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Person · WJB

Author, financial historian and retired neurologist

William J. Bernstein

Co-founder of Efficient Frontier Advisors and James R. Vertin Award recipient

William J. Bernstein is a retired neurologist, author, financial historian and investment adviser. A co-founder of Efficient Frontier Advisors, he connects asset allocation, market history and investor psychology to explain how to build a resilient portfolio without pretending to predict the future.3,5

01 · The profile

Background & perspective

Since 1996, The Efficient Frontier has published analysis devoted to asset allocation and portfolio management. That editorial continuity reflects his interest in diversification, costs, rare risks and the difficulty of maintaining a strategy when markets become uncomfortable.1,2

His career combines medicine, research and finance. CFA Institute describes him as a neurologist, co-founder of Efficient Frontier Advisors and author of books on investing and economic history. In 2017, the institute presented him with the James R. Vertin Award for research useful to investment practitioners.3,4

02 · Verified landmarks

The journey in a few dates

A selective timeline established from identified sources.

1996

Launches The Efficient Frontier

Begins publishing an online journal about asset allocation and portfolio management.1

2002

Publishes The Four Pillars of Investing

Structures his approach around theory, history, psychology and the workings of the financial industry.5,6

2017

Receives the James R. Vertin Award

CFA Institute recognizes his lasting contribution to research relevant to investment professionals.3,4

2023

Updates The Four Pillars of Investing

Publishes a second edition that revisits portfolio principles with two additional decades of evidence.5,6

03 · Ooléle

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04 · Transparency

Profile sources

  1. 01The Efficient FrontierThe Efficient Frontier
  2. 02Efficient Frontier AdvisorsEfficient Frontier Advisors
  3. 03William J. BernsteinCFA Institute Research and Policy Center
  4. 042017 James R. Vertin Award: William J. BernsteinCFA Institute Research Foundation
  5. 05Bogleheads on Investing with Dr. William Bernstein, Episode 63The John C. Bogle Center for Financial Literacy
  6. 06The Four Pillars of InvestingMcGraw Hill