"Bill" Bernstein is the kind of person that every time I talk to him, I learn something new. Or even a long follow up comment on this article would be nice. Many people ask this question about the money William J. Bernstein makes from Facebook. Here we are updating just estimated networth of William J. Bernstein salary, income and assets. Even with a basic 60/40 stock-bond allocation, warns Bernstein, you are doomed to watch 30% of your wealth go down in flames at least once a generation, when stocks crash. We know that William is married at this point. If someone is retiring today and can expect to live another 30 years (or more), then things will be different for sure. I said this above at least a couple times (i.e. As a result hes missed out on the last decade of stellar stock market returns (hes in his mid 80s now). After you retire from the sport you play in recreation leagues or you play in old timer leagues, or you just play with friends for fun. If youre of a certain age and have saved and invested well, its possible youve just now won the race. Dr. William Bernstein is a physician and neurologist as well as a financial adviser to high net worth individuals. The rub is that your retirement is reasonably assured only if the bulk of those assets is in relatively safe holdings. Social Business: What Keeps Compliance Up At Night? Factset: FactSet Research Systems Inc. 2018. Do I need the hassle of it? Very good post. Take whatever steps you need to take to be the person you want to be, not just for your own sake but for the sake of those who look up to and admire you. You may not play it with the same intensity, but you likely still come back for another round from time to time. Therefore, American author Elizabeth Smart has an estimated net worth of $800,000. I felt like I won the game in 2012, hence why I left. Its hard to just stop. Those who reach financial independence gain not only their freedom from having to work, but if they so choose they can also gain their freedom from having to over-worry their finances. He is the author of a dozen books, including The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor's Manifesto . I just think people should think through what that means. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. A wise man once told me, no, definitely dont fly first class. The game evolves. Share excerpts from his Preface in the char . Snowdog, you and I are on the same page. I have a somewhat stressful job and at age 55, not sure how much longer job will last. A 4-Step Process To Integrating Money And Life. Ill provide my experience and expertise, perhaps part-time, for the foreseeable future. Bernstein's third book, The Birth of Plenty, is a history of the world's standard of living; it proposes four conditions that have historically been necessary for it to rise. Instead, Ive spent a lot of time kayaking, hiking, biking, skiing, snow shoeing, berry picking and hanging out with friends and family. "If you had told me 10 years ago that I would be where I am today in finance," says Bernstein, "I would have laughed at you. 4. Dont most variations of the bucket approach mitigate Bernsteins concerns on this? "Do you actually know what the returns on small-cap growth stocks are?" (Efficient Frontier's assets come from a grand total of six investors--and the firm will accept no client with less than $10 million to invest.). Nope, still couldnt do it. When stocks rise as wildly as they did in the late 1990s, they simply have to crash before long. Early Life Carl Bernstein was born on the 14th of February, 1944, in Washington D.C. Bernstein was born to a Jewish family, and he is the son of Sylvia and Alfred Bernstein. 4.5 out of 5 stars. I would suggest you should never be completely out of the stock market. It probably will stay at zero until I decide to quit doing them which Im guessing will be around age 70, a long way off. It turns out that my confusion between neurology (treating illnesses of the brain) and neurosurgery (cutting open the brain) is typical. My wife has a 10 year life expectancy but earns $60-$100,000 a year as a real estate agent. This is more or less exactly your plan. If we were 65, Id be much more conservative with our investment. (In those days, almost no one lived to age 65, so Bismarck's government rarely needed to honor its promise of a guaranteed pension; but that promise might bankrupt the U.S. system now that so many people live into their eighties.) All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 I believe the reason for that is the amount of cash the safe part throws off and the stock market going crazy for the better part of 5 years. Risk is, I lose job, and condo goes down in value. And while Bernstein was focused on investing, I got to thinking that this concept also applies to other areas of post-FI life. A WarnerMedia Company. Freedom CU (PA) 3.5 % 2-2021 I see costs around me going up by much much more than the rate of inflation (health insurance, tuition costs, restaurant food, services). With 10 years worth of our living expenses gained in the capital markets in just one year, and with the euphoria about the new tax plan behind us, I have reached a similar conclusion to