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21 of 22 people found the following review helpful
5.0 out of 5 stars Outstanding!
I've read all of Bill Bernstein's books and they are all excellent. Rational Expectations is equally superb. Where Bernstein stands out is his ability to distill dense financial research papers and theories into something that easily readable and usable.

He starts out with a review of the historical returns of the major asset classes and continues to develop...
Published 6 months ago by C. Ryan

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9 of 12 people found the following review helpful
3.0 out of 5 stars OK; but not up to Bernstein's standards
This book is OK for novices, but for the "adults" it falls short. Retirees need something more specific than Bernstein offers in this offering. I own most of Bernstein's books; this is probably the weakest.
Published 6 months ago by George Lockyer


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21 of 22 people found the following review helpful
5.0 out of 5 stars Outstanding!, June 17, 2014
By 
C. Ryan (Los Angeles, CA) - See all my reviews
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This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
I've read all of Bill Bernstein's books and they are all excellent. Rational Expectations is equally superb. Where Bernstein stands out is his ability to distill dense financial research papers and theories into something that easily readable and usable.

He starts out with a review of the historical returns of the major asset classes and continues to develop rational expectations for future returns. He goes a bit deeper into rational for a small and value tilt to your portfolio as well as investigating the momentum factor. Other areas covered include life cycle asset allocation and liability matching portfolios.

He also spends time on financial behavioral issues and how they can undermine your plan.

Once started, I couldn't put it down and I'm now rereading it. Invaluable!
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16 of 17 people found the following review helpful
4.0 out of 5 stars Good but not great. Lacks some key chapters. The Intelligent Asset Allocator is still his best work., July 23, 2014
This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
Good but not great. Bernstein discusses the extremes of equity (risk) products and government bonds (safe) products, and the importance of separating the two. Some good advice there, as well as consideration of premiums such as value, momentum, etc.

But he pays only lip service to corporate bonds, and gives no consideration at all to several important intermediate risk asset categories (emerging market bonds, developed market ex-US bonds, high yield bonds, convertible securities, preferred shares, foreign REITs, etc.) It would also have been nice if he had provided an appendix with several sample portfolio allocations for different age and risk tolerance profiles. After all the buildup in his verbiage and empirical evidence, I was quite underwhelmed that he didn't add at least a few sample index allocation profiles as starting points/roadmaps. I love Bernstein's work but this reads more like an 80% complete draft than a finished tome.
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9 of 10 people found the following review helpful
5.0 out of 5 stars Excellent advanced investing, June 11, 2014
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Roger Jack (Havertown, PA United States) - See all my reviews
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This well-researched, thoughtful book is a must read for any advanced investor concerned about his asset allocation and retirement portfolio. I've read lots of investment books and articles and most of the time I learn nothing new. This book taught me several useful new original ideas.
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5 of 5 people found the following review helpful
5.0 out of 5 stars Not for the uninitiated, August 5, 2014
Great for followers of Dr. Bernstein and for others who feel they have mastered the basics of personal investing. Not a good first investment book or one for readers not interested in following a bit of college level math and statistics.
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9 of 12 people found the following review helpful
3.0 out of 5 stars OK; but not up to Bernstein's standards, June 26, 2014
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This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
This book is OK for novices, but for the "adults" it falls short. Retirees need something more specific than Bernstein offers in this offering. I own most of Bernstein's books; this is probably the weakest.
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8 of 11 people found the following review helpful
5.0 out of 5 stars Did not have high hopes, but this was really well done, June 29, 2014
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I was avoiding William Bernstein's books - because I like to actively invest in the Market, and also am not a big fan of conventional portfolios. But, I took this as a summer reading assignment and I am glad I did. He really brings it with the data and examples - and has me thinking, which is always a good thing. I especially like the way he differentiates between how one should look at investments based on how old they are and where they are in their life cycle. I am 51 years old, obviously I should be investing differently from a 20 year old, but he takes the time to explain why. He also speaks to valuations, something sorely lacking in most books - especially with the indexing lemmings.

Very highly recommended - and, really good price - will never understand the pricing policy on Amazon Kindle books. I have bought many kindle books for 5 times this amount, that were useless - if not, outright fraudulent.

RAZ
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2 of 2 people found the following review helpful
5.0 out of 5 stars I have read and enjoyed many of Dr, July 7, 2014
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This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
I have read and enjoyed many of Dr. Bernstein's earlier books. This volume is an excellent and concise guide for anyone who is concerned about investing for retirement, whether you work with a planner, or manage your own investments. The author did not provide a "cookbook" but rather a framework to follow. Highly recommended.
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3 of 4 people found the following review helpful
5.0 out of 5 stars You will be well rewarded in reading this book, both intellectually and financially!, July 15, 2014
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This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
I have enjoyed reading all of William Bernstein's books and he is a terrific author, making complex concepts very clear.

Assuming the reader is comfortable with the basics (specifically material from The Intelligent Asset Allocator, The Four Pillars, and Investors Manifesto) this volume takes it to a deeper level. Assuming you understand basic portfolio design, this volume will help you better understand utilizing factor tilts (small cap, value, momentum, and profitability). One can then apply these factor tilts and use Dimensional funds (or Vanguard - I like both but enjoy the options DFA allows) to design age and situation appropriate portfolios.

As markets continue to march onwards, the need for low cost diversified portfolio design is ever important. No doubt other market factors will become evident and understanding these concepts go a long way at increasing one's ability to design and manage a well diversified, inexpensive portfolio.

You will be well rewarded, both intellectually and financially!
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3 of 4 people found the following review helpful
4.0 out of 5 stars A Welcome Read (even if Bernstein fans have seen some of this before!), June 18, 2014
This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
Dr. Bernstein's penchant for acronyms can get old, and readers of recent books will recall seeing bits of this work previously. Still, I was pleased to have this book to teach me and remind me not to do stupid things with my portfolio. I needed the refreshers and I especially benefited from the section on when to re-balance. Since I didn't learn enough about investing before I inherited some money, I view Bernstein as " Uncle Bill" - there to set me straight on how to think about my asset allocation with respect to my own situation.. Don't be scared of the math!
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1 of 1 people found the following review helpful
5.0 out of 5 stars Worthwhile Reading, September 1, 2014
By 
JDC (New York, NY USA) - See all my reviews
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This review is from: Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4) (Paperback)
This is a first rate book on investing with many intelligent insights. Some of the book's arguments on indexing and costs should be familiar to those with some background in investment theory. But the author's focus on asset allocation in an environment of low expected returns makes this worthwhile reading even for those people. The one omission is tax considerations, which may make some of the strategies questionable.
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Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4)
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