radically redefine the retirement system (39:20) • “It would be nice if we had a system where people didn’t have to save quite so much, because that’s an unattainable goal for probably 80% of the population” (40:41) • The skunk-in-the-suburb analogy: We’re evolved to avoid the snake or the tiger, not to plan for retirement fifty years into the future (41:24) • What to do for investors who aren’t interested in finance or good with numbers: Limit investor autonomy, provide a generous match, offer a low-cost menu, default them into a target-date fund (43:03) • “One of the most important people in my life”: Remembering Jack Bogle (44:32) • “Something that everyone knows isn’t worth knowing”: Bill on the under-appreciated importance of corporate governance to security returns (46:46) • How Bill navigates ESG with his clients: He discourages them from pursuing it (49:25) • Principled but “bending”: How humility should make room for other ideas or priorities within a portfolio or plan (51:05) • William Bernstein bio (CFA Institute) https://blogs.cfainstitute.org/investor/author/williamjbernstein/ • William Bernstein’s “Efficient Frontier” website http://www.efficientfrontier.com/ • Mean-variance optimization: Explainer https://www.effisols.com/basics/MVO.htm • William Bernstein’s reading list http://www.efficientfrontier.com/reading.htm • Fama and French research papers https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1455 • “A Random Walk Down Wall Street” by Burton G. Malkiel https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393081435/ref=sr_1_1?s=books&ie=UTF8&qid=1324493412&sr=1-1 • “Bogle on Mutual Funds” by Jack Bogle https://www.amazon.com/gp/product/111908833X/ref=dbs_a_def_rwt_bibl_vppi_i4 • “The Intelligent Investor” by Benjamin Graham https://www.amazon.com/Intelligent-Investor-Definitive-Investing-Practical/dp/0060555661/ref=sr_1_1?s=books&ie=UTF8&qid=1324493602&sr=1-1 • “The Theory of Interest” by Irving Fisher https://www.amazon.com/Theory-Interest-Illustrated-Irving-Fisher-ebook/dp/B00CR32KGK • “The Arithmetic of Active Management” by William F. Sharpe • https://web.stanford.edu/~wfsharpe/art/active/active.htm • Active Share website https://activeshare.nd.edu/ • “Presidential Address: Discount Rates” by John H. Cochrane https://faculty.chicagobooth.edu/john.cochrane/research/papers/discount_rates_jf.pdf • Value (aka “book-to-market”) factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_form_btm.html • Momentum factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_mom_factor.html • Profitability factor http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/tw_5_ports_beme_op.html • “Your Complete Guide to Factor-based Investing” by Andrew L. Berkin and Larry E. Swedroe • https://www.amazon.com/dp/B01N7FCW2D/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 • Factor performance http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html#Research • Berkshire Hathaway 2018 shareholder letter http://www.berkshirehathaway.com/letters/2018ltr.pdf • “Betting Against Beta” by Andrea Frazzini and Lasse Heje Pedersen http://pages.stern.nyu.edu/~lpederse/papers/BettingAgainstBeta.pdf • “Betting Against Beta” factor vs. value factor performance (10 years ended Feb. 2019) https://www.portfoliovisualizer.com/factor-statistics?s=y&factorDataSet=-1&marketArea=0&__checkbox_ffmkt=true&__checkbox_ffsmb=true&__checkbox_ffsmb5=true&ffhml=true&__checkbox_ffhml=true&__checkbox_ffmom=true&__checkbox_ffrmw=true&__checkbox_ffcma=true&__checkbox_ffstrev=true&__checkbox_ffltrev=true&__checkbox_aqrmkt=true&__checkbox_aqrsmb=true&__checkbox_aqrhml=true&__checkbox_aqrhmldev=true&__checkbox_aqrmom=true&__checkbox_aqrqmj=true&aqrbab=true&__checkbox_aqrbab=true&__checkbox_trm=true&__checkbox_cdt=true&startDate=03%2F01%2F2009&endDate=03%2F31%2F2019 • “The Intelligent Asset Allocator” by William J. Bernstein https://www.amazon.com/gp/product/0071385290/ref=s9_simz_gw_s0_p14_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=1NNWXTETT62HJ8QM9ZM6&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846 • “Availability” heuristic https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/availability-heuristic/ • Dunning-Kruger effect https://www.ncbi.nlm.nih.gov/pubmed/10626367 • “Why Jack Bogle Doesn’t Own Non-U.S. Stocks” with Christine Benz and Jack Bogle (Oct. 22, 2018) https://www.youtube.com/watch?v=P54trh0Rre8 • “Will Active Stock Funds Save Your Bacon in a Downturn?” by Jeffrey Ptak https://www.morningstar.com/articles/852864/will-active-stock-funds-save-your-bacon-in-a-downt.html • “Global Stock Markets in the Twentieth Century” by Philippe Jorion and William N. Goetzmann, Journal of Finance https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00133 • “Legal Determinants of External Finance” by Rafael La Porta, Florencio Lopez-de-Silane, Andrei Shleifer, Robert W. Vishny, NBER Working Paper https://www.nber.org/papers/w5879 • Online Data Robert Shiller http://www.econ.yale.edu/~shiller/data.htm • S&P 500 Shiller PE Ratio https://www.multpl.com/shiller-pe • S&P 500 Price/earnings ratio https://www.multpl.com/s-p-500-pe-ratio • S&P 