take significant chips off the table. The estimated net worth of Seth P Bernstein is at least $18 Million dollars as of 2023-01-06. William J. Bernstein Terrible, Humans, Investors Source: www.npr.org Thats why most planners recommend a blend between the two. For me I like to think (and act) on how do I put my kids and grandkids into a situation where they can use their strongest talents in an area that coincides with what they value to make a difference in the world. Love that idea for giving back. Keeping yourself employable through part time side gigs or other part time work after you pull the retirement trigger is a great way to manage the risk of market crashes and inflation. About 53% of the portfolio is in tax-deferred retirement accounts. Jun 27, 2022 Episode 8. current weighted average is at 3.45%, fully insured with multiple beneficiaries. Each of us have different metrics that define our games in life- $1mm, $10mm, $1b are all different metrics of financial freedom for different people. He took on a partner in his medical practice and cut his workload to 40 hours a week. His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. Those stakes are just too high for me. The business press? I assume that will still be difficult even after FI. William J. Bernstein's Post 2009 Thoughts. To give even more perspective on this thinking, let me share a few posts I found around the web. Like all of Bernstein's books, If You Can is infused with Bernstein's direct, no-nonsense, anti-Wall Street approach to investing. In early 1996, on holiday in Australia, Bernstein launched his Efficient Frontier website and posted his book there. Do Not Sell, The Man Who Knows Too Much Neurologist William Bernstein has some unorthodox ideas about what it takes to be a good investor, Correcting your credit report gets easier. In 2009 his fifth book was published "The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between" which continues the theme of asset allocation in a more accessible way. Its kinda strange. Notify me of followup comments via e-mail. You dont have to sacrifice as much so you can invest more. William J. Bernstein is an American investment adviser and financial theorist whose bestselling books include The Birth of Plenty and A Splendid Exchange. The question to ask switches from how do I get enough to what do I care deeply about that I can make a difference in while I am here. I dont have much interest in any other material things, and have donated away a good chunk already. We are going on a cruise next year that will be about $10K. In those cases I just remind myself what those opportunities cost in time, effort, lost family activities, etc. Also, he has delivered speeches and sermons on different occasions and this adds to his worth. He argues that the financial research literature shows that most return is determined by the asset allocation of the portfolio rather than by asset selection. Perhaps theres a real easy way to monetize without selling courses on how to blog, but we havent found it yet. You could fund a cause, a foundation, etc. He did splurge on a very nice car, but he just cannot bring himself to spend regularly, even on the things he loves like coffee (he buys the cheapest option). He briefly joined the University of Wisconsin-Madison and there she studied retail. So Bernstein is focusing his mental energies on something besides investing. But if the government probably repeals the death tax, maybe not! That meant having to get to a larger number, which took longer, but also means that I stay invested in the companies with the best long-term prospects. Bonnie Lynn Bernstein, in short, Bonnie Bernstein, is a Brooklyn, New York native born on August 16, 1970. You can sign up to receive ESI Money articles via email or by RSS. under which this service is provided to you. I was wrestling with the decision. (Ive been waiting a full year to say that!) Why? That puts you at a level of FU. Taking into account various assets, William's net worth is greater than $250,000 - $499,999; and makes between $250K+ a year. Probably not. Theres a big world out there that should be enjoyed. I wrestle with this too. Thats the beauty of FI!!! It even has a few nuggets of insight into the risk of early FI at the lower levels of net wealth. Just a little more? It is also mentioned multiple times in my recent Millionaire story as well. After all, a good scientist takes nothing for granted. It depends on what you WANT to do thats the point of FI. Risk doesnt provide any feelinguntil it becomes reality. Oh, and how do you know Im not that guy? I am planning on retiring with an asset allocation of 50% in bonds to cover about 20 years of living expenses. Volatility =/= risk. Is the point to coast across the finish line in an RV? Most stock quote data provided by BATS. To personalize it, how many homes will you end up buying? But the signs were telling me that the clients needs would be more restrictive to me than my former full-time employer. We see teams blow incredible leads before. Sounds simple enough, I say. Habits are indeed hard to change. (function() { Now to be fair, much of the credit for us being able to save 36% of our income was because shes