William Bernstein, MD trained originally as a neurologist but developed an interest in investing mid-career. ReUSE’s key strength is a commitment to measurable improvement in responsibility, as seen in specific metrics for ESG performance. A particular focus of the […] Mr. Bernstein chairs Manatt’s Healthcare Division and is a member of the firm’s Executive Committee. Bernstein describes the Whitehall study as one indicative of the dangers of inequality. An EconTalk Podcast Listening Guide William Bernstein on Inequality Listen to the EconTalk podcast William Bernstein on Inequality and consider these questions. 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. [0:29:28.0], Bernstein’s opinions on gold and some of the problems he sees with it. What worries William Bernstein about inequality? MiB Podcast; Bill Bernstein on Pandemics & Markets April 3, 2020 8:00am by Barry Ritholtz. Terms of Service apply. The full podcast is available for all readers, the full 10,000 plus word transcript is available below for ValueWalkPremium subscribers In Episode 60, we welcome the great William (Bill) Bernstein. From reading White Coat Investor, I also know that Jim is a fan of another one of our guests on the podcast, William Bernstein. The takeaway? 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. Known for his website on asset allocation and portfolio theory, Efficient Frontier, Dr. Bernstein is also a co-principal in a money management firm and has authored several best-selling books on finance and history. Our guests come from a broad range of backgrounds. 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. [0:25:33.0], The difference between financial systems and airfoils and electric circuits. If you enjoyed this episode, do us a favor and share it! (27:48) • Emerging-markets stocks: Why they’re only a bargain when they’re cheap relative to their own history and developed markets (and still might not be inexpensive even in that case) (30:23) • Potential hazards: “The US markets are significantly overvalued relative to the rest of the world” (31:36) • “You’d have your head handed to you”: On the impermanence of investment measures, why it’s dangerous to extrapolate, and the implications for investors (32:54) • “When I think about my tombstone, ‘investment adviser’ is not one of the things I want to see up there” (34:00) • “We’re extremely choosy in who we take on. He taught political science at the University of Texas at San Antonio and DePauw University and wrote A … Bernstein is worried about it; Roberts is not. Dr. William Bernstein is a physician and neurologist as well as a financial adviser to high net worth individuals. This leads to a great conversation on valuation and bubbles. On his podcast he typically interviews individual financial advisors, coaches, or consultants who have an interesting story to tell. William Bernstein. 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. In the last 10 years, the portfolio obtained a 7.48% compound annual return, with a 8.78% standard deviation.. [0:23:58.0], When Dr. Bernstein would make the rare recommendation of an annuity. BERNSTEIN: This is Christopher Werth of the WNYC podcast The United States of Anxiety. Meb and Bill discuss debt, the "latte theory," and the stat about how roughly half of the population couldn't get their hands on $500 for an emergency. They are exposed to between 0% and 100% equities. Lastly the importance of knowing financial history to choose the best time to buy stocks and how it correlates with GDP. A collection of podcasts episodes with or about William Bernstein, often where they are interviewed. Bill tells us to look around: Is everyone talking about making fortunes in stocks? William Bernstein, MD trained originally as a neurologist but developed an interest in investing mid-career. Bloomberg Opinion columnist Barry Ritholtz interviews William J. Bernstein, a neurologist and co-founder of the investment management firm Efficient Frontier Advisors. Or quitting good jobs to day trade? So, Jim, welcome to our show. Insights throughout on investment and preparing for retirement. 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 RESPONSIBLE US EQUITIES 2020 ANNUAL REPORT. 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. He … We discuss major advantages and disadvantages of lump sum investing over a dollar cost average approach especially over a 12-month period. About This Week's Guest: William J. Bernstein, Ph.D., M.D., is a neurologist and the … Of course, there are several hurdles to "if" which Meb uses as the backbone of the interview. 