Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Question on 'Four Pillars of Investing'
Old 10-22-2007, 03:22 AM   #1
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: New York
Posts: 898
Question on 'Four Pillars of Investing'

I've seen this book mentioned a lot here. I've read Bernstein's previous book, "The Intelligent Asset Allocator" and often recommend it to friends.

I was under the impression that 'Four Pillars' was essentially a re-write of the earlier book aiming for a broader audience. Hence I didn't think it was worth reading for someone who has already read the first one.

Is that an accurate assessment? Is there anyone who has read both that can comment?
Maurice is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-22-2007, 08:37 AM   #2
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,855
Quote:
Originally Posted by Maurice View Post
I've seen this book mentioned a lot here. I've read Bernstein's previous book, "The Intelligent Asset Allocator" and often recommend it to friends.
I was under the impression that 'Four Pillars' was essentially a re-write of the earlier book aiming for a broader audience. Hence I didn't think it was worth reading for someone who has already read the first one.
Is that an accurate assessment? Is there anyone who has read both that can comment?
Yep. If you have any friends left, "Four Pillars" is a much more reader-friendly experience with lots more asset-allocation examples at the back. "Popular Mechanics" instead of "Scientific American". "Business Week" instead of "Al Greenspan".

I think it's worth reading just to pick up Bernstein's ways of explaining the concepts (great for cocktail parties!), and it's much less of a slog. You may also find out that your attitudes toward asset allocation & volatility have evolved over the time since you read IAA.

For the occasional economist or slice&dice guru, you can whip out your IAA recommendation and beat them over the head with it.
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Old 10-22-2007, 09:45 AM   #3
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,467
I have not read his "Intelligent Asset Allocator" yet, and "Four Pillars of Investing" was my first foray into literature of this type. I had been reading this board and the M* Diehards board for a while before I read it so I was already pretty "Bogleized" at that point, I suppose.

I would suggest taking it out of the library first. If you aren't on board with Bernstein when you start, you will be by the time you finish it. There is a lot of historical information in it to support his point of view. He goes on and on (and on and on, and then continues). He makes his case, and then drives it in with a hammer.

Because of that, I feel it is terrifically boring if you are already in agreement with him, but I still recommend it to people. It would be especially good for those who are not completely decided in their investment philosophy.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Old 10-22-2007, 03:34 PM   #4
Recycles dryer sheets
figner's Avatar
 
Join Date: Jan 2007
Location: Los Angeles area
Posts: 329
I've read both and pretty much agree with your assessment. IAA is more concise and math/theory oriented, seems to appeal more to engineers and scientists. 4 Pillars made a few mentions of more recent market history, but nothing that changed the basic message. It would probably have broader appeal for the reasons Nords mentioned.
figner is offline   Reply With Quote
Old 10-22-2007, 06:35 PM   #5
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,337
Both are excellent investment books and both can cure insomnia.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 10-22-2007, 10:32 PM   #6
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
4-pillar is more readable.
Spanky is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Four Pillars of Investing - Efficient Market Theory!?!? Running_Man FIRE and Money 54 04-04-2007 09:41 PM
The Four Pillars of Investing Sam Other topics 24 03-16-2007 07:16 AM
Four Pillars Book Question - Taxable Accounts Ponks Young Dreamers 9 02-21-2007 08:32 AM
The 4 Pillars - a question smooch FIRE and Money 18 05-29-2005 02:59 PM
Book Report - Four Pillars of Investing cute fuzzy bunny FIRE and Money 24 03-25-2004 11:24 AM

» Quick Links

 
All times are GMT -6. The time now is 08:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.