William Bernstein

Dr. Bernstein is a bogleheads.org reading list author "About twelve or so years ago, I became interested in the problem of portfolio rebalancing. I gradually figured out that the excess return earned from the process was a function of asset class volatility, correlation, and return—precisely the same inputs which determine portfolio efficiency. In other words, an understanding of rebalancing leads to an understanding of portfolio theory, which in turn leads to more efficient investing.

I started my website, efficientfrontier.com, and by and by published my first book, The Intelligent Asset Allocator, and co-founded, along with Susan Sharin, a money management firm, Efficient Frontier Advisors. Eventually, I published another book, The Four Pillars of Investing, and branched out from there to economic and historical nonfiction with two more titles: The Birth of Plenty and a forthcoming narrative of the story of global trade, A Great Exchange.

I still enjoy teaching neurology, and I plan to continue professionally managing money and writing yet more books.

I owe Jack at least as much as do the rest of us: without his encouragement, I probably wouldn’t have persevered in financial writing; without his insights into finance, I would not have found the right path; and without Vanguard, I would be a lot poorer!"