About this source
Neurologist-turned-investment-writer William J. Bernstein shares his evidence-based investment philosophy with the Making Money Podcast, covering portfolio construction, behavioural risk, surviving bear markets psychologically, retirement income security, and the structural flaws of financial media. Bernstein draws on decades of peer-reviewed research and his Four Pillars framework to argue that the goal of investing is not to get rich, but to avoid becoming poor.
Frameworks extracted
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The Media Incentive Death Spiral
Financial media's incentive structure guarantees bad forecasts — by design
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The Four Bubble Warning Signs
Four sociological markers that signal speculative mania — regardless of asset class
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The Four Pillars of Investing
Master theory, history, psychology, and business — then everything else follows
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The Floor and Upside Split
Separate survival money from growth money — never mix them
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Tail-Risk Portfolio Design
Design for the worst 1-2% of times — that's when compounding breaks
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The Human Capital Reframe
Your future earnings dwarf your portfolio — so own more stocks when young