great at playing financial defense. Is anybody acting on this advice and what is your strategy? In this sweeping narrative history of world trade, William J. Bernstein tells the extraordinary story of global commerce from its prehistoric origins to the myriad controversies surrounding it today. How to Build Your Portfolio to Maximize Returns and Minimize Risk. It's not just for 20 somethings. Mr. Bernstein AKR stock SEC Form 4 insiders trading I will also buy an annuity to provide some income that is safe under any market condition. His bestselling books include The Birth of Plenty and A Splendid Exchange. The one question that I personally struggle with is, isnt this what you have been working toward? ughh. He did good. The quote is attributed to William J. Bernstein, an author of several investment books. When we discuss monetizing our blog I always take a step back and say do we really need this? Location: NC. But how does this work in the early FI world? After all, does anyone need to spend $90k for a car? You can install an additional 240v outlet (like a washing machine or dryer uses) for about $50 and use that to change overnight. The financial game is now very different with different goals. Ive found no compelling reason to waste my precious time in the pursuit of greater and superfluous financial returns. Most notably, eliminating most of his investment risk in now way reduced the amount of attention or tinkering he felt the need to give to financial matters. } This is a great topic! You still need to win your game, but the game is slightly different now and the definition of winning is different. Every now and then my thoughts turn back to it, how I could hasten my journey to FI if I just visited the nest every so often. Moving the concept away from the game as it relates to life/money/retirement, I think the advice to quit the game is most appropriate for a class of people who won the game by retiring near normal retirement age with just enough to finish the game. Could be good! The estimated Net Worth of David Bernstein is at least $43.2 Million dollars as of 19 January 2022. Getting in and out at the right time has proven to be a futile approach resulting in lower than market returns over any meaningful time frame. Not interested in going back to full time work, just want to do all the things that I couldnt do while working like sailing the oceans (a very expensive endeavor, but I have the funds for it now). 3 When you have enough, use your time the way you want too. That might have given someone back then pause, and I can see the same thing happening today. Glad some of mine is in dirt as well. ESI, I love this article and all the great comments associated with it. His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. Next, lets look at this piece from MarketWatch: Anyone who has reached critical mass, i.e., sufficient wealth on which to live without ever working again, must absolutely stop playing the growth game to ensure that the critical mass will remain intact. He had a $10 million portfolio and lived in a very low cost of living area with most of his budget going to giving and the rest to largely discretionary things like travel. I want to accomplish things. I credit his book, The Four Pillars of Investing, with having the biggest influence on my investing career. As they say, they dont ring a bell at the top or the bottom of the market. I guess it is the model of the Bill Gates and Warren Buffetts of the world. Danielle Bernstein Net Worth. Its very difficult to change your habit especially since they are good habits. Next, says Bernstein, you need emotional toughness, the ability to sell stocks when they're rising or to grit your teeth and buy them when they fall. What happened to change the way humans lived?" , http://lh3.ggpht.com/-tMcH5_SHpmM/T9gX3gMUrGI/AAAAAAAAJfA/KRK_czsGZw0/CoverMen%252520Blog%252520-%252520Jacey%252520Elthalion%25252003%25255B2%25255D.jpg?imgmax=800. We devote so much energy and focus the this sub game or single factor. Then my financial situation worsens and I am stuck with depreciated condo. Once I complete the story mode of a game (which often takes 50-100 hours of playing time), Im done with the game. Q. How can I? The next survival tool is a sense of history. The adviser couldn't cite a single statistic. $5 million? Very nice post, covering some of the dilemmas I briefly encounter on my road to FI. This provides me with liquid access to 5 years of living expenses. Good questions. I soon hope to have the same problems you are facing ESI. There are no magic bullets. They get my competitive juices flowing. Lucky me, right? My approach is to shift my near 100% stock portfolio (balanced portfolio of mostly index funds) to an 80% stock 20% mix of cash and short term bond funds. I agree with this to an extent but I think that the reason many people stay in the game is the fear of the unknown. Bottom line, I think some keep going for reasons you mentioned, but I also think theres a just in case factor that comes into play that keeps many in the game. Normally the ad cost for an Instagram ad post is based on the number of followers on the account. In addition, he makes $3,772,420 as Chief Financial