Peter Lewyn Bernstein American economist, educator and specialist in the history of finance Date of Birth: 22.01.1919 Country: USA

Biography of Peter L. Bernstein

Peter L. Bernstein was an American economist, educator, and specialist in the history of finance. He is widely regarded as one of the leading authorities in modern economics and a popularizer of investment business due to his development of the efficient market theory.

Born in New York City, Peter grew up in a family of financial consultant Allen Bernstein and his wife Irma Lewyn. During his school years, Peter became friends with another future economics historian, Robert Heilbroner. They both later attended Harvard College, where they earned their bachelor's degrees in economics.

After graduating with honors, Peter joined the research group at the Federal Reserve Bank of New York. He also served the Office of Strategic Services for a period of time. Following the Pearl Harbor attack on December 7, 1941, Bernstein joined the United States Air Force and rose to the rank of captain. He was subsequently sent to work in the European region by the Office of Strategic Services.

After the war, Peter continued studying economics at Williams College. After spending five years in commercial banks, he decided, at the insistence of his family, to take over the management of the investment company 'Bernstein-Macaulay Inc.' Under Peter's leadership, the firm managed billions of dollars belonging to private individuals and large corporations. By 1967, Bernstein had increased the entrusted funds by more than 10 times. However, he eventually grew tired of the investment business, leading to the sale of the company in 1967. In 1973, Peter established his own corporation, 'Peter L. Bernstein, Inc.'

In 1974, Bernstein became the first editor of the 'Journal of Portfolio Management,' a highly popular publication among managers and economists. He later focused on the affairs of Robert D. Arnott's investment fund 'Research Affiliates' and continued to contribute to the journal as a consultant. For many years, Peter worked at the Economics Department of Harvard University, delivering lectures across the country on risk management, investment strategies, asset allocation, and market history.

Peter passed away from pneumonia at a New York City hospital at the age of 90. He was married twice, divorcing his first wife Shirley in 1971. A year later, he remarried, and this marriage ended only with his own death. Peter authored 10 books on economics and finance, numerous articles in professional journals such as the 'Harvard Business Review' and 'Financial Analysts Journal,' and a series of articles in popular publications including 'The New York Times,' 'The Wall Street Journal,' 'Worth,' and 'Bloomberg.' His work 'Against The Gods: The Remarkable Story of Risk,' published in 1996, received the Edwin G. Booz Prize for the most innovative and inspiring management book. In 1998, Bernstein also received the Clarence Arthur Kelp/Elizur Wright Memorial Award from The American Risk and Insurance Association for his outstanding and unique contributions to the literature on risks and insurance.