Peter L. Bernstein - Böcker

The history of the Erie Canal is a riveting story of American ingenuity. A great project that Thomas Jefferson judged to be “little short of madness,” and that others compared with going to the moon, soon turned into one of the most successful and influential public investments in American history.In Wedding of the Waters, best-selling author Peter L. Bernstein recounts the canal’s creation within the larger tableau of a youthful America in the first quarter-century of the 1800s. Leaders of the fledgling nation had quickly recognized that the Appalachian mountain range was a formidable obstacle to uniting the Atlantic states with the vast lands of the west. A pathway for commerce as well as travel was critical to the security and expansion of the Revolution’s unprecedented achievement. Gripped by the same fever that had driven explorers such as Hudson and Champlain, a motley assortment of politicians, surveyors, and would-be engineers set out to build a complex structure of a type few of them had ever actually seen, let alone built or operated: a manmade waterway cut through the mountains to traverse the 363 miles between Lake Erie and the Hudson River. By linking the seas to the interior and the interior to the seas, these pioneers ultimately connected the Atlantic Ocean to the Mississippi River. Bernstein examines the social ramifications, political squabbles, and economic risks and returns of this mammoth project. He goes on to demonstrate how the canal’s creation helped bind the western settlers in the new lands to their fellow Americans in the original colonies, knitted the sinews of the American industrial revolution, and even influenced profound economic change in Europe.Featuring a rich cast of characters that includes political visionaries like George Washington, Thomas Jefferson, and Martin van Buren; the canal’s most powerful champions, Governor DeWitt Clinton and Gouverneur Morris; and a huge platoon of Irish and American diggers, Wedding of the Waters reveals that the twenty-first-century themes of urbanization, economic growth, and globalization can all be traced to the first great macroengineering venture of American history.

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 Prosperity?which have forewords by financial luminaries and new introductions by the author?you can enjoy some of the best of Bernstein in his earlier Wall Street days. First published in 1962, The Price of Prosperity speaks to today's uncertainties as clearly as to those of the past. With chapters like "The Burden of Government" and "The Economics of Democracy," Bernstein probes the future of an economy during rapidly changing times and the appropriate role of government in determining the ultimate outcome. The questions have not changed over time, but Bernstein's answers help us understand these issues from today's perspective. How much government control is too much control? How much can government spend? How can government influence the level of unemployment? As Bernstein shows how to navigate an ever-changing economic landscape, his timeless insights throughout these pages make The Price of Prosperity as vital and important today as when it appeared in an environment fundamentally different from our own.

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 Prosperity—which have forewords by financial luminaries and new introductions by the author—you can enjoy some of the best of Bernstein in his earlier Wall Street days. With the proliferation of financial instruments, new areas of instability, and innovative capital market strategies, many economists and investors have lost sight of the fundamentals of the financial system—its strengths as well as its weaknesses. A Primer on Money, Banking, and Gold takes you back to the beginning and sorts out all the pieces.Peter Bernstein skillfully addresses how and why commercial banks lend and invest, where money comes from, how it moves from hand to hand, and the critical role of interest rates. He explores the Federal Reserve System and the consequences of the Fed's actions on the overall economy. But this book is not just about the past. Bernstein's novel perspective on gold and the dollar is critical for today's decision makers, as he provides extensive views on the future of money, banking, and gold in the world economy.This illuminating story about the heart of our economic system is essential reading at a time when developments in finance are more important than ever.

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 Prosperity—which have forewords by financial luminaries and new introductions by the author—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 present—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.

"A lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas. Happily, Peter has taken up his facile pen again to describe these changes, a virtual revolution in the practice of investing that relies heavily on complex mathematics, derivatives, hedging, and hyperactive trading. This fine and eminently readable book is unlikely to be surpassed as the definitive chronicle of a truly historic era."—John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing "Just as Dante could not have understood or survived the perils of the Inferno without Virgil to guide him, investors today need Peter Bernstein to help find their way across dark and shifting ground. No one alive understands Wall Street's intellectual history better, and that makes Bernstein our best and wisest guide to the future. He is the only person who could have written this book; thank goodness he did."—Jason Zweig, Investing Columnist, Money magazine "Another must-read from Peter Bernstein! This well-written and thought-provoking book provides valuable insights on how key finance theories have evolved from their ivory tower formulation to profitable application by portfolio managers. This book will certainly be read with keen interest by, and undoubtedly influence, a wide range of participants in international finance."—Dr. Mohamed A. El-Erian, President and CEO of Harvard Management Company, Deputy Treasurer of Harvard University, and member of the faculty of the Harvard Business School "Reading Capital Ideas Evolving is an experience not to be missed. Peter Bernstein's knowledge of the principal characters-the giants in the development of investment theory and practice-brings this subject to life."—Linda B. Strumpf, Vice President and Chief Investment Officer, The Ford Foundation "With great clarity, Peter Bernstein introduces us to the insights of investment giants, and explains how they transformed financial theory into portfolio practice. This is not just a tale of money and models; it is a fascinating and contemporary story about people and the power of their ideas."—Elroy Dimson, BGI Professor of Investment Management, London Business School "Capital Ideas Evolving provides us with a unique appreciation for the pervasive impact that the theory of modern finance has had on the development of our capital markets. Peter Bernstein once again has produced a masterpiece that is must reading for practitioners, educators and students of finance."—André F. Perold, Professor of Finance, Harvard Business School

