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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: rz who wrote (16665)	7/18/2004 3:18:07 PM
From: Wyätt Gwyön	Respond to of 110194

rz, a couple years ago i noticed Bernstein's acct minimum was $10 million, then recently i noticed the minimum had been upped to $25 million. efficientfrontier.com Doesn't he know how much reward one gets for helping the less fortunate of us? $25 million? Where is this tenacity coming from? i think smaller acct limits would just increase the number of accts he manages beyond the scope of his capacity. but i don't think he can be blamed for not looking out for the "less fortunate"--after all, he lays out the formula quite lucidly in The Intelligent Asset Allocator--although he told me by email that only the top 2% of the population [in terms of math skills] could understand the book--he seemed quite convinced of that, and regretted it, and therefore wrote another book with the same message, which any dimwit can understand, called The Four Pillars of Investing. this latter book was particularly good of him to provide, since it is easy to understand and provides concrete investment examples for people with not a lot in investable funds (well under 100K). another nice thing about this book is that he focuses on Vanguard funds (his first book focuses on DFA, which is more exclusive since it requires one to use a Registered Investment Advisor, who typically charges a fat fee [though not always, for larger accts at certain advisors] even though all the Advice comes from Bernstein's book. my guess is that the value Bernstein adds for the larger accounts he actually handles comes from dealing with complex legacy investments or assets (not just cash to be deployed or stocks to sell)--for the average small investor looking to establish an efficient portfolio based on Modern Portfolio Theory, his books are an accessible starting point.