Bill Bernstein: We're Starting to See all of the Signs of a Bubble

<p>Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as <em>The Intelligent Asset Allocator</em>, <em>The Four Pillars of Investing</em>, <em>If You Can: How Millennials Can Get Rich Slowly</em>, and his latest, <em>The Delusions of Crowds</em>.</p></p><p><p><strong>Background</strong></p></p><p><p><a href="https://en.wikipedia.org/wiki/William_J._Bernstein#:~:text=Bernstein%20(born%201948)%20is%20an,manage%20their%20own%20equity%20portfolios.&text=His%20bestselling%20books%20include%20The%20Birth%20of%20Plenty%20and%20A%20Splendid%20Exchange."> Bio</a></p></p><p><p><a href="https://www.amazon.com/Intelligent-Asset-Allocator-Portfolio-Maximize/dp/1260026647/ref=sr_1_1?dchild=1&keywords=Bill+Bernstein&qid=1614965185&s=books&sr=1-1">Books</a></p></p><p><p>“<a href="https://www.morningstar.com/articles/927414/bernstein-i-dont-think-the-system-needs-nudges-i-think-the-system-needs-dynamite">Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite</a>,’”The Long View Podcast, May 7, 2019. </p></p><p><p><strong>Current Market Environment</strong></p></p><p><p><a href="https://www.amazon.com/Wisdom-Crowds-James-Surowiecki/dp/0385721706"><em>The Wisdom of Crowds</em></a>, by James Surowiecki</p></p><p><p>“<a href="https://www.morningstar.com/articles/1007441/a-stock-market-bubble-is-forming">A Stock Market Bubble Is Forming</a>,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.</p></p><p><p>“<a href="https://www.wsj.com/articles/from-1720-to-tesla-fomo-never-sleeps-11594994422">From 1720 to Tesla, FOMO Never Sleeps</a>,” by Jason Zweig, wsj.com, July 17, 2020.</p></p><p><p>“<a href="https://www.morningstar.in/posts/58599/4-pillars-investing.aspx">The 4 Pillars of Investing</a>,” by Lari