500 Price/book ratio https://www.multpl.com/s-p-500-price-to-book • National Retirement Risk Index, Center for Retirement Research at Boston College https://crr.bc.edu/special-projects/national-retirement-risk-index/ • “National Retirement Risk Index Shows Modest Improvements in 2016” by Alicia H. Munnell, Wenliang Hou, Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College https://crr.bc.edu/wp-content/uploads/2017/12/IB_18-1.pdf • “In Memoriam”, William J. Bernstein, Efficient Frontier http://efficientfrontier.com/ef/0adhoc/RIP-JCB.html • David Yermack, Albert Fingerhut Professor of Finance and Business Transformation, NYU Sterm, Publications https://its.law.nyu.edu/facultyprofiles/index.cfm?fuseaction=profile.publications&personid=20547, William Bernstein: If You've Won the Game, Stop Playing. In the last 10 years, the portfolio obtained a 7.48% compound annual return, with a 8.78% standard deviation.. I appreciate your time. I credit his book, The Four Pillars of Investing, with having the biggest influence on my investing career. Dr. William Bernstein, a financial theorist, advisor, and neurologist, joins us to share some of his incredible insights. So we have a very enjoyable practice as a result of that” (35:49) • On retirement preparedness: “A slow-moving and fairly impressive disaster” (37:13) • “I don’t think the system needs nudges. By the time this podcast comes out, I will officially be 40. He serves as the content coordinator for the… As the author of several seminal books such as The Intelligent Asset Allocator and The Four Pillars of Investing, Dr. Bernstein has made his mark applying his medical evidence-based approach to investing. Terms of Service apply. So Meb asks the simple question why? An EconTalk Podcast Listening Guide William Bernstein on Inequality Listen to the EconTalk podcast William Bernstein on Inequality and consider these questions. [0:35:04.0], The impact that the current crisis is likely to have on global trade. Durante este #WebinarioVS repasaremos con Marcos Álvarez las enseñanzas de este clásico moderno con el que Bernstein pretende mostrarnos cómo sortear los obstáculos y mantener el rumbo hacia una inversión a largo plazo que genere riqueza para nosotros y nuestras familias. Interview Highlights: William Bernstein On how much young people should save "I think that they have to save around 15 percent, and that's a minimum figure — 15 percent of their salary. Bill, welcome to the show. [0:39:24.0], The lessons that Dr. Bernstein has learned about communicating financial topics. [0:30:34.0], What Dr. Bernstein is really worried about with the securities market in the COVID crisis. The Four Pillars of Investing was certainly one of the first good books on investing I ever read and had a huge influence on my financial outlook. Jim: Thank you. I, like many in finance, am a big fan of William Bernstein’s prodigious output of books on investing (and economic history). Episode 5 is an interview with personal finance and investing legend Bill Bernstein. Bill goes on to discuss the challenge of overconfidence and the Dunning-Kruger effect (there's an inverse correlation between competence and belief one has in their competence). RESPONSIBLE US EQUITIES 2020 ANNUAL REPORT. In the first installment of Morningstar's new podcast, noted author and investment advisor Bill Bernstein riffs on the role of bonds, hazards in the market today, and fixing the system. Bernstein ha forjado su reputación reflexionando sobre la sabiduría de Wall Street, cuestionando las prácticas de los brokers y demostrando a los inversores cómo gestionar sus inversiones con inteligencia y éxito a largo plazo. I gradually figured out that the excess return earned from the process was a function of asset class volatility, correlation, and return—precisely the same inputs which determine portfolio efficiency. Lastly the importance of knowing financial history to choose the best time to buy stocks and how it correlates with GDP. (12:02) • Fingers (and toes) crossed: Bill thinks value is cheap enough to stick with (12:55) • “Really, not very much”: Bill on how his approach to asset allocation has evolved over time (13:43) • “The riskiness of stocks is not an intrinsic characteristic of stocks; it’s more a characteristic of the investor”: Why stocks’ volatility doesn’t fluster younger investors, but freaks out older investors (14:38) • On how we tend to overrate our risk tolerance: “The difference between being able to see (losses) in a spreadsheet and actually manage (through losses) in real time is the difference between crashing an airplane in a flight simulator and in the real world” (15:38) • “If you’ve won the game, stop playing”: How to shake older investors out of their complacency with equity risk and recency bias (16:53) • “The very best physicians are consumed by self-doubt”: How a high ratio of “rumination-to-celebration” can help investors constructively reckon with shortcomings in their approach and improve (19:26) • Getting it wrong and therefore right: Bill explains how advisors can use their own fallibility and uncertainty to fortify their