He lives in Portland, Oregon. I recently finished reading Bill Bernstein’s The Intelligent Asset Allocator.. It is formative and also accurately detailed for someone who is starting his investing journey. My third recommended resource to help you become a DIY investor is William Bernstein’s “ The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk. Overall, the key principles in this book are important investing lessons to take to heart. An understanding of Asset Allocation is a useful and necessary brick in your understanding of stock market investing, and it is something I’ve never covered properly on this blog before, so here we go! Bernstein dives into statistics all throughout the book, and one of the key themes is correlation between assets. This is why we set up an asset allocation and then stick to the plan. In my opinion this is a book to avoid many of the pitfalls in the investing world and will point you in the right direction to build a sustainable and secure portfolio of assets. Essentially, some assets are closely correlated, meaning they’re connected and will move in a similar way up and down. January 17, 2018. If you’ve been following along, earlier this year my dad issued a challenge for me to start reading investment books. Due to the mathematical nature of asset allocation optimization, some understanding of math and statistics is required to make the most of this book, but it should be readable and immediately practical for most investors. This is an excellent book and I shall only mention what I thought was lacking. "Four Pillars" is geared toward a general audience and explains four key investing concepts that every investor should be aware of. A good book to understand asset allocation when building a portfolio. There is substantial, concrete evidence and great information the authors mentions and reiterates, and hits hard on to drive his point. I would agree with others. Great practical book for learning about investing. This means that if you purchase one of the books in the above links, I may receive a small commission, but it has no impact on the price you pay. If you want to invest, but dont really know where to start, this book is the perfect place. This is geared towards people who will be self-managing their portfolios. Suppose I am in my twenties with 20,000$ to invest. The Intelligent Asset Allocator has helped thousands of people like you build wealth through carefully diversified portfolios. William Bernstein: Publisher: McGraw-Hill: Publication date. See all formats and editions Hide other formats and editions. Book Review: The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk By William J Bernstein September 1, 2017 4 Comments “Bernstein has become a guru to a peculiarly ’90s group: well-educated, Internet-powered people intent on investing well—and with minimal ‘help’ from professional Wall Street.” —Robert Barker, BusinessWeek. It boils down modern portfolio theory into very digestible and convincing forms for the intelligent/diligent lay reader. Here are some excerpts from The Intelligent Asset Allocator by William Bernstein, a very practical hands-on guide on how to derive a feasible asset allocation plan suitable for yourself.The first part (Chapter 1 to Chapter 6) is to convey the concept of asset allocation and portfolio theory, the rationale behind it, and how does it manifest in the real market. First, Bernstein discusses the "rebalancing bonus" but fails to give an idea of how much it can be expected to yield. In the introduction to Bernstein’s most recent book (The Investor’s Manifesto), he describes The Intelligent Asset Allocator as a failed attempt at writing a plain-English guide to prudent investing:I was gratified with the response to it, both among academics and general readers. Fundamental mathematical concepts of geometric return, standard deviation, and correlation are given clear and understandable definition. William J.Bernstein – The Intelligent Asset Alocator show you how to use the time-honored techniques of asset allocation to build your own pathway to financial security Any reader who takes the time and effort to understand his approach to the crucial subject of asset allocation will surely be rewarded with enhanced long-term returns." Would I be expected to obtain higher earnings in the long run than 100% stock (regardless of short-term risk) by going 90% stock and 10% bond by. Books and several e-books, and hits hard on to drive his point willing to take heart! 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