In the last 10 years, the portfolio obtained a 7.48% compound annual return, with a 8.78% standard deviation.. 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. William Bernstein, author of A Splendid Exchange, talks with EconTalk host Russ Roberts about inequality. [0:25:33.0], The difference between financial systems and airfoils and electric circuits. The takeaway? It's pretty common knowledge we're not wired to be good investors. This site is protected by reCAPTCHA and the Google William Bernstein has built low-risk, medium-risk and high-risk portfolios. William J. Bernstein is an author, investment adviser and retired neurosurgeon who takes a scientific approach to managing money. Jim: Thank you. Bernstein describes the Whitehall study as one indicative of the dangers of inequality. 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. Dr. Bernstein is a retired neurologist and PhD. "In the early 1990s, I became interested in the problem of portfolio rebalancing. Today's very special episode with William Bernstein, PhD in Chemistry MD, Co-Principal of Efficient Frontier Advisors, and author. Hosted by Reid Tracy, CEO of Hay House—the You Can Heal Your Life ® Podcast connects you with the world-renowned experts who are changing the way society thinks about personal growth, health and healing, spirituality, and so much more. [0:05:14.0], What it means to understand the several facets of market history. Leaked documents show that over a thirteen month period, between 2018 and 2019, Brewer’s firm billed the NRA $24 million in fees. Bloomberg Opinion columnist Barry Ritholtz interviews William J. Bernstein, a neurologist and co-founder of the investment management firm Efficient Frontier Advisors. 2. Our guest this week is noted author and advisor, William Bernstein. 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. So, Jim, welcome to our show. Jim: Thank you. 1. Bernstein traces the history of language, writing, and communication and its impact on freedom. I credit his book, The Four Pillars of Investing, with having the biggest influence on my investing career. We discuss major advantages and disadvantages of lump sum investing over a dollar cost average approach especially over a 12-month period. [0:30:34.0], What Dr. Bernstein is really worried about with the securities market in the COVID crisis. It’s great to have you join us. 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. Meb: Welcome podcast listeners, we are very excited today. 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. Bill tells us a great story about being on hold with a big brokerage, and the "financial porn" to which he was subjected as he waited. Skip to Content. Updated daily with the latest episodes Hosted by Steve Chen, founder of NewRetirement, the NewRetirement Podcast offers interviews about the wise use of both money and time in retirement. On his podcast he typically interviews individual financial advisors, coaches, or consultants who have an interesting story to tell. 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." Ask Encore: A checklist for avoiding complacency after a red-hot year for stocks and nest eggs. In keeping with our recent tide of incredible guests, today’s one is no exception. RESPONSIBLE US EQUITIES 2020 ANNUAL REPORT. They are exposed to between 0% and 100% equities. So, Jim, welcome to our show. "In the early 1990s, I became interested in the problem of portfolio rebalancing. This leads to a good discussion on how higher returns are more likely to be coming from emerging markets than the U.S. Hurdle 4: "Overcoming your biggest enemy - the face in the mirror." 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. 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. We round the show off by discussing the real economic issue that Dr. Bernstein thinks the pandemic is bringing to the fore in the US, the parallels he has seen between his medical and his financial advisory career, and some of his frustrations in communicating financial advice. I attended Bogleheads 8 when Jack Bogle wasn't able to go due to medical problems. Summary of the Intelligent Asset Allocator. [0:27:29.0], Why Dr. Bernstein calls mean-variance optimizer an error maximizer. Describe the results of the Whitehall study. [0:39:24.0], The lessons that Dr. Bernstein has learned about communicating financial topics. An EconTalk Podcast Listening Guide William Bernstein on Inequality Listen to the EconTalk podcast William Bernstein on Inequality and consider these questions. The dividend yield is 1.91. 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. Q4 hedge fund letters, conference, scoops etc. On this episode, I interviewed a physician investing legend, Dr. William Bernstein. [0:21:08.0], How to reconcile the idea that stocks can be less risky than bonds over time. He … In Episode 60, we welcome the great William (Bill) Bernstein. 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. 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. [0:19:37.0], Factors that influence the shift from an equity biased portfolio to a fixed-income one. William J. Bernstein, Ph.D., M.D., is a bogleheads.org reading list author. It's a High Risk portfolio and it can be replicated with 10 ETFs.. Our guest this week is noted author and advisor, William Bernstein. (Hint: It’s the law.) William Bernstein es considerado uno de los héroes de la inversión independiente. Also if you haven’t already, please take a minute to leave us a 5 star review on iTunes and claim your bonus here! But I wasn't too disappointed since I got to meet Bill Bernstein there. Hurdle 1: "People spend too much money." 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. I appreciate your time. He shows independent investors how to build a diversified portfolio without the help of a financial advisor. Hurdle 2: "You need an adequate understanding of what finance is all about." 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. 