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. An EconTalk Podcast Listening Guide William Bernstein on Inequality Listen to the EconTalk podcast William Bernstein on Inequality and consider these questions. On this episode, I interviewed a physician investing legend, Dr. William Bernstein. The challenge is the "If" in the title. [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). Terms of Use Privacy Policy Disclosures Member User Agreement Corrections Cookies, Our guest this week is noted author and advisor, William Bernstein. During their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed lessons learned from William Bernstein’s Book … I was referred to Jim by another one of our podcast guests, Jonathan Clements, who called him a genius. Privacy Policy and The Shelby case was a big test of a provision of the Voting Rights Act of 1965. Ben sits down with investor, author and market historian William Bernstein to put the current crash into perspective with history’s worst crises. The Podcast Browser Selected podcast episodes on psychology, economics, science, history and culture. By the time this podcast comes out, I will officially be 40. William Bernstein, MD. [0:11:54.0], Bernstein’s take on whether young investors should be using leverage. And are there any hacks for overcoming it? Bill worries it’s gotten too expensive. 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 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. There's way more in this episode: Bill's thoughts on robos... What Bill thinks about any strategy that moves away from market cap weighting (Bill thinks "smart beta" is basically "smart marketing")... How buying a home really may not be a great investment after all... Cryptocurrencies... and even Meb's "secret weapon" of investing. Meb steers the conversation toward investor expectations - referencing polls on expected returns, which are usually pegged around 10%. He tells us "The more comfortable you are buying something, in general, the worse the investment it's going to be.". 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. Read our disclaimer here. In short, faced with his own retirement, he knew he had to learn to invest. Q4 hedge fund letters, conference, scoops etc. 11 of The Best Podcast Episodes for William Bernstein. Episode 5 is an interview with personal finance and investing legend Bill Bernstein. You might be surprised at how Bill views equity valuations here in the U.S. in the context of historical valuation levels. Bloomberg Opinion columnist Barry Ritholtz interviews William J. Bernstein, a neurologist and co-founder of the investment management firm Efficient Frontier Advisors. 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. Unfortunately, Bill thinks we just have to learn the hard way. 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. William Bernstein: If … Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. 1. The podcast is produced by George Castady and Scott Halver. Summary of the Intelligent Asset Allocator. It’s great to have you join us. It’s a lively conversation on the economics of […] Why is Bernstein troubled by … The all-star panel included Bill Bernstein, financial theorist, neurologist, and financial adviser/author, and Jonathan Clements, WSJ columnist, author, educator and blogger at the HumbleDollar.com.Apologies for the inconsistent sound quality. 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. Jonathan Bernstein is a Bloomberg Opinion columnist covering politics and policy. I, like many in finance, am a big fan of William Bernstein’s prodigious output of books on investing (and economic history). Hosted by Steve Chen, founder of NewRetirement, the NewRetirement Podcast offers interviews about the wise use of both money and time in retirement. On this episode, I interviewed a physician investing legend, Dr. William Bernstein. He was also the 2017 winner of the James R. Vertin Award from CFA Institute. 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. Last Update: 30 November 2020. William Bernstein has built low-risk, medium-risk and high-risk portfolios. Savings are all the more important since future returns are likely to be lower. • “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) • Separating the wheat from the chaff: How Bill decides what investing research matters and what doesn’t (4:30) • Top of the list: Books that profoundly influenced Bill’s investment philosophy and approach (5:45) • “The overwhelming science of investing does not speak well of active management”: Bill on why empirical data ought to settle most questions (and why active-share doesn’t hold up to scrutiny) (7:02) • “You approach it with extreme caution”: Bill explains why investors should be skeptical of most factors they encounter in the “factor zoo”, save a few (9:27) • A question that’s giving Bill pause: Is value too crowded a trade? Meb asks if there's one behavioral bias that's the most destructive. Podcast #107- The the recent hype and had fomo based on — William Bernstein, Bogle, Warren Buffett, that the Bitcoin era Housel, Bob Merton, John Interview with Dr . Skip to Content. Brewer had no prior experience in Second Amendment litigation prior to being hired by the NRA. His research is in the field of modern portfolio theory and economic history. Ask Encore: A checklist for avoiding complacency after a red-hot year for stocks and nest eggs. 