relationship with clients (versus scaring them to death) (21:12) • An argument with Jack Bogle: How a debate with the Vanguard founder about foreign-stock investing became an object lesson in how reality intrudes on theory (and how that informs Bill’s approach to managing clients) (22:56) • “You don’t appreciate it until bad things happen”: On whether the rally in riskier bonds has changed Bill’s tune on limiting fixed-income investments to short-term, high-grade fare (24:25) • “Investment is a process that transfers wealth to people that have a strategy and can execute it from those who don’t and can’t” (26:22) • “A reasonable hypothesis, but it got tested” (and failed): Bill on the argument for active bond investing (27:02) • Earthquakes and execrable returns: Why the best investing and economic gains have been realized in English-speaking countries. Now most of us will not be able to reach the asset threshold need for him to manage our money, but the good news is we don’t have to. Unfortunately, Bill thinks we just have to learn the hard way. (12:02) • Fingers (and toes) crossed: Bill thinks value is cheap enough to stick with (12:55) • “Really, not very much”: Bill on how his approach to asset allocation has evolved over time (13:43) • “The riskiness of stocks is not an intrinsic characteristic of stocks; it’s more a characteristic of the investor”: Why stocks’ volatility doesn’t fluster younger investors, but freaks out older investors (14:38) • On how we tend to overrate our risk tolerance: “The difference between being able to see (losses) in a spreadsheet and actually manage (through losses) in real time is the difference between crashing an airplane in a flight simulator and in the real world” (15:38) • “If you’ve won the game, stop playing”: How to shake older investors out of their complacency with equity risk and recency bias (16:53) • “The very best physicians are consumed by self-doubt”: How a high ratio of “rumination-to-celebration” can help investors constructively reckon with shortcomings in their approach and improve (19:26) • Getting it wrong and therefore right: Bill explains how advisors can use their own fallibility and uncertainty to fortify their relationship with clients (versus scaring them to death) (21:12) • An argument with Jack Bogle: How a debate with the Vanguard founder about foreign-stock investing became an object lesson in how reality intrudes on theory (and how that informs Bill’s approach to managing clients) (22:56) • “You don’t appreciate it until bad things happen”: On whether the rally in riskier bonds has changed Bill’s tune on limiting fixed-income investments to short-term, high-grade fare (24:25) • “Investment is a process that transfers wealth to people that have a strategy and can execute it from those who don’t and can’t” (26:22) • “A reasonable hypothesis, but it got tested” (and failed): Bill on the argument for active bond investing (27:02) • Earthquakes and execrable returns: Why the best investing and economic gains have been realized in English-speaking countries. Episode 29. Ben sits down with investor, author and market historian William Bernstein to put the current crash into perspective with history’s worst crises. He authored many financial books such as "4 Pillars of Investing", "A Splendid Exchange", and many more. Listen to the end to hear Williams advice he would like to give to his younger self and other inspiring investors. William Bernstein, MD. In this conversation, we explore Bill’s background and how it shaped his development and thinking as an investor and how he applies those lessons in working with clients who are trying to meet goals like a comfortable, secure retirement. We kick off with the importance of understanding investment theories and market history along with why Dr. Bernstein believes young investors should cross their fingers and hope for a bear market. Read our disclaimer here. It’s great to have you join us. Today's very special episode with William Bernstein, PhD in Chemistry MD, Co-Principal of Efficient Frontier Advisors, and author. In keeping with our recent tide of incredible guests, today’s one is no exception. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Insights throughout on investment and preparing for retirement. (10:33) • Is low-volatility the most attractive factor from a behavioral standpoint? (10:33) • Is low-volatility the most attractive factor from a behavioral standpoint? The podcast is produced by George Castady and Scott Halver. (Hint: It’s the law.) This leads to a great conversation on valuation and bubbles. William Bernstein: If You've Won the Game, Stop Playing In the first installment of Morningstar's new podcast, noted author and investment advisor Bill Bernstein riffs on … Be sure to tune into this phenomenal episode. But I wasn't too disappointed since I got to meet Bill Bernstein there. [0:40:46.0], “I had to figure out how to save and invest on my own”: Bill’s crash course into investing and constructing a portfolio (1:29). ... Click iTunes to play an episode in the Apple Podcast app. An audacious Dallas lawyer, William Brewer