William Bernstein

About the author

William Bernstein is a financial theorist and retired neurologist. He is a cofounder of the investment advisory firm Efficient Frontier Advisors. Bernstein has authored several finance and economic history books including The Four Pillars of Investing and The Intelligent Asset Allocator.

He advocates for modern portfolio theory which states that asset allocation determines investment returns more than individual investments outperforming the market. Bernstein believes diversification and passive investing lead to superior long term portfolio returns compared to stock picking. His philosophy aligns with the idea that markets are efficient and difficult to beat without taking on significant risk.

Bernstein's advice focuses on simple portfolios of low cost index funds tailored to an investor's risk tolerance and time horizon.