Economist on Wall Street (Peter L. Bernstein's Finance Classics) - Notes
on the Sanctity of Gold, the Value of Money, the Security of
Investments, and Other Delusions
Book description
One of the foremost financial writers of his generation, Peter
Bernstein has the unique ability to synthesize intellectual history and
economics with the theory and practice of investment management. Now,
with classic titles such as
Economist on Wall Street, A Primer on Money, Banking, and Gold, and
The Price of Prosperity
-which have forewords by financial luminaries and new introductions by
the author-you can enjoy some of the best of Bernstein in his earlier
Wall Street days.
Peter Bernstein's Economist on Wall Street is
a collection of writings from 1955 to 1970. The book is especially
interesting because so many of Bernstein's observations reflect the
most important issues of the present-the outlook for inflation and its
control, the intricacies of monetary policy, the future of the dollar,
and the dilemmas of household finances. Bernstein was also concerned
with developments in portfolio management, including the new influence
of institutional investors and rules for optimal asset mixes. He
provides light touches, too, as he indulges in fantasies and
philosophical musings over a wide variety of topics.
With so many years of hindsight, we should not be surprised to find
some of Bernstein's predictions running awry. But why? In each
instance, these forecasts were biased by memories of the past. There
is a big lesson to be learned there.
Economist on Wall Street is a remarkable book, with lasting relevance
and keen insights into the art of investment management, the capital
markets, gold and the dollar, and the fun of being alive.
PETER L. BERNSTEIN is founder and President of
Peter L. Bernstein, Inc., established in 1973 as publishers of
Economics & Portfolio Strategy and consultants to
institutional investors around the world. He is also the author of ten
books, including three recent volumes from Wiley-Against the Gods:
The Remarkable Story of Risk, The Power of Gold: The History
of an Obsession, and Capital Ideas Evolving.
