I recommend all of them, however, none of them should be anywhere near the first investing book you read. This book is one of his better efforts. This is a good book, perhaps not as good as comprehensive as "The Four Pillars of Investing" but informative nonetheless. The dividend yield is 1.91. (window.AmazonUIPageJS ? If you think you can time the market or pick stocks and mutual fund managers, or even if you think that you can formulate an optimally efficient mean-variance asset allocation with a black box, then learn some basic finance and come back in a few years. .glow-widget-top{min-height:40px;background-color:#f8f8f8;margin:-12px -14px 12px;overflow:hidden;z-index:100}.glow-icon{background:url(data:image/png;base64,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) no-repeat;background-size:14px 19px;-webkit-background-size:14px 19px;width:14px;height:19px;margin:10px 10px 10px 14px}.glow-row-1{margin-top:1px}.glow-row-2{margin-top:-4px}.glow-ingress-link-color{color:#333}.glow-city-label{overflow-x:hidden;text-overflow:ellipsis;max-width:68%}.glow-icon-bottom{margin:3px 10px 0 0}#contextualIngressPt{cursor:pointer;display:flex}#contextualIngressPt #contextualIngressPtLabel.cip-a-size-small{font-size:12px!important;line-height:1.5!important}#contextualIngressPt #contextualIngressPtLabel.cip-a-size-mini{font-size:12px!important;line-height:1.5!important}#contextualIngressPtPin{min-width:16px;height:14px;float:left;background-image:url(https://m.media-amazon.com/images/G/01/AUIClients/DeliveryStaticPackard-pin_desktop_1x-c944b6819f9e5642fdfd4ff3d1109d60d66d8f87._V2_.png);background-repeat:no-repeat;background-size:auto;background-position:center;margin-right:5px;margin-top:2px}@media only screen and (-webkit-min-device-pixel-ratio:2),only screen and (min-resolution:192dpi),only screen and (min-resolution:2dppx){#contextualIngressPtPin{background-image:url(https://m.media-amazon.com/images/G/01/AUIClients/DeliveryStaticPackard-pin_desktop_2x-180f59a1b475c745a0ed67623d406c57aa5d0392._V2_.png);background-size:contain}#contextualIngressPtPinMobile{background-image:url(https://m.media-amazon.com/images/G/01/AUIClients/DeliveryStaticPackard-pin_mobile_2x-5cdcc5e9083b2302421c35dc6914580cc3074087._V2_.png);background-size:contain}}#contextualIngressPtMobileApp{display:table}#contextualIngressPtPinMobile{min-width:16px;height:20px;float:left;background-image:url(https://m.media-amazon.com/images/G/01/AUIClients/DeliveryStaticPackard-pin_mobile_1x-411d9ad241152b8c2362b94bce39debd899ad411._V2_.png);background-repeat:no-repeat;background-size:auto;background-position:center;margin-bottom:1px;margin-right:6px}#contextualIngressPtMobileApp #contextualIngressPtPinMobile{width:16px;height:20px;float:left;background-image:url(https://m.media-amazon.com/images/G/01/AUIClients/DeliveryStaticPackard-pin_mobile_1x-411d9ad241152b8c2362b94bce39debd899ad411._V2_.png);background-repeat:no-repeat;background-size:auto;background-position:center;margin-bottom:1px;margin-right:6px;display:table-cell}#contextualIngressPtMobileApp #contextualIngressPtLabel{display:table-cell;vertical-align:middle} }); Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. #value-pick-aw{border-radius:.4rem;border:.1rem #ddd solid;overflow:hidden}#value-pick-aw #value-pick-title-row{overflow:hidden;word-break:keep-all;white-space:nowrap;text-overflow:ellipsis}#value-pick-aw #value-pick-image{display:block;margin-left:auto;margin-right:auto} Please try again. I have no clue how the average Joe will live his retirement if he does not even know this. No tiene demasiadas ecuaciones, pero su nivel conceptual es muy profundo. (window.AmazonUIPageJS ? Reviewed in the United States on October 22, 2014, One of an essential series of guides to successful investing. #shippingMessageInsideBuyBox_feature_div>.a-letter-space{display:none!important}#shippingMessageInsideBuyBox_feature_div>.a-section{display:inline!important} Where Bernstein stands out is his ability to distill dense financial research papers and theories into something that easily readable and usable. Our payment security system encrypts your information during transmission. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. Reviewed in the United States on June 17, 2014. William Bernstein’s Portfolios can be built with 2-12 ETFs. Amazon has encountered an error. William J. Bernstein discusses the many considerations that affect asset allocation decisions in his book Rational Expectations: Asset Allocation for Investing Adults , the last of four books in his Investing for Adults series. {"userState":"UNSIGNED"} background: url("https://images-na.ssl-images-amazon.com/images/G/01/amazonui/loading/loading-4x._V1_.gif") 50% 50% no-repeat; In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. There are plenty of links to sources of data. It is not written to be relevant for everyone now in charge of their pension and dodging the risk of dying in poverty (as Berstein tends to put it, in his call-a-spade-a-spade style). [William J Bernstein] -- Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. Oh well, if that's what the market has to offer, I'll take it. Published June 4th 2014 by Efficient Frontier Publications (first published May 28th 2014. .unifiedLocationMobileButton{margin-left:0!important;margin-right:0!important}li #unifiedLocationCountrySelectionLink .a-box-inner{padding:0}.unifiedLocationMarginLeftClass{margin-left:10px}.ddm-cust-addr-btn .a-button-inner{background:#fff}.ddm-cust-addr-btn.a-button-small .a-button-text{font-size:13px}.ddm-cust-addr-btn:hover{border-color:#e47911}.ddm-cust-addr-btn:hover .a-button-inner{background:#fefaf6}.ddm-country-select{padding:2px}.ddm-sbr-undeliverable-alert{color:#d00000;font-weight:700}#ftMessage b,#ftMessage strong{color:#333}#ftMessage #ftCountdown,#ftMessage b a:link{font-weight:700!important}#ftMessage span.rddTitle{color:#090;font-weight:700} .prsubswidget-asin-content{padding-left:15px;padding-right:10px}.prsubswidget-asin-brand{display:block}.prsubswidget-asin-title{cursor:pointer;display:block}.prsubswidget-review-count{display:inline-table;vertical-align:text-top}#prsubswidget .a-icon-prime{margin-top:6px}.prsubswidget-asin-grid-column:not(:last-child){border-right:1px solid #DDD}#prsubswidget .a-carousel-col.a-carousel-center{margin:0 10px}#prsubswidget-title{margin-top:10px;margin-left:10px}#prsubswidget-title>div{width:100%}#prsubswidget .a-carousel-card{min-width:280px} … } Something that had not transpired in Bernstein's other books is just how hard it is to retire with a healthy nest egg. However, for someone with quite substantial but haphazard savings it is a uniquely orderly and intelligent examination of the subject. However, it copy-paste repeats so many examples that you're almost better off reading this book instead of the investing for adults books, and should not really be viewed as book for in the series. Reviewed in the United Kingdom on July 25, 2018, Reviewed in the United Kingdom on May 14, 2016, Reviewed in the United Kingdom on April 6, 2015, Efficient Frontier Publications (May 28, 2014). I have been a fan of Bill Bernstein since he started the Efficient Frontier website. This is a very special and valuable book. Plus, he's a darn good finance writer. Well-written, somewhat pedantic book about portfolio structure. Swedroe, Bernstein, Bogle, Larimore, Buffet. It is certainly not a book for the novice investor but highly rewarding for more sophisticated investors. One of the most challenging investing books I've read so far, but worth the effort if you already have some knowledge of finance. .sb-checkbox-container{display:table;height:60px;width:100%;margin-top:-18px}.sb-checkbox-column{display:table-cell;table-layout:fixed;width:60px;vertical-align:middle}.sb-checkbox-column.sb-bordered-box{border-top:0;border-bottom:0;border-left:0;border-top-right-radius:0;border-bottom-right-radius:0}.sb-dead-space-column{display:table-cell;width:13px}.sb-touch-link-column{display:table-cell;vertical-align:middle}.sb-checkbox{margin-left:13px}.sb-bordered-box{border:.1rem #ddd solid;border-radius:.4rem}.sb-touch-link{margin:0;border:0;border-top-left-radius:0;border-bottom-left-radius:0}.sb-touch-link .a-box-inner{padding-left:0;padding-top:0;padding-bottom:0;background-color:transparent!important}.sb-touch-link-text{display:table-cell;height:60px;vertical-align:middle;padding:0;height:100%}.sb-section-bottom-padding{padding-bottom:1.3rem} He lives in Portland, Oregon.. His bestselling books include The Birth of Plenty and A Splendid Exchange He tries to stay away from the mathematics and does an OK job. It's not complicated, but would not be appropriate as an introductory book on the subject. Great, loved it. Very readable. I've read it twice and will probably read it again so I don't forget all of his recommendations. Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) by William J Bernstein. Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. 2014. There were a lot of things I liked about this work, in that its incredibly up-to-date and really ties together the "investing for adults" series. Based on a lot of data, he gives you a good framework to think about personalizing asset allocation for yourself. You get a refreshingly objective assessment of where and how the financial industry can serve you, and where (and how) you should just aim for lowest fees and costs - Berstein is not in the pay of the financial industry in any way, in fact he is a doctor. You can add it to our Lending Library with a $46.25 tax deductible donation. Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. * To view and modify this theme, visit http://jqueryui.com/themeroller/?ffDefault=Trebuchet%20MS%2CTahoma%2CVerdana%2CArial%2Csans-serif&fwDefault=bold&fsDefault=1.1em&cornerRadius=4px&bgColorHeader=f6a828&bgTextureHeader=gloss_wave&bgImgOpacityHeader=35&borderColorHeader=e78f08&fcHeader=ffffff&iconColorHeader=ffffff&bgColorContent=eeeeee&bgTextureContent=highlight_soft&bgImgOpacityContent=100&borderColorContent=dddddd&fcContent=333333&iconColorContent=222222&bgColorDefault=f6f6f6&bgTextureDefault=glass&bgImgOpacityDefault=100&borderColorDefault=cccccc&fcDefault=1c94c4&iconColorDefault=ef8c08&bgColorHover=fdf5ce&bgTextureHover=glass&bgImgOpacityHover=100&borderColorHover=fbcb09&fcHover=c77405&iconColorHover=ef8c08&bgColorActive=ffffff&bgTextureActive=glass&bgImgOpacityActive=65&borderColorActive=fbd850&fcActive=eb8f00&iconColorActive=ef8c08&bgColorHighlight=ffe45c&bgTextureHighlight=highlight_soft&bgImgOpacityHighlight=75&borderColorHighlight=fed22f&fcHighlight=363636&iconColorHighlight=228ef1&bgColorError=b81900&bgTextureError=diagonals_thick&bgImgOpacityError=18&borderColorError=cd0a0a&fcError=ffffff&iconColorError=ffd27a&bgColorOverlay=666666&bgTextureOverlay=diagonals_thick&bgImgOpacityOverlay=20&opacityOverlay=50&bgColorShadow=000000&bgTextureShadow=flat&bgImgOpacityShadow=10&opacityShadow=20&thicknessShadow=5px&offsetTopShadow=-5px&offsetLeftShadow=-5px&cornerRadiusShadow=5px He lives in Portland, Oregon. While I only partially followed some of his mathematical proofs, I wasn't reading for the math, but for the allocation lessons he learned from them. Theres less math than in his Intelligent Asset Allocator, but this is definitely not for beginners. #cmpsMobilePopover .a-icon-popover{display:none!important}#marginTop2Img{width:16px;margin-top:2px}#marginTop3Img{width:16px;margin-top:3px}#marginTop4Img{width:16px;margin-top:4px}#textReviews{position:absolute;left:-10000px;top:auto;width:2px;height:1px;overflow:hidden} I've read all of Bill Bernstein's books and they are all excellent. .background_color_0{background-color:#4096EE}.background_color_1{background-color:orange}.background_color_2{background-color:green}.background_color_3{background-color:purple}#boost_feature_rank .image_background img{position:absolute;top:30%;left:30%;height:40%;width:40%}#boost_feature_rank .bfr_radioButtonDiv{height:96px}#boost_feature_rank .bfr_radio_button{top:50%;padding:0}#boost_feature_rank .bfr_subtitle,#boost_feature_rank .feature_content_vertical_align,#boost_feature_rank 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I'm not looking forward to that. This book continues his investing for adult series, and is a good intermediate-advanced book for smalltime investors. I understand that he can't feed us a formula or give us a canned asset allocation recommendation, because everyone's time horizon, assets, and risk tolerance are different. For the past 10 years, the William Bernstein’s No Brainer Lazy Portfolio has returned 8.34% with a standard deviation of 12.88%. We are sorry. Rational Expectations It’s not easy to choose your portfolio’s asset allocation and decide how to change it as you head into retirement. Brief content visible, double tap to read full content. This book is one of his better efforts. He starts out with a review of the historical returns of the major asset classes and … Used books may not include companion materials, some shelf wear, may contain highlighting/notes, may not include cdrom or access codes. I believe that I have read all of his books. (window.AmazonUIPageJS ? .iou-actions{margin-bottom:-10px!important}.iou-purchase-reminder{display:none} AmazonUIPageJS : P).when('atf').execute(function(){ Looks like we're not in the 20th century anymore. This is a very special and valuable book. #wow-twister-loading-dim { 13 reviews. He tries to stay away from the mathematics and does an OK job. Would you believe me if I told you that there’s an investment strategy that a seven-year-old could understand, will take you fifteen minutes of work per year, outperform 90 percent of finance professionals in the long run, and make you a millionaire over time? Draws upon investing history and theory to discuss investing for retirement over a lifetime, good discussion on the need for risk less assets. (window.AmazonUIPageJS ? Sweet! Rational Expectations is equally superb. There are plenty of links to sources of data. #creturnsPolicyBottomSheetContent{padding:10px} This is a great book on retirement planning for someone with some sophistication in investing. .p13n-sc-grid-four-pack{content:"";display:table;clear:both;width:100%;border-top:solid #fff 1px}.p13n-sc-grid-four-pack-no-border{border-top:none}.p13n-sc-grid-four-pack-header{padding-left:15px}div.p13n-sc-grid-four-pack-faceout-container{width:50%;height:190px;float:left;box-sizing:border-box;-moz-box-sizing:border-box;-webkit-box-sizing:border-box;position:relative;margin-bottom:0;overflow:hidden}div.p13n-sc-grid-four-pack-faceout-container-left{border-right:solid #fff 1px;border-bottom:solid #fff 1px}div.p13n-sc-grid-four-pack-faceout-container-right{border-bottom:solid #fff 1px}.p13n-sc-grid-four-pack-faceout{background-image:url(http://g-ec2.images-amazon.com/images/G/01/p13n-sc/loader._V327848335_.gif);background-repeat:no-repeat;background-position:center;height:100%;position:relative}.p13n-sc-grid-four-pack-faceout-link{display:block;width:100%;height:100%;opacity:0}.p13n-sc-grid-four-pack-faceout-image{position:absolute;width:100%;height:100%;max-width:none}.p13n-sc-grid-four-pack-faceout-title-container{display:table;z-index:5;position:absolute;bottom:0;width:100%;height:58px;background-color:rgba(0,0,0,.8)}.p13n-sc-grid-four-pack-faceout-title{display:table-cell;font-size:13px;text-align:center;vertical-align:middle;padding:12px 10px;color:#fff}.gwPromo{border-color:#FFF}.gwPromo .p13n-sc-grid-four-pack-faceout{height:190px} Customer service is our top priority! Bernstein is an excellent writer and fills the book with many stats and facts. 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