William Bernstein

William Bernstein is a practicing neurologist in Portland, Oregon who became a self-taught investment theorist and prolific author. His books "The Intelligent Asset Allocator" (2000) and "The Four Pillars of Investing" (2002) became important resources for retail investors seeking to understand modern portfolio theory and apply it to their own investing. Bernstein synthesizes academic finance research on asset allocation, risk, and factor returns into accessible frameworks. He manages money for wealthy clients through Efficient Frontier Advisors. His books on financial history, including "The Birth of Plenty" on the origins of economic growth and "The Delusions of Crowds" on financial manias, have also gained wide readership. His unusual combination of scientific training and deep financial reading has made him credible in both academic and retail investor circles.