Richard Bernstein

Richard Bernstein served as Chief Investment Strategist at Merrill Lynch for many years, where his regular research publications on business cycles, market history, and asset allocation were widely read by institutional investors. He founded Richard Bernstein Advisors (RBA) in 2009, building it into a respected institutional investment management firm focused on a business-cycle-based approach to asset allocation. RBA's investment process identifies what stage of the economic cycle we are in and positions portfolios accordingly across equities, fixed income, and alternative assets. Bernstein has been a consistent critic of benchmark-hugging and factor-overcrowding, arguing that genuine active asset allocation based on business cycle analysis can add significant value. His consistent emphasis on business cycle positioning — rather than factor exposure or security selection — as the primary source of active return has provided a coherent and differentiated identity for RBA in a market where most active managers struggle to articulate a clear competitive advantage.