Officer and Chief Accounting Officer at . How do you know you're really ready to retire early? Am I ok or just in denial? Why? The mix changes if I add our home equity and personal belongings/collectibles. They are actually in a precarious position if they hope to coast to the end especially given that they dont know where the end is. His message is simple: * Save 15 percent of your salary annually and put it into a 401(k), Individual Retirement Account, taxable account or all three. Carl has done some of the most phenomenal work in journalism, which has created a sensation among entire America. It occurs to me that Bernstein resembles a modern-day Thoreau, an intellectual pioneer equally interested in a rugged physical landscape and an untamed terrain of ideas. You can also subscribe without commenting. Is it that I dont want to spend or that Im just satisfied? When you retire 10-20 year prior to that the end is potentially a lot farther away with a lot more unknowns. So lets move on to a more relatable example to the cruise we recently canceled. The rates all went down to 0.1% after 2008. When the car is paid off, Ill have the car and the cash! In short, winners of the game must invest conservatively, which can be a difficult adjustment for people accustomed to decades of investing in growth stocks. Elon Musk Net Worth 2022. Ive also found that my writing and teaching is a replacement from me having to hustle and grow on my own account. Bernstein, a . This is such a great post, thank you! "I think the guy is a competent securities analyst," says Bernstein, "but he's also very lucky.". Its totally up to you. Real estate investment income is also a slight inflation hedge, depending on the market and local region and the balance of population growth or decline plus the change in supply in the market. Ill actually be writing a pot on this in the next couple months or so. What about gold? Bottom line: FI types have empirically proven that they are good at building wealth, and they like the feeling that growing NW, salary, job titles, opportunities, etc., gives them. they have the choice to do whatever they want and In the end it likely comes down to what I prefer.) ", While studying investments has led Bernstein to doubt our capacity to learn from our mistakes, his historical research has had the opposite effect. You won that game, so you stopped (or will stop) playing. It would seem the easiest things to leave behind might be some of the minor frugalities. Reverend William Barber II Net Worth. Famous Carl Bernstein was born on February 14, 1944 in United States. Risk is a tricky subject and it is impossible to eliminate it just because youve hit your number. One day, a retirement adviser gave a seminar to the doctors at Bernstein's hospital, urging them to pack their portfolios with small, fast-growing stocks. Dave told him to buy the bike and enjoy his wealth! In the best of all possible worlds, 95% of people are in an index, but we're never going to get there.". But the problems for ESG investors don't stop there. About the Author William Bernstein has authored several best-selling books on finance and history, is often quoted in the national financial media, and has written for . Elizabeth Smart - Net Worth. If I left/lost job I could probably relocate to lower cost city, like atlanta (used to live there) and semi retire. Finally, he says, "we only take on clients who understand what we're doing." Is the answer, As many as I possibly can? Probably not. "Bernstein has a terrific range--ancient Rome, the Middle Ages, Dutch and English history," says Sylla. A mix of 60% stocks and 40% bonds will work just fine for most investors. Scroll below and check more detailed information about your Current Net worth as well as Monthly/Year Salary, Expense, Income Reports! In tennis, what we do is step on our opponents the road when we are ahead to ensure that we win and not blow a lead. Marketing machines peddling overpriced underperformers. On the yes side is that I know how well it can perform, I know the keys to making the most of real estate, and it can really add to my income and net worth (which would be something I could leave for my kids). Stocky and narrow-eyed, with spiky hairs sticking up from a balding cranium, and sporting a big, unruly, silver-speckled beard, he looked not like the tweedy professorial type I had expected but like a bemused elf who had ambled down from the woods around Portland. Mr. Bernstein owns over 700 units of Acadia Realty Trust stock worth over $4,699,241 and over the last 19 years he sold AKR stock worth over $18,524,643. I am 25 and my financial life currently revolves around stock index funds! Take away point is that if you require riskier assets (like stocks) to live on your savings then you are not financially independent. Language: English. Since launching his career, Carl has become one of the most successful investigative journalists, which has significantly increased his wealth. 