It was with much sadness that I heard this weekend of the passing of Peter L. Bernstein at age 90. Peter was a rare voice of wisdom in the often misguided world of finance.

His perspective was rare and valuable because it was anchored in real world experience spanning 9 decades, conveyed through a remarkable intellect and gift for teaching. In a world too often led astray by confident formulas and theory, Peter was an academic and a pragmatist. He spent years as a front-line practitioner managing money for clients at the investment counsel firm his father had founded in the 30's. After serving in the War, Peter joined his dad's firm in 1951 just in time for the big secular bull of the 50's and 60's when stock market gains were above average and concern about risk faded into a phase of systemic complacency...
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