The Four Pillars of Investing

William J. Bernstein, The Four Pillars of Investing, McGraw-Hill, 2002

In short, Bernstein advocates wide diversification through a portfolio of passively managed index funds in different asset classes, and buy-and-hold for the long term. Dr. Bernstein introduces readers to four basic concepts, or what he terms the four pillars of investing: the theory, history, psychology, and business of investing.