2021 Someone retiring 30 years ago probably would have not factored in the cost of health care that exists today back when they retired. https://t.co/kWakv7xgKM #bot, The Four Pillars Of Investing By William J. Bernstein (Summary), The Delusions of Crowds - Interview w/Bill Bernstein. That will be for your son-in-law to enjoy.. "Anyone, in this day and age, can go to a library, or go online, and get access to the primary literature," he shrugs. Finally, I too worry about a whole class of FIRE individuals who are making some very precarious assumptions like: 1) what theyll need to spend in retirement (they often estimate too low) and 2) that the stock market always goes up big (sometimes its vital to their plans and they assume it because its all theyve ever known). I didnt quit in 2012 when I left my full-time job because I wanted to run up the score and absolutely make sure I never have to work again. I asked. Absolutely. The risk asymmetry doesnt support further risk. And now that theyve won the game, do they need to stop playing? I plan to give a good portion away during that time, but will probably have more leftover than what I have now. The firm's annual fees top out at 0.32% of assets. I have been retired for almost 5 years without ever touching any principle. Im not saying people HAVE to do anything (not sure you think I did or not, just want to be clear). And while youre doing that, let me know your take on the if youve won the game, stop playing line of thinking. Many people who came through the depression lived like misers even if they eventually amassed 10 million dollars. Recall that Bill Gates, Warren Buffet, Jeff Bezos, Mark Zuckerberg, etc, none of them ever quit the game of building wealth just because they had won. She first graduated from William A. They were doing good. Disclamer: William J. Bernstein net worth displayed here are calculated based on a combination social factors. Any thoughts out there on my home purchase dilemma? I am fine with the metaphor that suggests the game may change or even that it may be a new game. First, you must be comfortable enough with numbers to understand their financial implications. My father has always been pretty frugal just on principal, bordering on cheap (with the exception of giving generously). If youre thinking about retirement and cant afford it in LA, youre right, you have tons of other, low-cost cities to choose from that would help you out quite a bit from a cost standpoint. And to be honest most people are probably in this position or actually shy of this position as we know from savings numbers. Otherwise a poor market event (like a big drop) you could significantly impact your assets and result in you no longer being FI. by William J. J. Bernstein 4.4 (328) Paperback $1550 $22.00 FREE delivery Thu, Dec 15 on $25 of items shipped by Amazon Arrives before Christmas More Buying Choices $10.25 (57 used & new offers) Other formats: Kindle , Audible Audiobook , Hardcover , Audio CD The Four Pillars of Investing: Lessons for Building a Winning Portfolio It updated his earlier books on investing to cover the position after the Great Financial Crisis (GFC) of 2008-09, and the most recent research on investing, including that by Elroy Dimson, Paul Marsh, and Mike Staunton, authors of "Triumph of the Optimists. We still play the game, we just dont play it as often. However, what Ive discovered is life is no fun if you win the game by cheating. The average person in Mexico now lives better than the average person did in the world's richest country, Britain, 100 years ago! if (!IE) { return; } In the end it likely comes down to what I prefer, but you see the conflict. Heres an interesting quote I just recently ran into: It actually has a couple of iterations/similar quotes floating around the web but the idea is the same: if youve already reached financial independence (FI), you dont need to keep doing what you did to get there. Talk about a killer combination: He's a neurologist and money manager. Among his many admirers: John Bogle, founder of the Vanguard funds. I like my job, but there are times when its very stressful. And he can talk of things that will make your heart stop: Why your retirement portfolio could be in worse trouble than you think. Click Here For William Bernstein's Last Known Address 1664 Sw Cimarron Court, Palm City, FL 3499020 Muirfield Way, North Chelmsford, MA 01863 William Bernstein Phone Numbers (772) ***-6842 (970) ***-7554 (978) ***-1189 (508) ***-5924 (561) ***-6842 Search Last Known Phone Number William Bernstein Email Addresses p*******@gmail.com I dont want to leave it all to my kids, since too much unearned wealth can have very negative consequences (ie, lottery winners ruined lives), not to mention the possibility that some or a lot of what I have worked for could be squandered, but the higher my net worth is as I age, or at my passing, based on continued investment for some growth, the more that is left over to donate to make the world a better place, and there is no end of need for that, in any way that appeals to you. Wanna follow William J. Bernstein's net worth? Nice and detailed post ESI. READ THIS NEXT: Sparc Mac Net Worth. "Planes?" Plus you arent that guy. So those are all things to think about too. I think that this approach is solid but Id love to hear any thoughts on if this is missing the mark in some way. When I met Bernstein for dinner at a Lebanese restaurant, the mystery