Peter L. Bernstein, Proponent of Effecient Markets, Dies In New York

Peter Bernstein, president of Peter L. Bernstein Inc., a consulting firm to corporations and institutional investors, died last Friday, June 5, 2009. Bernstein was the author of several books, including “Capital Ideas: The Improbable Origins of Modern Wall Street” and “Against the Gods: The Remarkable Story of Risk.” He was also the author of many articles and other books about investment management, risk, and the markets.

He was an economic consultant who strove to bring the ideas of modern investment down from the ivory tower of academia and into the hands of the practitioner.

Harry M. Markowitz, the 1990 Nobel laureate in economics and adjunct professor of finance in the Rady School of Management at the University of San Diego mourned Bernstein’s passing. “I’m slightly in a state of shock. Peter was a good friend. He had this fantastic way to explain mathematical concepts to non-mathematicians. I was surprised to learn he was a non-mathematician.”

Peter L. Bernstein graduated from Harvard University magna cum laude with a degree in economics.

Bruce I. Jacobs, principal of Jacobs Levy Equity Management said about Bernstein, “Whether it was Harry Markowitz’s theories of portfolio optimization, or Bill Sharpe’s capital asset pricing model, or the option-pricing theory of Fischer Black, Myron Scholes and Robert Merton, Peter seemed able to translate the most abstract, arcane ideas into language that was accessible to those of us not necessarily trained in physics and higher mathematics. And he was able to do so in a lively, informal style while keeping all the main points intact.”

Published by James Heinsman

James has worked as a hedge fund manager for years. As someone who has always enjoyed multi-tasking, James brings his vast financial experience and his hedge fund background to his position as writer and editor for Hedge Crunch. Editor James Heinsman can be contacted at james(at)

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