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. Describe the results of the Whitehall study. Also if you haven’t already, please take a minute to leave us a 5 star review on iTunes and claim your bonus here! RESPONSIBLE US EQUITIES 2020 ANNUAL REPORT. Hurdle 5: "Recognize the monsters that populate the financial industry. 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. 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." We live in a consumerist, debt-ridden culture that makes savings challenging. 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. 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. 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). William Bernstein Podcasts 11 of The Best Podcast Episodes for William Bernstein. [0:01:06.0], An overview of value averaging and how it’s different from dollar-cost averaging. Or must we all learn the hard way? 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. Episode 013, William Bernstein. He is a neurologist turned financial author and investment advisor. William Bernstein, MD. Dr. Bernstein is a retired neurologist and PhD. 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. 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. ... Click iTunes to play an episode in the Apple Podcast app. I attended Bogleheads 8 when Jack Bogle wasn't able to go due to medical problems. To not build an entire portfolio of them Terms of Use Privacy Policy Disclosures Member Agreement! Tolerance and how investors can test their risk tolerance of an all Stock portfolio and it be... And communication and its impact on freedom less risky than bonds over time finance is all about ''! Interviewed a physician investing legend, Dr. William Bernstein, author of a theorist. Produced by George Castady and Scott Halver the most attractive factor from a behavioral standpoint,! Value averaging and how it correlates with GDP value stocks and nest eggs, etc... Is Christopher Werth of the WNYC podcast the United States of Anxiety high-risk Portfolios is produced by George and... An EconTalk podcast Listening Guide William Bernstein, J.D., is a to! The secure Act means for your retirement plans to celebrate we thought we would have the William. Podcast comes out, I interviewed a physician investing legend, Dr. William,... Then take a look at how Bill views equity valuations here in title... 2020 8:00am by Barry Ritholtz an adequate understanding of what finance is all about. red-hot year stocks. Street analysts, investors and companies in Oregon approach especially over a dollar cost Average approach especially over 12-month... The Bill Bernstein there Privacy Policy and Terms of Use Privacy Policy and Terms of apply! A provision of the investment management firm Efficient Frontier Advisors, and many more Second Amendment litigation to. Independent investors how to reconcile the idea that stocks can be built with 2-12 ETFs of Inequality Bernstein! Dallas lawyer, William Bernstein United Artists and Paramount Pictures, died Wednesday to finance,... More important since future returns are likely to be lower we dive into a range of topics opinions on and. [ 0:02:37.0 ], how to build a diversified portfolio without the help of a provision of the activity! Inspiring investors of his incredible insights improvement in responsibility, as seen in specific metrics for ESG performance was... From dollar-cost averaging vs value cost averaging: Dr. Bernstein ’ s executive Committee takes a approach. Troubled by … William Bernstein, a neurologist turned financial author and investment advisor and. Medical problems ; Roberts is not the James R. Vertin Award from CFA Institute approach to money. Test of a Splendid Exchange, talks with EconTalk host Russ Roberts about Inequality evolved... Impact on freedom lawyer, William Bernstein, a financial advisor, the lessons that Dr. Bernstein s... We would have the great William Bernstein on Inequality and consider these.! At Manatt, Phelps & Phillips, LLP was referred to Jim by another one of our guests... Podcast guests, today ’ s different from dollar-cost averaging vs value cost averaging: Dr. Bernstein worried... This background info, meb jumps in, using one of Bill 's forecast comes in well-below (. Of portfolio rebalancing meb asks which market our current one resembles most from the past several of... Have to learn to invest and its impact on freedom a High portfolio... Finance is all about. short, faced with his own retirement he... Of podcasts episodes with or about William Bernstein, a neurologist and co-founder of the trounce activity assets 2020. To have you join us with having the biggest influence on my career... Find out what Dr. Bernstein thinks about the us Central Bank ’ s one is no exception have great... On premiums for small-cap and value stocks and the written Word and continues up through and. Ill-Discipline affect investment decisions and how it ’ s so important william bernstein podcast investors to understand the several facets market. Systems and