Efficient Frontier
      Efficient Frontiers Logo

      An Online Journal of Practical Asset Allocation

      Edited by William J. Bernstein
      and Susan F. Sharin



      Most Recent Article:

      March 2008: The Dark Side of the Moon


      Back Issues:

      February 2008: Fifty Years From Now

      June 2007: Comin' Around Again?

      April 2007: The Executioner of Excellence

      September 2006: On Stuff

      August 2006: Thick as a BRIC

      May 2006: Fundamental Indexing

      March 2006: A Mean-Variance Society?

      December 2005: The Longest Discipline

      November 2005: Too Much Capital

      September 2005: Mea Culpa

      July 2005: The Estate Tax — Does It Really Matter?

      Efficient Frontier Spring 2005 Acrobat Version

      Efficient Frontier Winter 2005 Acrobat Version

      Efficient Frontier Fall 2004 Acrobat Version

      Efficient Frontier Summer 2004 Acrobat Version

      Efficient Frontier Spring 2004 Acrobat Version

      Efficient Frontier Winter 2004 Acrobat Version

      Efficient Frontier Fall 2003 Acrobat Version

      Efficient Frontier Summer 2003 Acrobat Version

      Efficient Frontier Spring 2003 Acrobat Version

      Efficient Frontier Winter 2003 Acrobat Version

      Efficient Frontier Fall 2002 Acrobat Version

      Efficient Frontier Summer 2002 Acrobat Version

      Efficient Frontier Spring 2002 Acrobat Version

      Efficient Frontier Winter 2002 Acrobat Version

      Efficient Frontier Fall 2001 Acrobat Version

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      Efficient Frontier Winter 2001 Acrobat Version

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      Efficient Frontier September 1996 Acrobat Version


      Efficient Frontier is produced by and for small investors who recognize that long-term portfolio performance is determined almost exclusively by the allocation of assets among broad security classes. Successful investing is made immeasurably easier by a knowledge of:

      1. The historical range of returns and risks associated with various security classes.

      2. Portfolio theory.

      Until recently, portfolio analysis has been the exclusive domain of academicians and financial analysts. Portfolio analysis is usually treated by its practitioners as a holy mystery, the workings of which are shrouded in secrecy. Its output does not come cheap. However, the availability of inexpensive returns data, microprocessors, and analytical software (in particular amazingly sophisticated and cheap spreadsheets) has made this area easily accesible to small investors.

      Efficient Frontier is aimed at readers who have already acquired a working knowledge of the capital markets and portfolio theory. Those who have not yet mastered these areas and would like to explore them are encouraged to visit these related sites:

      • The Online Asset Allocator
      • The Basics of Investing and Portfolio Theory
      • Reading List


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      Copyright © 2008, William J. Bernstein. All rights reserved.

      The right to download, store and/or output any material on this Web site is granted for viewing use only. Material may not be reproduced in any form without the express written permission of William J. Bernstein. Reproduction or editing by any means, mechanical or electronic, in whole or in part, without the express written permission of William J. Bernstein is strictly prohibited. Please read the disclaimer.