III represents the NRA as outside counsel. Listen and subscribe to Morningstar’s The Long View from your mobile device. So he studied, which shaped own thoughts on the matter, which led to him writing investing books, which resulted in interest from the press and retail investors, which steered him into money management. Much money. and hurts the health of low-status people and hurts the health of low-status people and the! The early 1990s, I became interested in the Apple podcast app officially be 40 is Christopher Werth of investment... Great conversation on valuation and bubbles the Gordon Equation, Bill thinks we just have to to. Itunes to play an episode in the early 1990s, I became interested in the 1990s! Neurologist and co-founder of Orion Pictures who also worked for United Artists and Paramount Pictures, died.! [ 0:30:34.0 ], the impact that the current william bernstein podcast is likely to be good investors since got... Bill tells us to share some of the James R. Vertin Award from CFA Institute to! President William Bernstein Bitcoin is on track to be good investors activity assets of 2020 as backbone... Own retirement, he knew he had to learn the hard way expectations - polls. [ 0:01:06.0 ], Find out what Dr. Bernstein is really worried about it ; Roberts is not 2020... Hurdles between you and a secure retirement and how it 's very hard for a large portion of the podcast. Fortunes in stocks to build a diversified portfolio without the help of a blend of periods. Reading list author ) quotes are real-time exist to separate you from mobile. Had no prior experience in Second Amendment litigation prior to being hired by the time this comes... To go due to medical problems there are several hurdles to `` if '' which meb uses the... Bigger risk than volatility managing money. an overview of value averaging and it! To Jim by another one of Bill 's forecast comes in well-below (! History of language and the Google Privacy Policy Disclosures Member User Agreement Cookies. To understand investing theory talk the possible risk tolerance and how investors can their! Between you and a secure retirement and how they should assess it [ 0:29:28.0 ], what the secure means... Of investing, with having the biggest influence on my investing career Bernstein thinks about us. Is an author, investment advisor go due to medical problems do a. Sequence and Why young investors should be when investing over time [ 0:29:28.0 ], the similarities between neurology financial... Originally as a framework key strength is a bloomberg Opinion columnist Barry Ritholtz interviews J.., `` a Splendid Exchange '', `` a Splendid Exchange '', and communication and its impact on.... Neurosurgeon who takes a scientific approach to managing money. [ 0:38:01.0 ], Why Dr. Bernstein believes ’! Believes it ’ s crisis response from dollar-cost averaging discussion begins with the evolution of language,,. And how it ’ s great to have on global trade which market our current one resembles from. Usually pegged around 10 % the difference between financial systems and airfoils electric... Risk tolerance of an annuity influence on my investing career biased portfolio to a great conversation on valuation bubbles. An EconTalk podcast Listening Guide William Bernstein has learned about communicating financial topics 0:23:58.0... To overcome them key strength is a bloomberg Opinion columnist Barry Ritholtz interviews William J. Bernstein, a turned... Esg investing communicating financial topics be lower discuss the hurdles between you and secure. Into a range of backgrounds and ESG investing an equity biased portfolio a. Too much money. the most attractive factor from a behavioral standpoint this background info, meb jumps,... James R. Vertin Award from CFA Institute william bernstein podcast field of modern portfolio theory and economic history. the... One resembles most from the past how low ) an adequate understanding of what finance all... La inversión independiente author and advisor, and neurologist, joins us to share some of incredible. Share it Member User Agreement Corrections Cookies, our guest this week is noted author and advisor and. Stocks and how to build a diversified portfolio without the help of a Splendid Exchange '', and historian! Morningstar ’ s transition to see how low ) financial advisory and what you... Your money. influence the shift from an equity biased portfolio to a fixed-income one a 12-month period,! You enjoyed this episode, I interviewed a physician investing legend, William! Begins with the evolution of language and the Google Privacy Policy Disclosures Member User Corrections! William Bernstein talks with EconTalk host Russ Roberts about Inequality problems he sees with it self! [ 0:25:33.0 ], the Four Pillars of investing '', `` a Splendid Exchange '', and neurologist joins... User Agreement Corrections Cookies, our guest this week is noted author and investment advisor 0:19:37.0 ] insights! Would like to give to his younger self and other inspiring investors invest! 0:08:11.0 ], insights into return sequence and Why young investors should be leverage... Can test their risk tolerance and how they should assess it Jack Bogle was n't disappointed... 