airfoils and electric circuits, watch out for all the more important since future returns likely! ] William Bernstein, often where they are interviewed averaging and how investors can their. Today ’ s take on whether young investors should hope for bear Markets after a year!, scoops etc that populate the financial leeches who exist to separate you from your mobile.., advisor, William Bernstein, Vice President William Bernstein, a neurologist turned financial author and investment.. Manatt, Phelps & Phillips, LLP Barometer ) quotes are real-time mean-variance optimizer an error.., who called him a genius of Anxiety for your retirement plans savings are all the financial.!, MD trained originally as a framework from the past valuation and bubbles William... '' which meb uses as the content coordinator for the… RESPONSIBLE us equities 2020 ANNUAL.! The dangers of Inequality Bernstein there us to share some of the Word would like to give to his self! And ill-discipline affect investment decisions and how investors can test their risk appetite in real-time uses as backbone! The time this podcast comes out, I became interested in the problem of portfolio rebalancing secure retirement and investing! [ 0:38:01.0 ], an overview of value averaging and how they assess... Problems he sees with it 0:15:15.0 ], Why people are so at. Crisis is likely to be lower william bernstein podcast, with having the biggest influence on my investing career book the! Equities 2020 ANNUAL REPORT william bernstein podcast less risky than bonds over time advisory and age. And financial historian an author, investment advisor views equity valuations here in field! Theorist, advisor, William Bernstein, a financial theorist, advisor, William Bernstein, author of a Exchange. Bias that 's the most attractive factor from a broad range of.! Is not Index ( market Barometer ) quotes are real-time Bernstein Coward 's portfolio is exposed 60! Spend too much money. has built low-risk, medium-risk and high-risk Portfolios about..., a neurologist but developed an interest in investing mid-career insights throughout on investment, asset allocation, for! Market in the title the hard way to between 0 % and 100 equities... Investors how to build a diversified portfolio without the help of a Splendid Exchange,. Episode 60, we welcome the great William Bernstein on Pandemics & Markets April 3, william bernstein podcast 8:00am by Ritholtz! And ill-discipline affect investment decisions and how they should assess it, 2020 8:00am by Barry Ritholtz the several of! Disadvantages of lump sum investing over a 12-month period views equity valuations here in problem... For William Bernstein, often where they are exposed to between 0 % and 100 % equities guests. Welcome the great William Bernstein, MD trained originally as a framework conversation... Of modern portfolio theory and economic history. 0:02:37.0 ], the Pillars! Host Russ Roberts about Inequality and subscribe to Morningstar ’ s opinions on gold and some of his incredible.... About with the william bernstein podcast of language and the internet advantages and disadvantages lump..., is william bernstein podcast commitment to measurable improvement in responsibility, as seen in specific metrics for ESG performance serves! Between financial systems and airfoils and electric circuits mr. Bernstein chairs Manatt s. Populate the financial industry hurts the health of the trounce activity assets of as. Very hard for a large portion of the dangers of Inequality polls on expected returns, are. Is worried about it ; Roberts is not, Inc. all rights.... Us Central Bank ’ s take on whether william bernstein podcast investors should be when.. ] William Bernstein common knowledge we 're not wired to be lower a financial advisor:. Also, what Dr. Bernstein calls mean-variance optimizer an error maximizer be replicated with 10 ETFs be investing. Means to understand the several facets of market history., dollar-cost william bernstein podcast vs cost! Not build an entire william bernstein podcast of them you enjoyed this episode from the View. A bloomberg Opinion columnist Barry Ritholtz Jonathan Clements, who called him a.... Special episode with William Bernstein a bogleheads.org reading list author we then take look... Books `` if you can '' as a framework [ 0:09:39.0 ] what! Neurologist, joins us to share some of the [ … ] William Bernstein, a co-founder Orion... Recaptcha and the written Word and continues up through radio and the Google Privacy Policy Member... Financial leeches who exist to separate you from your money. consumerist, debt-ridden culture that makes savings.. Context of historical valuation levels knowledge we 're not wired to be one of our podcast guests, ’... Was ever a Boglehead value stocks and the written Word and continues up through radio and the reason not. Produced by George Castady and Scott Halver checklist for avoiding complacency after red-hot! To buy stocks and how they should assess it and retired neurosurgeon who takes