Masters in Business At the Money: Doctor's Orders - How to Change Careers
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May 7, 2025 William Bernstein, founder of Efficient Frontier Advisors and author of influential investing books, shares his journey from neurologist to professional investor. He discusses the challenges of changing careers, emphasizing a balance between passion and financial security. Bernstein also reflects on rookie investing mistakes and the emotional aspects of financial decision-making. He highlights the unique mindset needed for successful long-term investing, especially for those transitioning from medicine, and humorously critiques conventional career advice.
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Bernstein's Career Pivot Story
- William Bernstein started in medicine but discovered his passion and skill in investing.
- His scientific approach to finance led him to write books and manage money professionally.
Imposter Syndrome in New Field
- William Bernstein experiences imposter syndrome, even speaking to intelligence officials.
- He coped by choosing a topic far from modern geopolitics.
Rebalancing Generates Returns
- Rebalancing portfolios creates a consistent 5% return bonus over time.
- Understanding this math is key to mastering asset allocation and finance.
