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Download The Four Pillars of Investing: Lessons for Building a Winning Portfolio Audiobook (Unabridged)

Extended Audio Sample The Four Pillars of Investing: Lessons for Building a Winning Portfolio (Unabridged) Audiobook, by William Bernstein
4.21 out of 54.21 out of 54.21 out of 54.21 out of 54.21 out of 5 4.21 (24 ratings) (rate this audio book) Author: William Bernstein Narrator: Chris Ryan Publisher: McGraw-Hill Format: Unabridged Audiobook Delivery: Instant Download Audio Length: Release Date: February 2006 ISBN:
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William Bernstein's The Four Pillars of Investing gives investors the tools they need to construct top-returning portfolios without the help of a financial adviser. In a relaxed, nonthreatening style, Dr. Bernstein provides a distinctive blend of market history, investing theory, and behavioral finance, one designed to help every investor become more self-sufficient and make better-informed investment decisions.

The Four Pillars of Investing explains how any investor can build a solid foundation for investing by focusing on four essential lessons, each building upon the other. Containing all of the tools needed to achieve investing success, without the help of a financial advisor, it presents:

  • Practical investing advice based on fascinating history lessons from the market
  • Exercises to determine risk tolerance as an investor
  • An easy-to-understand explanation of risk and reward in the capital markets
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Listener Opinions

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Nick Gianos | 2/14/2014

    " This was an excellent introductory book to investing. It explains some basic history of the financial systems and markets, mutual funds and why you should stay away, the benefits of investing in index funds, asset allocation, and many other things. It's an easy read and you come away feeling very informed. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Mark | 2/12/2014

    " a very good book with lots of good advice about investing with enough technical data to have relevance but written well enough that a novice can understand. He breaks up the fundamentals of investing into four main parts with the last part giving an overall view about how to set up your portfolio. The first part acknowledges that riskier investments will have higher returns over the long haul and safer investments will have lower returns. He scans history for examples and notes that the US is a much safer place to invest that it used to be, so one should not expect returns as high as they have been. At the same time past performance is not indicative of future gains, and one failure most investors have is investing when stocks are high and confidence is up. The most difficult investment strategy and arguably the most beneficial is to invest during a down market. This is the third pillar which acknowledges that human nature actually has most people invest counter-intuitively. The second pillar addresses the fact that history can tell you a lot about stock markets, namely that the market is smarter than you are. Sure there is no way to predict the next trend, but in general over the long term markets are somewhat cyclical. This indicates that you should steer away from stocks doing well in the past 10 years. At the same time Bernstein notes that the best investors of billion dollar pension funds are unable to beat the market because it is so quickly self-correcting there is no way you can. The best you can hope to do is make the make in a cheap no load index fund. Lastly he reinforces that brokers, mutual funds, and anyone taking your money are doing so to feed their families and do not necessarily know what is best for you. The last section possibly the most valuable talks about asset allocation stressing with examples how diversified portfolios reduce your risk. He offers a variety of ideas on how one should invest. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Junior | 2/9/2014

    " I really enjoyed this book, but think I would have been a bit lost if I hadn't read some other basic investing books beforehand, not tons, just a couple like a Dummies Guide, or Bogle's Little Book...,etc. Wonderfully full of academic research and examples of index investing. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Bob | 2/1/2014

    " Well . . . not exactly a literary masterpiece, but this is an extremely well-written and readable primer on long-term investing that I wish I had read twenty years ago . . . I will recommend it to my friends who are managing retirement portfolios, and to my children who haven't even thought about saving money for retirement yet. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Rick Faby | 1/31/2014

    " One of the best books written on investing. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Elizabeth | 1/23/2014

    " A great overview of smart investing and avoiding sheep-like behavior. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Harland | 1/21/2014

    " Bernstein is a former medical doctor who decided that it was somehow easier to bring common sense and intellectual flair to personal finance than perform neurosurgery. Fortunately for him, most of the readers will probably already be adherents to the Vanguard/Boglehead philosophy of investing: keep costs low, favor a passive strategy employing index funds where possible, and live well within your means. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Mark | 1/14/2014

    " I think of this as the simplified, application oriented version of A Random Walk Down Wall Street. It was decent, but a Random Wall will give you more background and a deeper inside into the suggested strategy. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Ross | 12/3/2013

    " Definitely recommended if you want to become rich. Joking aside, very sound investment advice delivered in a very readable form. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 John | 8/6/2013

    " Great Investment Book. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Ryan Dobson | 6/21/2013

    " Rock solid advise. I learned a lot from this book. The strategy was explained well and it challenged me to further my financial learning. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Audrey | 6/16/2013

    " If you're interested in learning more about the arguments/theories/practices behind asset allocation investing, then this is a great read. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Rob | 6/15/2013

    " very good book that is easy to understand. "

  • 3 out of 53 out of 53 out of 53 out of 53 out of 5 Ned | 4/17/2013

    " Very good book for the average person/investor. Bernstein will convince you not to pick stock on your own. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Bpeterik | 4/16/2013

    " A bit dense, but not overwhelmingly so. Definitely written for those without a finance background, but helps to read in small chunks. A great overall picture of investing that dips pretty seriously into the easily digested technical/historical stuff. "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Zack | 1/18/2013

    " A masterpiece. Worth every cent in gold. Go and buy this book! "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 MaryAnn | 1/12/2013

    " Dense book I am studying closely to understand. Historical perspective helpful. Wish I had read it earlier. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Michael | 11/29/2012

    " A must read classic. Unfortunately the 'new edition' is the old edition with a brief appendix "

  • 5 out of 55 out of 55 out of 55 out of 55 out of 5 Steve | 9/28/2012

    " The mutual fund industry is screwing us big time. Read this book, and his earlier one, The Intelligent Asset Allocator, to get the real story and what you can do to become a smarter investor. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Sarah | 4/29/2012

    " Definitely not for the faint of heart - some chapters are a bit technical. But very educational and worth reading. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Klaus Völker | 11/27/2011

    " Great common-sense guidelines for investing. Here is a summary: 1) What goes up must come down. 2) There is no reward without risk. 3) You are your own worst enemy. 4) No, actually your broker is your worst enemy. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Kurt | 4/21/2011

    " This was a great book. The first section was tough to get through but it was necessary to make it through to understand the whole premise. Recommend it and I plan to use it for investment advice. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 Nick | 2/20/2011

    " Well, after reading this one, I didn't feel the need to read more than a few articles further before settling on my long-term investment strategy, so I guess that's a good measure of how it impressed me. Doesn't cover a ton of topics, but it covered the ones I was interested in. "

  • 4 out of 54 out of 54 out of 54 out of 54 out of 5 John | 12/7/2009

    " I read everything this guy writes. If you want to be independent and NOT rely on The Communist Party to support your life and retirement, then maybe you should read them to? "

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