The Four Pillars of Investing by William F. Bernstein
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EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
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In 1798, a French expedition under the direct command of Napoleon invaded Egypt. His forces possessed only the most rudimentary maps and had almost no knowledge of the climate or terrain. It came as no surprise that the invasion was a disaster from start to finish. When three years later, the last French troops dispirited, diseased, starving and abandoned by their leader were mopped up by Turkish and British forces. Unfortunately, most investors must have the same degree of planning in their investing, unaware of the nature of the investment terrain. Without an understanding of the relationship between risk and reward, how to estimate returns, the interplay between other investors and themselves and the mechanics of portfolio design. They are doomed to failure. Much like Napoleon's troops. Each of these essential topics can be mastered and will be covered chapter by chapter in this book. The first chapter dealing with the historical returns and risks in the European and us markets during the past several centuries is the most critical we cover large expanse of historical territory. The premise being the more history, you know, the more prepared you will be for the future