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Hi, and welcome to the Longview. I'm Jeff Patachee Freidings Officer for Morningstar Research Services.

And I'm Christine Ben's director of personal finance and retirement planning for Morningstar.

On today's episode of the podcast, we welcome back William Bernstein, who is our very first guest on the podcast.

Bill's a neurologist turned investment advisor. He's also the author of several books, including the intelligent

acid 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 a monitor discuss the new book and what's changed

since that book's original publication

more than 20 years ago. Bill, welcome back to the Longview.

My pleasure. Well, thanks again for doing this. We're really excited to chat with you.

We figured a logical place to start was the book, the Four Pillars of Investing. You're putting

out an updated edition of the book,

but I think everybody would be really excited to read. Can you talk about what your key

motivations were in updating the book? Well, it's been two decades since the book was written,

and a few things have happened in the markets in the past couple of decades.

And I've learned a few things.

...