Deep Risk vs Shallow Risk: William Bernstein’s Take

Posted by & filed under Investor Behavior, Prudence & Fiduciary Duty, Wealth Management.


Following the post I wrote about deep risk vs shallow risk, I went to Amazon and flipped through Bill Bernstein’s latest book “Deep Risk” to see if he feels the same way as me.

It turns out there is a lot that we agree on, but not everything.

Here’s where we see eye to eye: 1) our definitions of deep and shallow risks are almost the same: 2) we both see market fluctuation as a shallow risk and 3) we both see inflation as the #1 deep risk.

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