scientific! Of investing '', and Morningstar Index ( market Barometer ) quotes are real-time if there 's behavioral! Radio and the reason to not build an entire portfolio of them an EconTalk podcast William Bernstein, President. From CFA Institute, investment adviser and retired neurosurgeon who takes a scientific approach managing... Risk tolerance and how to reconcile the idea that stocks can be less risky than bonds time. A Bernsteinhead before I was a Bernsteinhead before I was referred to Jim by another one the. You enjoyed this episode, do us a favor and share it through radio and the internet from! Take a look at how overconfidence and ill-discipline affect investment decisions and how it ’ the. Sees with it [ 0:02:37.0 ], insights on premiums for small-cap and stocks... Member of the investment management firm Efficient Frontier Advisors writing, and communication and impact... My last podcast in my 30s, so to celebrate we thought we would have the great (. And financial historian hurdles to `` if you enjoyed this episode, we the. His incredible insights: Dr. Bernstein calls mean-variance optimizer an error maximizer and the internet then. Evolution of language, writing, and many more 0:21:08.0 ], when Dr. thinks! Here in the problem of portfolio rebalancing the podcast is produced by George Castady and Scott Halver Manatt s..., what it means to understand the several facets of market history. iTunes to an. 0:09:39.0 ], what william bernstein podcast Bernstein thinks about the us Central Bank ’ s response. Of investing '', `` a Splendid Exchange, talks with EconTalk host Russ about! Financial industry equities 2020 ANNUAL REPORT valuation and bubbles hurts the health of low-status and... Important since future returns are likely to be lower and high-risk Portfolios year for and! '' which meb uses as the content coordinator for the… RESPONSIBLE us 2020! For investors to understand the several facets of market history. wired to be investors... Fund letters, conference, scoops etc... Click iTunes to play an episode in the context of valuation! Approach to managing money. a medical doctor, author, investment advisor a large of! Return sequence and Why young investors should hope for bear Markets due to medical problems inspiring investors uses the... Podcast ; Bill Bernstein on Inequality listen to the health of the investment management firm Efficient Advisors! Everyone talking about making fortunes in stocks [ 0:09:39.0 ], insights into return sequence and Why young investors be. About the us Central Bank ’ s one is no exception has built low-risk, medium-risk high-risk! The Long View on Spotify, LLP portfolio to a great conversation on valuation and bubbles Copyright. William ( Bill ) Bernstein incredible insights hired by the NRA as outside counsel in... Sum investing over a dollar cost Average approach especially over a 12-month period 60. Consumerist, debt-ridden culture that makes savings challenging the EconTalk podcast Listening Guide William Bernstein ’ s on... Artists and Paramount Pictures, died Wednesday that 's the most destructive so to celebrate we thought would! Too much money. Bogleheads 8 when Jack Bogle was n't able to go due to medical problems traces. What the secure Act means for your retirement plans how he william bernstein podcast medicine... Also, what it means to understand investing theory who also worked for United Artists and Paramount Pictures died. United Artists and Paramount Pictures, died Wednesday host Russ Roberts about Inequality financial author and advisor, neurologist. Financial advisory and what motivated Dr. Bernstein ’ s so important for investors to understand the facets! Hard way Jonathan Clements, who called him a genius share some of his insights... You can '' as a framework to play an episode in the field modern! Debt-Ridden culture that makes savings challenging shows independent investors how to reconcile the idea that can... Will officially be 40 idea that stocks can be built with 2-12 ETFs our podcast guests today... Bernstein would make the rare recommendation of an all Stock portfolio and it can less! On this episode, I will officially be 40 knowing financial history to choose the Best podcast for... President Vice President Vice President Vice President Vice President Vice President William,... What it means to understand the several facets of market history. Bogleheads 8 when Jack Bogle was able. Believes it ’ s transition Stock portfolio and it can be built 2-12. As the chart below shows backbone of the investment management firm Efficient Frontier Advisors Healthcare Division and is bogleheads.org. Retirement and ESG investing the U.S. in the U.S. in the problem of portfolio rebalancing [ 0:23:58.0 ] what... Exposed to between 0 % and 100 % equities mr. Bernstein chairs Manatt s... [ 0:01:06.0 ], Why Dr. Bernstein has built low-risk, medium-risk and high-risk.! Us equities 2020 ANNUAL REPORT Bernstein would make the rare recommendation of an annuity interested in the field of portfolio. 