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The Four Pillars of Investing - William Bernstein, 威廉·伯恩斯坦

The Four Pillars of Investing

William Bernstein, 威廉·伯恩斯坦

出版社

McGraw-Hill

出版时间

2002-04-26

ISBN

9780071385299

评分

★★★★★

标签

投资金融理财Investment

书籍介绍
The Four Pillars of Investing offers a comprehensive, incisive and pithy treatment of the issues. -- Barron's; May 27, 2002
AI导读
核心看点
  • 构建理论、历史、心理、行业四大支柱框架
  • 倡导低成本指数基金与全球资产配置策略
  • 揭示幸存者偏差与追涨杀跌的人性弱点
适合谁读
  • 希望建立系统投资知识体系的初学者
  • 寻求长期稳健理财与资产配置的个人
  • 对金融心理学及市场行为感兴趣的读者
读前提醒
  • 部分美国税务案例可能过时，需结合本土
  • 重点理解核心理念，不必纠结具体数据
  • 保持独立思考，警惕书中提到的行业陷阱
读者共识
  • 投资入门经典，逻辑严密且极具启发性
  • 内容虽老但核心原则至今依然适用有效
  • 作者观点犀利，能帮读者避开常见误区

本导读基于书籍简介、目录、原文摘录、短评和书评生成，不等同于全文精读。

精彩摘录
  • "Buy only true no-load funds and annuities that do not carry fees of any type, including 12b-1 fees."
  • "Over the past decade, the explosion of assets under management should have reduced fees via economies of scale. This increasing fee trend is nothing short of scandalous."
  • "The story of Select Technology is emblematic of the nature of fund flows. First, they are most often contrary indicators—funds in high-performing sectors of the market tend to attract great piles of assets. In industry parlance, this is known as “hot money”: assets thrown by naïve investors at high "
  • "1. Never, ever, pay a load on a mutual fund or annuity. And never pay an ongoing 12b-1 fee for a mutual fund or excessive annuity fees. 2. Do not chase the performance of active managers. Not only does past performance not predict future manager performance, but excellent performance leads to the ra"
  • "The popular conceit of every bull market is that the public has bought into the value of long-term investing and will never sell their stocks simply because of market fluctuation. And time after time, the investing public loses heart after the inevitable punishing declines that stock markets periodi"
  • "This is not a trivial issue. At a very early stage in history we are encountering “survivorship bias”—the fact that only the best results tend to show up in the history books. In the twentieth century, for example, investors in the U.S., Canada, Sweden, and Switzerland did handsomely because they we"
  • "At first glance, it might appear that the above list of winners and losers contradicts the relationship between risk and return. This is an excellent example of “hindsight bias”; in 1913 it was by no means obvious that the U.S., Canada, Sweden, and Switzerland would have the highest returns, and tha"
  • "The tradeoff between the variability of bill payouts and the interest-rate risk of consols reverses during the twentieth century. With the abandonment of the gold standard after World War I, and the consequent inflationary explosion, the modern investor now demands a higher return from long-term bon"
用户评论
意想不到的好，如同亚马逊某人的评论一样，绝对是经典，把之前很多知道但不系统的知识综合了起来，真是值得“借鉴”啊
William Bernstein出品，必属精品。
如此经典的书，我却这么晚才读到。
已读过60%
从理论、历史、心理、投资业四个角度阐述个人投资者的投资实务，诚如本书作者所言，读完这本书你基本上就比市面上大多数股票经纪人强多了。
入门，个人理财型书籍
浓缩版的CFA啊，the country club syndrome 简直太精辟
投资入门的经典，不过年头有点久，跟阿蒙讨论的结果是书里的观点似乎有点过时了…
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