Deep Risk: How History Informs Portfolio Design is the third book in the Investing for Adults series. It identifies four deep risks—hyperinflation, prolonged deflation, confiscation, and devastation—that can lead to permanent losses in a portfolio. Bernstein uses historical examples to illustrate these risks and discusses how they differ from short-term market volatility. The book emphasizes the importance of understanding these deep risks in portfolio management.
In 'How Religion Evolved', Robin Dunbar examines the origins of religion, tracing its development from early animist and mystical practices to modern doctrinal religions. He explores how religion serves as a mechanism for social bonding and its role in fostering large-scale social cohesion. The book delves into the evolutionary purpose of religion and its impact on human health and wellbeing.
In this book, William J. Bernstein argues that the key to prosperity lies in a 'prosperity formula' consisting of four essential components: property rights, scientific rationalism, capital markets, and efficient transportation and communication. The book explores the historical development and application of these factors across various regions and examines their impact on economic growth and prosperity.
In this book, William J. Bernstein argues that the key to prosperity lies in a 'prosperity formula' consisting of four essential components: property rights, scientific rationalism, capital markets, and efficient transportation and communication. The book explores the historical development and application of these factors across various regions and examines their impact on economic growth and prosperity.
The book examines the roles of central bankers Benjamin Strong Jr., Montagu Norman, Émile Moreau, and Hjalmar Schacht in the lead-up to the Great Depression. It highlights their adherence to the gold standard and the consequences of their decisions, which significantly contributed to the economic catastrophe. The narrative also draws parallels between past and present economic challenges and emphasizes the importance of flexible monetary policies, as advocated by John Maynard Keynes.
This book, first published in 1841, is an early study of crowd psychology by Charles Mackay. It chronicles numerous instances of mass hysteria and popular delusions, including economic bubbles like the South Sea Bubble and Tulipomania, the Crusades, witch-hunts, and other peculiar follies. Mackay presents these examples to illustrate how easily the masses can be led astray by various delusions and how human folly remains a constant across different times and places. The book is divided into sections such as 'National Delusions,' 'Peculiar Follies,' and 'Philosophical Delusions,' and is known for its engaging and witty narrative style.
In 'A Splendid Exchange', William J. Bernstein tells the extraordinary story of global commerce from its prehistoric origins to the myriad controversies surrounding it today. He explores how trade has evolved, from ancient sailing ships bringing silk from China to Rome, to the rise and fall of the Portuguese monopoly in spices, and to modern trade involving goods like televisions from Taiwan, lettuce from Mexico, and T-shirts from China. Bernstein examines how trade has contributed to agricultural bounty, intellectual progress, and both prosperity and vulnerability. He argues that trade is ultimately a force for good among nations and that societies are more successful and stable when involved in vigorous trade with their neighbors.
When Genius Failed is a detailed account of the spectacular collapse of Long-Term Capital Management (LTCM), a hedge fund that was founded by Nobel Prize-winning economists and managed by some of the most brilliant minds in finance. The book explores the fund's rapid ascent, its complex trading strategies, and the catastrophic events that led to its downfall. Lowenstein provides a gripping narrative that delves into the psychological and financial factors that contributed to LTCM's failure, offering insights into the risks and consequences of high-stakes financial speculation.
Barry speaks with Bill Bernstein, neurologist, investor, author and co-founder of Efficient Frontier Advisors about his unique career path from science to finance and how he uses lessons learned in neurology and applies them to investing. Bill also shares his thoughts on the current economic and political environment and his thoughts on how to navigate uncertainty in markets.
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Masters in Business 