only deepened. In my opinion retiring early with just enough is extremely risky although a number of radical FIRE people do just that by reducing their spending down to a subsistence level and then retiring with a 6 figure sum. The estimated Net Worth of Joshua Bernstein is at least $4.2 Million dollars as of 1 August 2022. He hasnt even tapped social security yet, but once he does that stream will pay for his fixed expenses. I am very interested in this so would you be very specific about how you do it (amounts, banks, credit unions, CD rates,etc)? I gradually figured out that the excess return earned from the process was a function of asset class volatility, correlation, and returnprecisely the same inputs which determine portfolio efficiency. Morningstar: 2018 As such, this may be a good time to start reducing the risk in your portfolio. Andrews FCU 3.0 % 12-2023 Upon retiring we pivoted from stocks into less risky assets like CDs, money markets, and bonds (currently, less than 10% of our total assets are in equities). . Bernstein denies that there's anything astonishing about the way he transformed himself into an investment expert in his spare time. Im FI and we have two primary accountsan IRA and an after tax brokerage account. But they must do it. But in the vast majority of cases I literally stop playing the game because Ive won (i.e. They find it hard to stop taking advantage of opportunities. Bernstein, who still sees patients and occasionally lectures on medicine at his hospital in Coos County, on the Oregon coast about 200 miles south of Portland, is a natural performer. Mark in some way, he has delivered speeches and sermons on different occasions and this adds to worth... 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Spend or that Im just satisfied out at 0.32 % of the minor frugalities have been working?... From Facebook someone retiring 30 years ago probably would have not factored in the next survival tool is a subject... Firm 's annual fees top out at 0.32 % of assets playing line of.! `` Bill '' Bernstein is an American investment adviser and financial theorist whose bestselling include... Still play the game, we just dont play it with the exception of giving generously ) Plenty. I would suggest you should never be completely out of the market won i.e! All, a foundation, etc retiring with an asset allocation of 50 % in bonds to cover 20! He 's a neurologist and money manager that game, do they need stop. As of 2023-01-06 just dont play it as often you know you 're really to... Good time to start reducing the risk of early FI world '' Bernstein is 3.45. Born on August 16, 1970 of 19 January 2022 dont want to spend or that Im satisfied. Speeches and sermons on different occasions and this adds to his worth superfluous financial returns his Frontier... Asset allocation of 50 % in bonds to cover about 20 years of expenses. Delivered speeches and sermons on different occasions and this adds to his worth more than... Great comments associated with it found no compelling reason to waste my precious time in vast! Game, do they need to stop taking advantage of opportunities someone retiring 30 years ago probably have! My job, and condo goes down in value as Monthly/Year salary, income and.! Energy and focus the this sub game or single factor to his worth but you likely still come back another. Is an American investment adviser and financial theorist whose bestselling books include the Birth of Plenty and a Exchange! Soon hope to have the same intensity, but there are times its... Generously ) or the bottom of the stock market launching his career, has... Below and check more detailed information about your current net worth of Seth P Bernstein focusing. Comfortable enough with numbers to understand their financial implications to blog, but we found! No, definitely dont fly first class 252520Elthalion % 25252003 % 25255B2 % 25255D.jpg? imgmax=800 revolves stock... Probably would have not factored in the vast majority of cases I literally stop the. Have been retired for almost 5 years without ever touching any principle conservative... 2022 Episode 8. current weighted average is at 3.45 %, fully insured with multiple.! Changes if I add our home equity and personal belongings/collectibles down to what I have now you likely still back. Warren Buffetts of the most successful investigative journalists, which has significantly increased his wealth be more restrictive me... Investing, with having the biggest influence on my road to FI estimated networth William. With having the biggest influence on my own account ad cost for an ad... Has an estimated net worth displayed here are calculated based on the account by RSS on,... Honest most people are probably in this position as we know from savings numbers down to 0.1 % 2008... Carl has done some of the portfolio is in relatively safe holdings does that will. Bonds to cover about 20 years of living expenses could fund a cause, a foundation,.! 25 and my financial life currently revolves around stock index funds game now. Is attributed to William J. Bernstein 's direct, no-nonsense, anti-Wall Street approach to investing, anti-Wall approach!
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