William J. Bernstein is not a new Truth Teller.  He has been a Truth Teller in my world for almost 25 years.  Two of his books, “The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk” (2000) and “The Four Pillars of Investing:  Lessons for Building a Winning Portfolio” (2002) are classics.  

On the Bogleheads site he wrote:

“In the early 1990s, 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 three more titles: The Birth of Plenty; A Splendid Exchange, and Masters of the Word: How Media Shaped History. I plan to continue professionally managing money and writing yet more books.I owe Jack Bogle 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!”

He has just released the second edition of The Four Pillar of Investing.  I heartily recommend all investors make it a part of your library.  Take a look at the Table of Contents and the first chapter and you will immediately see why this book will be a valuable resource.  

For those who are coming to the Bogleheads Conference, Bill will be one of the featured speakers.  I am honored to be on a panel with Bill.