The Portable MBA in Investment Edited by Peter L. Bernstein a state-of-the-art program in investment principles andapplications from top-flight professionals "Peter Bernstein and his Dream Team tackle the entire investmentspectrum--from soup to nuts--and emerge triumphant. Must readingfor all investors--even those who already have their MBAs." --JackR. Meyer, President and CEO Harvard Management Company, Inc. "This book provides a treasure chest for the serious student ofinvestment." --William Reichenstein, Power Chair in InvestmentManagement Baylor University "This is an indispensable resource for anyone who is serious aboutinvesting. The lucid and insightful contributions by highlyrespected experts successfully blend theory with practice."--Claude Erb, Managing Editor First Chicago Investment ManagementCompany "Peter Bernstein has uniquely facilitated a revolution ininvestment thinking and practice over the last several decades.Students of investing everywhere are fortunate to have such auseful guide to some of the best practices in use today by theprofessional investment industry." --Patricia C. Dunn, ManagingDirector and CEO Defined Benefit Group "This book is an excellent addition to the investment bookshelf.It's long on substance, as readers of Peter Bernstein have come toexpect of his work." --Charles Froland, Managing Director StanfordInvestment Management Company Once upon a time, Wall Street lived off nice little homilies like"buy low and sell high" and "don't put all your eggs in onebasket." But investors can no longer depend on such well-wornproverbs. Today, the winners on Wall Street employ a body of theory thattransforms logic, psychology, and statistical sophistication into apowerful package of systematic principles for successful investing.This body of theory is the investor's survival kit in a financialworld flooded with information, novel strategies, and dazzlingfinancial instruments. The Portable MBA in Investment is a comprehensive guide toinvesting in today's world of finance, with emphasis on convertingtheoretical concepts into profitable applications. Edited by PeterL. Bernstein, one of the most knowledgeable and respected names infinance, The Portable MBA in Investment is ideal for seriousinvestors, people with fiduciary responsibilities, businessmanagers, professionals, and students pursuing investmentcareers. The book brings together an all-star team of experienced investmentprofessionals and leading academics. Their lucid and authoritativecontributions explain the state-of-the-art approach to everythingfrom setting objectives and choosing strategies to assetallocation, valuation, risk management, tax considerations, andperformance measurement. In his introduction, Peter Bernstein states, "The essence ofinvestment theory is that being smart is not a sufficient conditionfor being rich. This book is about the missing ingredients." ThePortable MBA in Investment enables you to experience top-levelinstruction on investment principles at your own pace--without thetime and expense of an MBA program. OTHER SERIES TITLES: The New Portable MBA The Portable MBA in Marketing The Portable MBA in Finance and Accounting The Portable MBA in Management The Portable MBA Desk Reference The Portable MBA in Entrepreneurship

A Business Week, New York Times Business, and USA Today Bestseller"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism."—The New York Times"An extraordinarily entertaining and informative book."—The Wall Street Journal"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it."—Business Week"Deserves to be, and surely will be, widely read."—The Economist"[A] challenging book, one that may change forever the way people think about the world."—Worth"No one else could have written a book of such central importance with so much charm and excitement."—Robert Heilbroner author, The Worldly Philosophers"With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it."—John Kenneth Galbraith Professor of Economics Emeritus, Harvard UniversityIn this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today."An extremely readable history of risk."—Barron's"Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face."—Money"A singular achievement."—Times Literary Supplement"There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company."—The Australian

Investment Management provides a powerful package of systematic principles and cutting-edge applications for intelligent-and profitable-investing in the new world of finance. Its authoritative approach to the investment process is indispensable for coming to grips with today's rapidly changing investment environment-an environment that bombards the investor with an oversupply of information, with novel and complex strategies, with a globalized trading arena in a constant state of flux, and with radical innovations in the development of new financial instruments. Traditional investment methods no longer suffice for investors managing their own funds or for professionals entrusted with the wealth of individual and fiduciary institutions.Edited by Peter Bernstein and Aswath Damodaran, widely respected experts in the field, this authoritative resource brings together an all-star team that combines Wall Street savvy with profound theoretical skills. The hands-on professionals who have contributed to this volume command high respect among academics in finance; the academic contributors, in turn, are also experienced in the rough-and-tumble of the Wall Street scene.Together, they have designed the book to look at investing as a process-a series of steps, taken in the proper sequence, that provides the tools and strategies for optimal balancing of the interaction of risk and return. The analysis is at all points comprehensive and lucid as it moves from setting investment objectives to the best methods for selecting securities, from explaining how to measure risk to how to measure performance, from understanding derivatives to minimizing taxes, and from providing the essentials of portfolio strategy to the basic principles of asset allocation. In a unique chapter, the book also offers a searching evaluation of management and governance structures in the modern corporation.One form of risk management is to make such successful investments that losses do not matter. Only luck can achieve that result; the real world requires decisions whose outcomes are never known in advance. That is what risk is all about. Every stage of the investment process-from executing a trade to optimizing diversification-must focus on making rational choices under conditions of uncertainty. The successful investor's toolkit has more inside of it than just the essential apparatus for selecting securities and allocating assets. The successful investor is also the one who has the knowledge, the confidence, and the necessary control systems to deal with the inevitable moments when forecasts go wrong.Investment Management explores the investment process from precisely this viewpoint. It is a comprehensive and accessible introduction to investing in today's challenging marketplace-an ideal resource for serious investors and students.

