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

The author and investment advisor joins us for our 100th episode to discuss his new book, value stocks and inflation, and the current market environment.

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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 The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.

Background

Bio

Books

Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019.

Current Market Environment

The Wisdom of Crowds, by James Surowiecki

A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.

From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020.

The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020.

4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021.

Inflation, Bonds, and Other Asset Classes

The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015.

Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020.

What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020.

Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen.

Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020.

What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021.

Retirement

How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014.

Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020.

"Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020.

ETFs

No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021.

Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021.

Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 2021. 

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