William J. Bernstein
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William J. Bernstein is an American financial theorist, known for pioneering research in the field of Modern Portfolio Theory. Bernstein is also highly regarded for his self-help finance books for individual investors who wish to manage their own equity portfolios.[1][2]
[edit] Biography
Bernstein is a leading light amongst financial theorists who follow the equity or index allocation school of thought, believing that all equity selection strategies should be focused on allocating between market segments, rather than selecting individual stocks and bonds. Bernstein's first book, The Intelligent Asset Allocator, makes this case. His third book, The Birth of Plenty, provides additional historical depth to this school of thought.
This mode of approach to finance, generally known as Modern Portfolio Theory, is in stark contrast to the opposing view that skilled managers can succeed in picking particular investments which will outperform the market. (That theory is known as the "Mr. Market" approach, and among its best known proponents are Warren Buffett and Benjamin Graham). Bernstein's "The Intelligent Asset Allocator" is widely regarded as a direct challenge to Graham's book, "The Intelligent Investor".
[edit] External Links
Bernstein maintains a website with his ongoing journal entries at www.efficientfrontier.com