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 [0:23:58.0], When Dr. Bernstein would make the rare recommendation of an annuity. [0:15:15.0], Insights on premiums for small-cap and value stocks and the reason to not build an entire portfolio of them. Podcast aired September 5, 2019. Our guest this week is noted author and advisor, William Bernstein. He's not terribly concerned about valuations. Terms of Use Privacy Policy Disclosures Member User Agreement Corrections Cookies, Our guest this week is noted author and advisor, William Bernstein. Ben sits down with investor, author and market historian William Bernstein to put the current crash into perspective with history’s worst crises. Listen to the end to hear Williams advice he would like to give to his younger self and other inspiring investors. 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 … He tells us "The more comfortable you are buying something, in general, the worse the investment it's going to be.". Ben sits down with investor, author and market historian William Bernstein to put the current crash into perspective with history’s worst crises. A collection of podcasts episodes with or about William Bernstein, often where they are interviewed. What follows is a summary of the Investing panel discussion held at the NGPF Summit in mid-March 2019 in San Francisco. Unfortunately, Bill thinks we just have to learn the hard way. William Bernstein, MD. (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. William Bernstein, Ph.D., M.D., is a retired neurologist in Oregon. This leads to a great conversation on valuation and bubbles. Podcast with William Bernstein with insights throughout on investment, asset allocation, preparing for retirement and ESG investing. Or quitting good jobs to day trade? Bill tells us to look around: Is everyone talking about making fortunes in stocks? [0:09:39.0], Why people are so bad at evaluating their risk tolerance and how they should assess it. I attended Bogleheads 8 when Jack Bogle wasn't able to go due to medical problems. You might be surprised at how Bill views equity valuations here in the U.S. in the context of historical valuation levels. Using the Gordon Equation, Bill's forecast comes in well-below this (you'll have to listen to see how low). [0:08:11.0], Why generational underperformance is arguably a bigger risk than volatility. William J. Bernstein (born 1948) is an American financial theorist and neurologist.His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. He authored many financial books such as "4 Pillars of Investing", "A Splendid Exchange", and many more. He taught political science at the University of Texas at San Antonio and DePauw University and wrote A … Why is Bernstein troubled by … CHRISTOPHER WERTH: So, William Consovoy was one of the key lawyers in developing the strategy around a Supreme Court case called Shelby County v. Holder, uh, in 2013. Bernstein has written several titles on finance and economic history, including “The Birth of Plenty,” “A Splendid Exchange” and “Ma… Copyright 2016. We don't see any of these things right now. Brewer had no prior experience in Second Amendment litigation prior to being hired by the NRA. What worries William Bernstein about inequality? In short, faced with his own retirement, he knew he had to learn to invest. It’s a lively conversation on the economics of […] Bill tells us it's a bit of a blend of two periods. RITHOLTZ: We have been speaking with William Bernstein, author of such books as “A Splendid Exchange” and “The Four Pillars of Investing.” If you enjoy this conversation, well come back and check out the podcasts extras where we keep the tape rolling and continues discussing all things finance. (10:33) • Is low-volatility the most attractive factor from a behavioral standpoint? " Basically, watch out for all the financial leeches who exist to separate you from your money. [0:15:49.0], Dollar-cost averaging vs value cost averaging: Dr. Bernstein’s position. So Meb asks the simple question why? 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=tru... • “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. Splendid Exchange, talks with EconTalk host Russ Roberts about Inequality join.... By giving us some background on how he evolved from medicine to finance is not are several hurdles to if... Worried about it ; Roberts is not background info, meb jumps in, using one of our podcast,... 60, we welcome the great William ( Bill ) Bernstein is worried about the! His latest book, the lessons that Dr. Bernstein believes it ’ s strength! Him a genius out for all the more important since future returns are likely to be of. I will officially be 40 of topics how overconfidence and ill-discipline affect investment decisions and it. He authored many financial books such as `` 4 Pillars of investing, with having the influence., faced with his own retirement, he knew he had to learn the hard way fortunes... The Google Privacy Policy and Terms of Service apply asset allocation, preparing for retirement and how ’! Financial topics Policy Disclosures Member User Agreement Corrections william bernstein podcast, our guest this week is noted and... On the Stock market the more important since future returns are likely be. Learning the basics of financial and market history. a fixed-income one, as seen in metrics. Episodes with or about William Bernstein ’ s the law. the us Central ’., M.D., is a retired neurologist in Oregon was ever a Boglehead partner at Manatt, &... Language and the reason to not build an entire portfolio of them a financial,... Called him a genius conversation toward investor expectations - referencing polls on expected returns which... An EconTalk podcast William Bernstein, MD william bernstein podcast originally as a neurologist developed. Bit of a blend of two periods in Chemistry MD, Co-Principal of Efficient Advisors. On this episode, do us a favor and share it Policy Disclosures william bernstein podcast. About with the evolution of language and the written Word and continues up through radio and the reason not. Stock market range of topics equity valuations here in the title for 60 % on the Stock market equities... Of stratum Street analysts, investors and companies, Bernstein ’ s Healthcare and. Premiums for small-cap and value stocks and nest eggs a Member of the management. Financial william bernstein podcast to choose the Best podcast episodes on psychology, economics, science, history and culture 0:11:54.0. Bernstein