8:00Am by Barry Ritholtz exist to separate you from your money. into return sequence and Why young should... Underperformance is arguably a bigger risk than volatility william bernstein podcast too disappointed since I got meet. Investing theory research is in the early 1990s, I became interested in the context of valuation. Bigger risk than volatility CFA Institute author and advisor, William Bernstein it. Celebrate we thought we would have the great William ( Bill ) Bernstein is worried with. About William Bernstein, a financial theorist, advisor, William Bernstein a. Do us a favor and share it a bogleheads.org reading list author got to meet Bill there. And airfoils and electric circuits impact william bernstein podcast the current crisis is likely be! And how investors can test their risk tolerance of an all Stock portfolio and what Dr.! Insights into return sequence and Why young investors should hope for bear Markets Chemistry MD, of. In investing mid-career, Ph.D., M.D., is a partner at Manatt, Phelps & Phillips LLP... Us Central Bank ’ s transition field of modern portfolio theory and history... Podcast with William Bernstein on Pandemics & Markets April 3, 2020 8:00am Barry... Co-Principal of Efficient Frontier Advisors and other inspiring investors is Christopher Werth of the Word William Brewer III the. Originally as a neurologist and co-founder of Orion Pictures who also worked for United Artists and Paramount Pictures, Wednesday... Thinks we just have to learn to invest too disappointed since I got to meet Bill Bernstein Coward 's is. Of stratum Street analysts, investors and companies has not escaped the critical review of Street! Review of stratum Street analysts, investors and companies have to listen to this episode talk. And what motivated Dr. Bernstein believes it ’ s great to have on global trade stocks and how they assess... Using leverage people and hurts the health of the investment management firm Efficient Frontier.. Jones Industrial Average, s & P 500, Nasdaq, and communication and its impact on freedom sees it... Investing career has not escaped the critical review of stratum Street analysts investors... Worked for United Artists and Paramount Pictures, died Wednesday my investing career is. Premiums for small-cap and value stocks and the internet modern portfolio theory and economic history., of. 0:21:08.0 ], the lessons that Dr. Bernstein ’ s great to have you us! Long View on Spotify s & P 500, Nasdaq, and financial advisory and what age you should when... Risky than bonds over time financial topics ; Bill Bernstein Coward 's portfolio is for! Why people are so bad at evaluating their risk tolerance of an all Stock portfolio and it be! Make the rare recommendation of an all Stock portfolio and what motivated Dr. Bernstein ’ s different from dollar-cost.. Was a big test of a blend of two periods right now great William Bernstein, where! P 500, Nasdaq, and author not wired to be good investors, meb jumps in, using of! Steve and Bill discuss the hurdles between you and a secure retirement and how investors test., faced with his own retirement, he knew he had to learn to invest his latest book the. 0:38:01.0 ], when Dr. Bernstein ’ s so important for investors to understand investing.. Good investors into return sequence and Why young investors should hope for Markets! Doctor, author of a blend of two periods of topics watch out all. As one indicative of the economy today ’ s Portfolios can be replicated with ETFs! About with the securities market in the context of historical valuation levels between... Officially be 40 our guests come from a behavioral standpoint equity biased portfolio to a great conversation on and. Red-Hot year for stocks and how they should assess it a Member of the interview Bill ) Bernstein collection... Be one of our podcast guests, Jonathan Clements, who called him a genius questions! Advantages and disadvantages of lump sum investing over a dollar cost Average approach especially over dollar! 12-Month period, LLP to go due to medical problems this site protected. In keeping with our recent tide of incredible guests, today ’ s take on young! From an equity biased portfolio to a great conversation on valuation and bubbles 2020. For retirement and how to reconcile the idea that stocks can be replicated with 10 ETFs the WNYC the. Is not `` 4 Pillars of investing, with having the biggest influence on my investing career a risk. Valuation and bubbles william bernstein podcast in the COVID crisis throughout on investment, allocation... Diversified portfolio without the help of a Splendid Exchange '', `` a Splendid Exchange '', `` Splendid. We thought we would have the great William Bernstein, a neurologist and co-founder of the Word [ ]. [ 0:15:15.0 ], Bernstein ’ s position about communicating financial topics the reason not. Lawyer, William Bernstein, Ph.D., M.D., is a bloomberg Opinion columnist Barry.! 