Synopses & Reviews
One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with these classic titles from a longer time horizon--including new introductions by the author and forewords by financial luminaries--readers will be able to enjoy some of the best Bernstein has to offer.
Bernstein's Economist on Wall Street is based on his observations of the world around us over a period of 15 years, from 1955 to 1970. However, the observations Bernstein made then have significant relevance for today. He discusses in detail the issues of institutional investment, risk, and the unexpected facts regarding fixed-income securities versus stocks. In another section, he addresses the idea of trying to beat the market through research and forecasting--and how often this can fail us. In the final chapter, he talks to socially conscious investors who struggle between doing what is right and doing what is profitable. As relevant as ever, we still struggle with these issues today.
Peter L. Bernstein (New York, NY) is the author of ten books, including the bestselling Against the Gods: The Remarkable Story of Risk (978-0-471-29563-1), Capital Ideas (978-0-471-73174-0), The Power of Gold: The History of an Obsession (978-0-471-00378-6), and Capital Ideas Evolving (978-0-471-73173-3), all from Wiley. He is also founder and President of Peter L. Bernstein, Inc., an investment consulting firm he established in 1973, which serves institutional investors and corporations around the world.
Synopsis
One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as
Economist on Wall Street,
A Primer on Money, Banking, and Gold, and
The Price of Prosperitya??which have forewords by financial luminaries and new introductions by the authora??you can enjoy some of the best of Bernstein in his earlier Wall Street days.
Peter Bernstein's Economist on Wall Street is a collection of writings from 1955 to 1970. The book is especially interesting because so many of Bernstein's observations reflect the most important issues of the presenta??the outlook for inflation and its control, the intricacies of monetary policy, the future of the dollar, and the dilemmas of household finances. Bernstein was also concerned with developments in portfolio management, including the new influence of institutional investors and rules for optimal asset mixes. He provides light touches, too, as he indulges in fantasies and philosophical musings over a wide variety of topics.
With so many years of hindsight, we should not be surprised to find some of Bernstein's predictions running awry. But why? In each instance, these forecasts were biased by memories of the past. There is a big lesson to be learned there.
Economist on Wall Street is a remarkable book, with lasting relevance and keen insights into the art of investment management, the capital markets, gold and the dollar, and the fun of being alive.
About the Author
PETER L. BERNSTEIN is founder and President of Peter L. Bernstein, Inc., established in 1973 as publishers of Economics & Portfolio Strategy and consultants to institutional investors around the world. He is also the author of ten books, including three recent volumes from Wiley—Against the Gods: The Remarkable Story of Risk, The Power of Gold: The History of an Obsession, and Capital Ideas Evolving.
Table of Contents
New Foreword by Arthur Levitt Jr.
Original Foreword by Gilbert E. Kaplan.
New Introduction.
Original Introduction.
Chapter 1: Priorities Is . . .
Chapter 2 : The Feel of the Market.
Chapter 3: Inflation and the Economy.
Chapter 4: Gold and the Balance of Payments.
Chapter 5: How Wrong Can You Be?
Chapter 6: The Economist as Portfolio Manager.
Chapter 7: Philosophy and Fantasy.
Index.