Culture vs Institutions Debate

Larry Siegel speaks with Dr. William J. Bernstein—author, neurologist, and investment thinker—about the pillars of prosperity: property rights, scientific rationalism, capital markets, and infrastructure. They examine cultural influences on economic growth, the Henrich hypothesis on trust, and the future of globalization. Bernstein shares his philosophy on passive investing, liability-matching portfolios, and why TIPS matter for retirees. He also previews a new book with Ed McQuarrie that challenges assumptions about long-term stock returns. A deep dive into history, markets, and strategies for financial security.