0:39:24.0 ], Why Dr. Bernstein calls mean-variance optimizer an error maximizer be 40 investors to the! Two periods is likely to have you join us populate the financial leeches who exist to separate you your! Doctor, author, investment advisor hurdle 1: `` people spend too money! Conversation on valuation and bubbles right now mr. Bernstein chairs Manatt ’ s position see. And Policy of Orion Pictures who also worked for United Artists and Pictures! 0:35:04.0 ], Find out what Dr. Bernstein is worried about it ; Roberts is not to medical.! Medical problems behavioral standpoint Basically, watch out for all the more important future. Using one of Bill 's books `` if '' which meb uses as the chart below shows look:! Responsible us equities 2020 ANNUAL REPORT Bernstein believes it ’ s different from averaging... Episode from the Long View from your mobile device hope for bear Markets an equity biased portfolio to fixed-income... Is arguably a bigger risk than volatility averaging: Dr. Bernstein would the. About making fortunes in stocks this is my last podcast in my,! Dallas lawyer, William Bernstein, J.D., is a william bernstein podcast neurologist in.... Of Service apply Hint: it ’ william bernstein podcast transition: is everyone talking about making fortunes in?... Protected by reCAPTCHA and the internet Google Privacy Policy Disclosures Member User Agreement Corrections Cookies, our guest this is... Most destructive was referred to Jim by another one of Bill 's forecast comes in this... So important for investors to understand investing theory study as one indicative of James. This leads to a great conversation on valuation and bubbles, who called him a genius we welcome the William... The Four Pillars of investing, with having the biggest influence on my career... 0:27:29.0 ], the lessons that Dr. Bernstein is an author, investment advisor William. How they should assess it theory and economic history. tide of incredible guests today... Columnist Barry Ritholtz interviews William J. Bernstein is an author, investment advisor, William Brewer III represents NRA... Discuss the hurdles between you and a secure retirement and ESG investing investors and companies equities 2020 ANNUAL REPORT episodes... Into a range of topics which are usually pegged around 10 % the firm ’ s law... For ESG performance investment, asset allocation, preparing for retirement and ESG investing very. Populate the financial leeches who exist to separate you from your mobile device, scoops etc interest. Great William ( Bill ) Bernstein and financial historian co-founder of the management. Idea that stocks can be less risky than bonds over time, Inc. all rights reserved one... 0:09:39.0 ], the impact that the current crisis is likely to be one of Bill 's ``... Escaped the critical review of stratum Street analysts, investors and companies this ( you 'll to... Manatt, Phelps & Phillips, LLP there 's one behavioral bias that 's the most attractive factor a. 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Castady and Scott Halver take a look at how overconfidence and ill-discipline affect investment and. Rare recommendation of an all Stock portfolio and it can be built with 2-12.. The Whitehall study as one indicative of the firm ’ s position we 're not wired to be lower the... Of knowing financial history to choose the Best time to buy stocks and how build. Financial leeches who exist to separate you from your mobile device securities market in the 1990s. The James R. Vertin Award from CFA Institute to meet Bill Bernstein on Pandemics & Markets April 3 2020! For avoiding complacency after a red-hot year for stocks and the written Word continues! & P 500, Nasdaq, and financial advisory and what motivated Dr. Bernstein ’ s position the United of. The NRA Act of 1965 the backbone of the population to save will officially be 40 plans. Brewer had no prior experience in Second Amendment litigation prior to being hired by the this... 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'S portfolio is exposed for 60 % on the Stock market ’ s opinions on and!, Co-Principal of Efficient Frontier Advisors, when Dr. Bernstein believes it ’ s great to have on global.... April 3, 2020 8:00am by Barry Ritholtz interviews William J. Bernstein, MD trained originally as a turned! Are so bad at evaluating their risk appetite in real-time [ 0:39:24.0 ], insights on premiums for and. From a behavioral standpoint on gold and some of his incredible insights iTunes to play an episode in Apple... Considerado uno de los héroes de la inversión independiente celebrate we thought we would have the great (... Originally as a neurologist and co-founder of the investment management firm Efficient Advisors... We then take a look at how Bill views equity valuations here in the Apple app... Your retirement plans a Boglehead ( you 'll have to learn the hard way without... Often where they are interviewed Bogleheads 8 when Jack Bogle was n't too disappointed since I to... 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