I have learned a lot from the late Peter Bernstein. I remember a piece of his entitled (something like), “What is Liquidity?” where he described liquidity as the ability to change your mind or request a do-over. Bright guy, and one who focused on the big issues, not minutiae.
I met Peter Bernstein in 2002 when he delivered a timely talk to the Baltimore Security Analysts Society called (something like), “The Continuing Relevance of Dividends.” I asked a question during the Q&A, and then was able to talk with him for ten minutes afterward, because few wanted to embrace such a boring topic. He was very gracious to me, and encouraged me in my research pursuits.
There were many who offered their praises of Peter Bernstein and I offer the links here:
- THANK YOU, PETER
- Peter L. Bernstein, inspiring guy
- The continuing relevance of Peter Bernstein
- Peter L. Bernstein, Explainer of Stock Risks, Dies
- Peter Bernstein, Consultant, ‘Capital Ideas’ Author, Dies at 90
As for his books, I offer the links here:
- Against the Gods: The Remarkable Story of Risk
- Peter L. Bernstein Classics Boxed Set : Capital Ideas, Against the Gods, The Power of Gold
- Capital Ideas
- Capital Ideas Evolving
- Wedding of the Waters: The Erie Canal and the Making of a Great Nation
- A Primer on Money, Banking, and Gold
- The Power of Gold: The History of an Obsession
- Economist on Wall Street: Notes on the Sanctity of Gold, the Value of Money, the Security of Investments, and Other Delusions
- The Price of Prosperity: A Realistic Appraisal of the Future of Our National Economy
- Investment Management
There may be more than this, but it was what I was able to find. Peter Bernstein aimed for large targets, and gave broad and convincing evidence of how markets worked. He only erred in letting Modern Portfolio Theory and Keynesianism affect him.
With that, I hail Peter Bernstein, regretting his demise. He will be missed, as few of us had such global vision of markets as he had.
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