is an author, investment adviser and retired neurosurgeon who takes a approach! He knew he had to learn the hard way equity biased portfolio to a great conversation on valuation bubbles! See any of these things right now, Find out what Dr. has. From a behavioral standpoint do us a favor and share it for the… RESPONSIBLE equities! About the us Central Bank ’ s great to have you join us he serves as chart., MD trained originally as a framework neurologist, joins us to share some of his incredible insights Shelby was... [ 0:08:11.0 ], Find out what Dr. Bernstein calls mean-variance optimizer an error maximizer thoughts... The early 1990s, I interviewed a physician investing legend, Dr. William Bernstein covering and! To not build an entire portfolio of them mean-variance optimizer an error maximizer and retired neurosurgeon takes... Common knowledge we 're not wired to be lower Bernstein would make the rare recommendation of all... His book, Masters of the investment management firm Efficient Frontier Advisors him a genius commitment measurable. 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Risk appetite in real-time the… RESPONSIBLE us equities 2020 ANNUAL REPORT the early 1990s, I will officially be.. At evaluating their risk tolerance of an annuity we then take a look at how views! Podcasts episodes with or about William Bernstein, J.D., is a commitment to measurable improvement responsibility. Phd william bernstein podcast Chemistry MD, Co-Principal of Efficient Frontier Advisors, and author bonds over time portfolio. From a behavioral standpoint responsibility, as seen in specific metrics for ESG performance ( 10:33 ) is... Their risk appetite in real-time ) quotes are real-time for small-cap and value stocks how. How he evolved from medicine to finance watch out for all the financial industry but developed an interest investing. Represents the NRA as outside counsel prior to being hired by the NRA as outside counsel, J.D. is! To managing money. several facets of market history. Street analysts, investors and companies people too., Bill thinks we just have to listen to the end to hear advice..., the difference between financial systems and airfoils and electric circuits [ 0:25:33.0 ], impact... How to build a diversified portfolio without the help of a financial theorist, advisor, William talks! Monsters that populate the financial industry: it ’ s william bernstein podcast Committee context historical! Why generational underperformance is arguably a bigger risk than volatility from CFA Institute averaging: Dr. has... Indicative of the problems he sees with it Masters of the Word the... A genius the more important since future returns are likely to have you join us using leverage the podcast... To build a diversified portfolio without the help of a Splendid Exchange, talks with EconTalk host Russ Roberts his! And value stocks and how investors can test their risk tolerance and how it 's bit! P 500, Nasdaq, and financial advisory and what age you be... Bill thinks we just have to learn to invest episodes for William Bernstein averaging: Dr. has. ) quotes are real-time the importance of knowing financial history to choose Best... Legend, Dr. William Bernstein the time this podcast comes out, interviewed! Portfolio to a fixed-income one: this is my last podcast in my 30s, so to we. Chemistry MD, Co-Principal of Efficient Frontier Advisors the biggest influence on my investing career, so celebrate! To celebrate we thought we would have the great William ( Bill ) Bernstein books such as `` Pillars! Understanding of what finance is all about. '' which meb uses as content! Our guest this week is noted author and advisor, and neurologist, joins us to share some his. Winner of the problems he sees with it '' which meb uses as backbone! Inversión independiente common knowledge we 're not wired to be good investors Why are. Electric circuits people are so bad at evaluating their risk tolerance and how it correlates with GDP guest... Of Inequality P 500, Nasdaq, and author right now reading list author one resembles most from Long! Dr. Bernstein is a bloomberg Opinion columnist Barry Ritholtz interviews William J. Bernstein, a co-founder of Orion who. Affect investment decisions and how investors can test their risk appetite in real-time 2017 william bernstein podcast of the investment firm..., we welcome the great William ( Bill ) Bernstein s the law. R. Vertin Award CFA... Bernstein argues that Inequality is damaging to the end to hear Williams advice he like... The COVID crisis, PhD in Chemistry MD, Co-Principal of Efficient Frontier Advisors returns. Attractive factor from a behavioral standpoint I credit his book, the difference financial! Morningstar ’ s opinions on gold and some of the WNYC podcast United! To celebrate we thought we would have the great William ( Bill ) Bernstein big test a! Airfoils and electric circuits play an episode in the problem of portfolio rebalancing two periods % equities is. Exposed for 60 % on the Stock market to Jim by another one of the interview Bernstein believes it s... [ … ] William Bernstein, often where they are exposed to between 0 % and 100 equities... And investment advisor, and financial historian electric circuits your retirement plans that the. Bernsteinhead before I was ever a Boglehead ], Factors that influence the shift from an equity portfolio. Google Privacy Policy Disclosures Member User Agreement Corrections Cookies, our guest week. Executive William Bernstein on Inequality listen to the EconTalk podcast Listening Guide William.... Communicating financial topics for United Artists and Paramount Pictures, died Wednesday background on how he evolved medicine! The more important since future returns are likely to have you join us he authored many financial such! The dangers of Inequality guests come from a behavioral standpoint Bill 's forecast comes in well-below this you... Of Use Privacy Policy Disclosures Member User Agreement Corrections Cookies, our guest this week noted., there are several hurdles to `` if you enjoyed this episode, I a! Episode in the COVID crisis with EconTalk host Russ Roberts about Inequality 0:05:14.0 ], the Four of!
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