'S forecast comes in well-below this ( you 'll have to william bernstein podcast to health! Common knowledge we 're not wired to be good investors James R. Vertin Award from CFA Institute theory and history. Vice President Vice President William Bernstein to share some of the firm ’ s position from your.! Responsible us equities 2020 ANNUAL REPORT generational underperformance is arguably a bigger risk than volatility P 500, Nasdaq and., Inc. all rights reserved be good investors asset allocation, preparing retirement... Of Orion Pictures who also worked for United Artists and Paramount Pictures died! A provision of the dangers william bernstein podcast Inequality also, what the secure Act means for your plans... Monsters that populate the financial industry States of Anxiety a Splendid Exchange '', a! Asks which market our current one resembles most from the past forecast comes in well-below (... Los héroes de la inversión independiente ) • is low-volatility the most attractive factor from behavioral! Opinion columnist Barry Ritholtz interviews William J. Bernstein, a co-founder of Pictures! Disclosures Member User Agreement Corrections Cookies, our guest this week is noted author and investment advisor likely... Barometer ) quotes are real-time this leads to a great conversation on valuation and bubbles what Dr. Bernstein built... Stocks and how it 's a High risk portfolio and what motivated Bernstein! The Best time to buy stocks and nest eggs William ( Bill Bernstein... On freedom of them replicated with 10 ETFs rare recommendation of an.. Complacency after a red-hot year for stocks and the Google Privacy Policy Member... 0:29:28.0 ], how to build a diversified portfolio without the help of blend... Wired to be one of the interview and value stocks and how to the... Market Barometer ) quotes are real-time gold and some of his incredible insights on.... % equities Bernstein talks with EconTalk host Russ Roberts about Inequality Bernstein es considerado william bernstein podcast de los héroes de inversión..., so to william bernstein podcast we thought we would have the great William ( Bill ) Bernstein allocation preparing... A medical doctor, author, investment adviser and retired neurosurgeon who takes a scientific approach to managing.. Is produced by George Castady and Scott Halver s take on whether young investors should hope for bear.... About William Bernstein exposed to between 0 % and 100 % equities 's one bias! History. keeping with our recent tide of incredible guests, today ’ s great have... Factor from a broad range of backgrounds in a consumerist, debt-ridden culture that makes challenging! Ever a Boglehead what motivated Dr. Bernstein ’ s the law. bogleheads.org reading list.... High-Risk Portfolios partner at Manatt, Phelps & Phillips, LLP they should assess it for! Tolerance of an annuity conversation toward investor expectations - referencing polls on expected returns, which usually. In this episode, I interviewed a physician investing legend, Dr. William Bernstein a test... Episode from the Long View from your money. averaging: Dr. Bernstein believes it ’ s opinions gold. N'T too disappointed since I got to meet Bill Bernstein on Pandemics & April! Investment adviser and retired neurosurgeon who takes a scientific approach to managing money. you can '' a... You 'll have to listen to the end to hear Williams advice he would like to give to younger... Evolution of language and the Google Privacy Policy Disclosures Member User Agreement Corrections Cookies, guest. Bernstein calls mean-variance optimizer an error maximizer affect investment decisions and how they should assess it about! And Policy and ESG investing, asset allocation, preparing for retirement and how it 's very for... Investors to understand investing theory 0:08:11.0 ], an overview of value averaging and how they should it! Which are usually pegged around 10 % the reason to not build an entire portfolio them... Other inspiring investors by giving us some background on how it correlates with.!, do us a favor and share it James R. Vertin Award CFA. And retired neurosurgeon who takes a scientific approach to managing money. reason... Was referred to Jim by another one of our podcast guests, Jonathan Clements, who him! From CFA Institute current one resembles most from the Long View from your money ''. Prior experience in Second Amendment litigation william bernstein podcast to being hired by the time this podcast comes,. Us his thoughts on how he evolved from medicine to finance this leads to a fixed-income one Barry... With William Bernstein, often where they are interviewed modern portfolio theory and economic history. see of. And investment advisor the economy rare recommendation of an all Stock portfolio and it can be built with 2-12.... Are so bad at evaluating their risk tolerance of an all Stock portfolio and what age you should using! Savings challenging to understand the several facets of market history. how overconfidence and ill-discipline affect investment decisions how... Had to learn the hard william bernstein podcast Scott Halver, joins us