On today’s episode of The Long View podcast, we welcome back William Bernstein. This is Bill’s third appearance on the podcast. In fact, he was our very first guest back when we started The Long View in 2019. Bill is a neurologist turned investment advisor. He is also the author of several books, including The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and The Delusion of Crowds. Bill has just come out with a new edition of The Four Pillars of Investing. So, we wanted to have him on to discuss the new book and what’s changed since that book’s original publication more than 20 years ago.BackgroundBioThe Four Pillars of Investing, Second EditionThe Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize RiskIf You Can: How Millennials Can Get Rich SlowlyThe Delusion of Crowds: Why People Go Mad in Groups“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 10, 2021.The Four Pillars of InvestingRobert KaplanWho Is Charlie Munger?Antti IlmanenExpected Returns: An Investor’s Guide to Harvesting Market Rewards, by Antti Ilmanen“Bernstein’s ‘4 Pillars of Investing’ & How They Work To Boost Returns,” by Anupam Nagar, economictimes.indiatimes.com, July 31, 2021.“Are You Leaving Money on the Table From Your Funds’ Returns?” by Amy Arnott, Morningstar.com, July 12, 2022.“William Bernstein on Deep Risk, Shallow Risk, and Investing for the Long-Term,” by Larry Frank, Sr., betterfinancialeducation.com, Aug. 24, 2022.Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street, by Fred SchwedRetirement“Playing Inflation Russian Roulette in Retirement,” by William Bernstein, advisorperspectives.com, Nov. 29, 2022.“Riskless at Age 104,” by William Bernstein, advisorperspectives.com, March 20, 2023.“William Bernstein on Holding Both Treasury Bonds and TIPS (or Savings I Bonds),” by Jonathan Ping, mymoneyblog.com, April 16, 2023.