Bill Bernstein: Revisiting The Four Pillars of Investing

<p>On today’s episode of <i>The Long View </i>podcast, we welcome back William Bernstein. This is Bill’s third appearance on the podcast. In fact, he was our very first guest back when we started <i>The Long View</i> in 2019. Bill is a neurologist turned investment advisor. He is also the author of several books, including <i>The Intelligent Asset Allocator</i>, <i>The Four Pillars of Investing</i>, <i>If You Can: How Millennials Can Get Rich Slowly</i>, and <i>The Delusion of Crowds</i>. Bill has just come out with a new edition of <i>The Four Pillars of Investing</i>. So, we wanted to have him on to discuss the new book and what’s changed since that book’s original publication more than 20 years ago.</p><p>Background</p><p><a href="https://blogs.cfainstitute.org/investor/author/williamjbernstein/">Bio</a></p><p><a href="https://www.mhprofessional.com/the-four-pillars-of-investing-second-edition-lessons-for-building-a-winning-portfolio-9781264715916-usa"><i>The Four Pillars of Investing, Second Edition</i></a></p><p><a href="https://www.amazon.com/Intelligent-Asset-Allocator-Portfolio-Maximize/dp/1260026647"><i>The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk</i></a></p><p><a href="https://www.amazon.com/If-You-Can-Millennials-Slowly/dp/098878033X"><i>If You Can: How Millennials Can Get Rich Slowly</i></a></p><p><a href="https://www.amazon.com/Delusions-Crowds-Why-People-Groups/dp/0802157092"><i>The Delusion of Crowds: Why People Go Mad in Groups</i></a></p><p>“<a href="https://www.morningstar.com/retirement/bernstein-i-dont-think-system-needs-nudges-i-think-system-needs-dynamite">Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”</a> <i>The Long View</i> podcast, <a href="http://www.morningstar.com/" target="_blank">Morningstar.com</a>, May 7, 2019.</p><p>“<a href="https://the-long-view.simplecast.com/episodes/bill-bernstein-were-starting-to-see-all-of-the-signs-of-a-bubble/transcript">Bill Bernstein: We’re Starting to See al