Economist on Wall Street

Notes on the Sanctity of Gold, the Value of Money, the Security of Investments, and Other Delusions.

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 these classic titles from a longer time horizon--including new introductions by the author and forewords by financial luminaries--readers will be able to enjoy some of the best Bernstein has to offer.

Bernstein's Economist on Wall Street is based on his observations of the world around us over a period of 15 years, from 1955 to 1970. However, the observations Bernstein made then have significant relevance for today. He discusses in detail the issues of institutional investment, risk, and the unexpected facts regarding fixed-income securities versus stocks. In another section, he addresses the idea of trying to beat the market through research and forecasting--and how often this can fail us. In the final chapter, he talks to socially conscious investors who struggle between doing what is right and doing what is profitable. As relevant as ever, we still struggle with these issues today.