Originally Posted by Maurice
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.