One of the foremost financial writers of his generation, PeterBernstein has the unique ability to synthesize intellectual historyand economics with the theory and practice of investmentmanagement. Now, with classic titles such as Economist on WallStreet, A Primer on Money, Banking, and Gold, and The Price ofProsperity--which have forewords by financial luminariesand new introductions by the author--you can enjoy some of thebest of Bernstein in his earlier Wall Street days.
Peter Bernstein's Economist on Wall Street is acollection of writings from 1955 to 1970. The book is especiallyinteresting because so many of Bernstein's observations reflect themost important issues of the present--the outlook forinflation and its control, the intricacies of monetary policy, thefuture of the dollar, and the dilemmas of household finances.Bernstein was also concerned with developments in portfoliomanagement, including the new influence of institutional investorsand rules for optimal asset mixes. He provides light touches, too,as he indulges in fantasies and philosophical musings over a widevariety of topics.
With so many years of hindsight, we should not be surprised tofind some of Bernstein's predictions running awry. But why? In eachinstance, 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 lastingrelevance and keen insights into the art of investment management,the capital markets, gold and the dollar, and the fun of beingalive.