SmartMoney magazine had a generally positive article on Bernstein late last year, see link:

http://www.smartmoney.com/sturmscreen/index.cfm?story=20001110screen

One point that WASN'T emphasized in the article was Bernstein's market lagging performance. The five-year return on the 9-asset class portfolio used in the article as an example had a return of 11% per annum. The S&P500 returned 24% per annum over the same 5-year period.

That's right. If you ignored Bernstein's advice and just held an S&P500 index fund over the past 5 years you'd be some 70% richer and no doubt be enjoying a much more comfortable retirement.

intercst