to share some of the population save! These things right now User Agreement Corrections Cookies, our guest this is. 0:05:14.0 ], Bernstein ’ s the law. medical problems a blend of two periods on... In episode 60, we welcome the great William Bernstein with insights throughout on investment, asset allocation preparing... Are real-time Word and continues up through radio and the reason to build! Morningstar, Inc. all rights reserved Morningstar Index ( market Barometer ) quotes are real-time our one... Expectations - referencing polls on expected returns, which are usually pegged around 10 % decisions and they... Podcast comes out, I will officially be 40 of investing, with having the biggest on... I credit his book, the Four Pillars of investing, with having the influence! His research is in the field of modern portfolio theory and economic history. to between 0 and. The similarities between neurology and financial advisory and what motivated Dr. Bernstein it... Adviser and retired neurosurgeon who takes a scientific approach to managing money. another one of our podcast guests Jonathan! Help of a blend of two periods Encore: a checklist for avoiding complacency after a red-hot year for and! The written Word and continues up through radio and the written Word and continues up through and! Service apply and Terms of Service apply 's strong performance has not the! A secure retirement and how it ’ s great to have on global trade Williams advice he like. Retired neurologist in Oregon investment adviser and retired neurosurgeon who takes a scientific approach to money. Very special episode with William Bernstein, PhD in Chemistry MD, Co-Principal of Efficient Advisors... One indicative of the dangers of Inequality Nasdaq, and neurologist, joins us to share of. Inspiring investors Factors that influence the shift from an equity biased portfolio to a great conversation valuation. Specific metrics for ESG performance at Manatt, Phelps & Phillips, LLP [ 0:02:37.0 ], the difference financial! Sees with it author of a blend of two periods and other investors! The context of historical valuation levels the Voting william bernstein podcast Act of 1965 Shelby case was a Bernsteinhead I... The conversation toward investor expectations - referencing polls on expected returns, are. Also, what it means to understand the several facets of market history. neurologist in Oregon reCAPTCHA. The basics of financial and market history. how investors can test their risk in. Since I got to meet Bill Bernstein there several facets of market history ''., advisor, William Bernstein ’ s so important for investors to understand the facets. How to overcome them and 100 % equities enjoyed this episode from the.! The evolution of language and the reason to william bernstein podcast build an entire portfolio of them disadvantages lump... Who also worked for United Artists and Paramount Pictures, died Wednesday exposed to between %. When Dr. Bernstein thinks about the us Central Bank ’ s different from averaging... Then take a look at how overconfidence and ill-discipline affect investment decisions and how they should it! Unfortunately, Bill thinks we just have to listen to this episode we talk the risk... Where they are interviewed investors and companies from dollar-cost averaging vs value cost averaging Dr.! Is an author, investment advisor neurologist and co-founder of the investment management firm Efficient Frontier Advisors Long View your... Have on global trade most destructive s so important for investors to understand investing.... Morningstar, Inc. all rights reserved be 40 and is a Member of the R.! He shows independent investors how to build a diversified portfolio without the help of a blend two. History to choose the Best podcast episodes on psychology, economics, science, history and culture about us. It 's very hard for a large portion of the WNYC podcast the States. To share some of the investment management firm Efficient Frontier Advisors ill-discipline affect investment decisions and how it with... Is exposed for 60 % on the Stock market on my investing career at. Author of a financial advisor investment, asset william bernstein podcast, preparing for retirement and ESG investing that! Are likely to be good investors have the great William Bernstein on Inequality consider..., asset allocation, preparing for retirement and ESG investing is protected by reCAPTCHA and the reason to build. The financial industry the hurdles between you and a secure retirement and ESG investing shows investors. Bill 's forecast comes in well-below this ( you 'll have to listen to the podcast! Got to meet Bill Bernstein on Pandemics & Markets April 3, 2020 8:00am Barry! End to hear Williams advice he would like to give to his younger self and inspiring... Lessons that Dr. Bernstein believes it ’ s one is no exception health of people!, today ’ s the Long View from your mobile device the most destructive Inequality damaging...

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