Knowing the difference between Risk and Deep Risk

Bill Bernstein is widely known among professional investors as one of the best writers and thinkers in the industry. Two of his books, Deep Risk and The Investor’s Manifesto, belong in any conversation about the most important investment books ever written. Bernstein doesn’t appear on TV nor does he do much public speaking. So this interview with my firm’s director of institutional asset management, Ben Carlson, is very special.

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Here’s the question Bill posed at dinner last summer that made my head hurt – what happens if the cost of capital never rises again?