Set includes ISBN: 9780471197157 Investment Management and ISBN: 9780471362470 Security Analysis on Wall Street: A Comprehensive Guide to Today's Valuation Methods, University Edition.

A Business Week, New York Times Business, and USA Today Bestseller"Ambitious and readable . . . an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism."—The New York Times"An extraordinarily entertaining and informative book."—The Wall Street Journal"A lively panoramic book . . . Against the Gods sets up an ambitious premise and then delivers on it."—Business Week"Deserves to be, and surely will be, widely read."—The Economist"[A] challenging book, one that may change forever the way people think about the world."—Worth"No one else could have written a book of such central importance with so much charm and excitement."—Robert Heilbroner author, The Worldly Philosophers"With his wonderful knowledge of the history and current manifestations of risk, Peter Bernstein brings us Against the Gods. Nothing like it will come out of the financial world this year or ever. I speak carefully: no one should miss it."—John Kenneth Galbraith Professor of Economics Emeritus, Harvard UniversityIn this unique exploration of the role of risk in our society, Peter Bernstein argues that the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. Against the Gods chronicles the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today."An extremely readable history of risk."—Barron's"Fascinating . . . this challenging volume will help you understand the uncertainties that every investor must face."—Money"A singular achievement."—Times Literary Supplement"There's a growing market for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein would mingle well in their company."—The Australian

Capital Ideas traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management. Bernstein brings to life a variety of brilliant academics who have contributed to modern investment theory over the years: Louis Bachelier, Harry Markowitz, William Sharpe, Fischer Black, Myron Scholes, Robert Merton, Franco Modigliani, and Merton Miller. Filled with in-depth insights and timeless advice, Capital Ideas reveals how the unique contributions of these talented individuals profoundly changed the practice of investment management as we know it today.

Streetwise brings together classic articles from the publication that helped revolutionize the way Wall Street does business. During the recession of the early 1970s, investment professionals turned to the theories of a small band of mathematical economists, whose ideas on such topics as portfolio development and risk management eventually led to the reform and maintenance of entire economies. This was the first time economists and practitioners had joined forces to such remarkable effect. Economist and money manager Peter Bernstein sought to encourage this exchange when, in 1974, he founded The Journal of Portfolio Management (JPM). For this present volume, Bernstein and JPM editor Frank Fabozzi have selected forty-one of the most influential articles to appear in the journal over the past twenty-five years, some of them written by Nobel laureates and all aimed at stimulating dialogue between academic economists wishing to understand the real-world problems of finance and investment professionals wanting to bring the most advanced theoretical work to bear on commerce. Financial economics is a youthful but vital field.Streetwise not only reflects its fascinating history but through articles on topics ranging from stock prices and risk management to bonds and real estate also offers relevant insights for today. The contributors are: R. Akhoury, R. D. Arnott, G. L. Bergstrom, G. O. Bierwag, F. Black, R. Bookstaber, K. Cholerton, R. Clarke, D. M. Cutler, C. P. Dialynas, P. O. Dietz, D. H. Edington, M. W. Einhorn, J. Evnine, R. Ferguson, P. M. Firstenberg, H. R. Fogler, F. Garrone, R. Grieves, R. C. Grinold, D. J. Hardy, D. P. Jacob, B. I. Jacobs, R. H. Jeffrey, R. N. Kahn, G. G. Kaufman, M. Kritzman, R. Lanstein, C. M. Latta, M. L. Leibowitz, K. N. Levy, R. Lochoff, R. W. McEnally, K. R. Meyer, E. M. Miller, A. F. Perold, P. Pieraerts, J. M. Poterba, K. Reid, R. R. Reitano, R. Roll, B. Rosenberg, S. A. Ross, M. Rubinstein, A. Rudd, P. A. Samuelson, R. Schweitzer, C. Seix, W. F. Sharpe, B. Solnik, L. H. Summers, A. L. Toevs, J. L. Treynor, A. Weinberger, and R. C. Zisler.