Well-written, somewhat pedantic book about portfolio structure. While I only partially followed some of his mathematical proofs, I wasn't reading for the math, but for the allocation lessons he learned from them. However, these allocations really only cover those who are trying to accumulate their residual living expenses and how to construct a liability matching portfolio. If those two ideas don't apply to you then the book is even more limited in its value.
The biggest distraction for me was h Well-written, somewhat pedantic book about portfolio structure. The biggest distraction for me was his use of non-standard abbreviations like RLE and LMP that popped up after I had forgotten exactly why he was using these shortened forms. Other than the mathematical proofs, I'm not sure if this book has any greater value than his older works like "The Intelligent Asset Allocator" or "The Investor's Manifesto" because the overall concepts and suggested allocations seem very similar.
Still worth a read. Rational Expectations: Asset Allocation for Investing Adults contains several ideas for portfolio allocation, partially updated from previous books from William Bernstein i. William advocated for a portfolio based on the Permanent Portfolio from Harry Browne, with a portfolio equally divided in bonds, stocks, cash and gold that gets frequently rebalanced, and that can navigate any kind of economic circumstances including eco Rational Expectations: Asset Allocation for Investing Adults contains several ideas for portfolio allocation, partially updated from previous books from William Bernstein i.
William advocated for a portfolio based on the Permanent Portfolio from Harry Browne, with a portfolio equally divided in bonds, stocks, cash and gold that gets frequently rebalanced, and that can navigate any kind of economic circumstances including economic prosperity, inflation, recession or deflation, and deflation. This book includes a few less technical topics that I found intriguing.
A combination of widely available investing options, companies' growth, and more make it impossible that we will be able to see again the growth and profit rates we saw in previous decades. Generations after the 80s are facing a small economic prospect than their parent's generation. If they were really able to predict future market moves, they would not work as financial advisors, but they will mortgage all of their properties and become billionaires in a few years.
As we get older, we need to start reducing our risk exposition, and the author proposes a few alternatives such as holding our age in bonds. Oct 31, Nicolas Perrault rated it it was amazing. Great, loved it. I had not quite realised how grim the future of equity returns look like. Looks like we're not in the 20th century anymore. Oh well, if that's what the market has to offer, I'll take it. Something that had not transpired in Bernstein's other books is just how hard it is to retire with a healthy nest egg.
What if I live to 90 and Great, loved it. What if I live to 90 and have a bit more to go? I have no clue how the average Joe will live his retirement if he does not even know this. The average American saves c. These people without a nest egg may become very vocal in the future, demanding that the government pay their bills by raising the taxes of those who had more discipline.
I'm not looking forward to that. Jun 28, Andrew rated it it was amazing. Somewhat of an update to the author's "The Intelligent Asset Allocator". The central idea throughout the book is the distinction between short-term "risk", and long-term "deep risk", and how to configure one's portfolio based on these two understandings of risk.
Highly technical with a lot of math and stats, but extremely valuable information that all investors should read. Rather than just regurgitating "don't time the market", it forces you to see exactly why not to do so. I also like how the author weaves in some financial history lessons and interesting case studies to add further depth to his arguments.
Aug 21, Lowell Herr rated it really liked it. Very good, but not equal to his first three investment books. Four Pillars and Investor's Manifesto are hard to beat when it comes to investment books. Pits investor. Muy bueno, como siempre con el autor. Jun 01, Tomek rated it it was amazing.
Great book! Many useful tips from experienced investor. You will find here information about what to avoid, how to rebalance your portfolio if you want to , how to fight with inflation and why diversification is so important. Like he does in most of his books, Bernstein delivers a wealth of valuable information.
Feb 24, Raoul rated it it was amazing. Don't agree with everything, but this whole series is outstanding. Jan 08, Lukasz added it Shelves: economy , recommended. Feb 06, Richard rated it it was amazing. One of the most challenging investing books I've read so far, but worth the effort if you already have some knowledge of finance. Nov 02, chris mukhar rated it really liked it. Apr 02, John rated it really liked it Shelves: personal-finance.
I'll start by saying I've read all of William Bernsteins other books so I am quite a fan to begin with. This book continues his investing for adult series, and is a good intermediate-advanced book for smalltime investors. His main concern in this book revolves around retirement planning and what is needed to achieve your goals.
There is some market history,discussion of risk premium's as well as past returns sprinkled throughout the book as well. If you are new to investing or two William Bernste I'll start by saying I've read all of William Bernsteins other books so I am quite a fan to begin with. If you are new to investing or two William Bernstein, I highly recommend "the four pillars of investing"as a good starting point.
Mar 18, Chris rated it it was amazing Shelves: investment-books. Excellent update Updates author's prior works, especially the Intelligent Asset Allocator and summarizes some of the content of his shorter pamphlets. Recommended for individual investors saving for retirement. He goes not directly address saving for your children's college expenses. Jun 24, Todd rated it liked it Shelves: non-fiction , finance. Pretty technical read about being an investing "adult".
This should not be your first investing book you read. You really need a solid foundation to jump into this one. That being said, for being the difficult read that Bernstein can be at times, I can't say I took away to much from this Nov 02, Tim rated it it was amazing. This is a good book if you are already well versed in the theory of asset allocation, but would like to be updated on recent developments in the markets. Jun 27, Alen added it. Nice update to previous work.
Negates a lot of benefits of previous allocation methods. But that is the current state of investing. Oct 01, Ryan Harvey rated it really liked it. Good info; pretty technical. Approach only with an investment background. Scott Collogan rated it it was amazing Jan 22, Dstephenc rated it really liked it Oct 15, Vivek Aseeja rated it really liked it Nov 01, Alan Botsford rated it liked it Apr 12, Rohit Sharma rated it it was amazing Dec 24, Ian Richmond rated it really liked it Jan 06, S rated it liked it Feb 24, Dan Greenfield rated it really liked it Feb 27, Book Description Condition: New.
Satisfaction Guaranteed! Book is in NEW condition. Seller Inventory More information about this seller Contact this seller. Book Description Paperback. Condition: New. Seller Inventory n. Book Description Paperback or Softback. Seller Inventory BBS Language: English. Brand new Book. On the other hand, if you know your way around risk premiums and standard deviations and know who Irving Fisher and Benjamin Graham were, and if you want to sharpen your asset class skills, you've come to the right place.
Seller Inventory APC Condition: NEW. Clean and crisp and new!. Brand New! This item is printed on demand. Book Description Condition: new. Seller Inventory NewCamp Bernstein, William J. Publisher: Efficient Frontier Publications , This specific ISBN edition is currently not available.
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Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. Continuing the theme of. The book I'll be reviewing today is entitled Rational Expectations: Asset Allocation for Investing Adults. It is the fourth in Bernstein's “.