If youre just getting started, borrow this book from the library.
Bernstein pulls back the curtain to reveal what really goes on in today's financial industry as he outlines a simple program for building wealth while controlling risk.
Since risk and return are just different sides of the same coin, it cannot be any other way.(Warren Buffett is an exception.) There is absolutely no evidence that anyone can time the market.It is a journey, and along the way are stockbrokers, journalists, and mutual fund companies whose interests are diametrically opposed to yours.Pillar one: The theory of investing.Safe investments produce low returns.Reasons the mutual fund and brokerage industries, rather than your partners, are often your most direct competitors.In a relaxed, nonthreatening style,.How many investment books do you know with sections about financial history?
Brokerage fees, mutual fund expenses, and taxes all produce heavy drag on your financial portfolio.
Meanwhile, traditional financial journalism tends to hype hot mutual funds and brokerage houses spreading what some people call financial pornography in order to boost sales.
Some are able to do so in the short-term, but few are able to do this consistently in the long-term.If somebody offers you that an investment is safe and offers very high returns, they either dont know what theyre talking about or theyre trying to scam you.And even Buffett believes that 99 of investors would be better off choosing index funds.If anything, the short-term returns from individual investments seem random.Bernstein devotes 36 pages to the subject, and its fascinating.More relevant today than ever, The Four Pillars of Investing shows you how to determine your own financial direction and assemble an investment program with the sole goal of building long-term wealth for you and your family.Great intelligence and good luck are not required.Behavioral finance and how state wow wow wubbzy full episode of mind can adversely affect decision making.