RICHARD BERNSTEIN is Chief U.S. Strategist at Merrill Lynch & Co., Inc., where he is responsible for formulating and marketing Merrill Lynch's U.S. equity strategies and asset allocation. Prior to joining Merrill Lynch, he worked for EF Hutton and Tucker Anthony. He has been voted to the Institutional Investor All-America Research Team in each of the last fourteen years, and was a regular panelist on Louis Rukeyser's Wall Street. Bernstein received his AB degree from Hamilton College and MBA in finance from New York University.

Acknowledgments.

Introduction.

Chapter 1. What Is Noise?

Chapter 2. The Risks of Do-It-Yourself Investing: What You Don't Know Could Hurt Your Performance.

Chapter 3. Noise and Expectations: What Goes Around, Comes Around.

Chapter 4. Noise and Long-Term Investment Planning.

Chapter 5. Noise and Diversification.

Chapter 6. Noise, Risk, and Risk Assessment.

Chapter 7. Investment Losses, Time Horizon, and Risk.

Chapter 8. Don't Search for Good Companies, Search for Good Stocks.

Chapter 9. What Makes a Good Analysts?

Chapter 10. Growth and Value and Noise.

Chapter 11. A Preflight Checklist.

Glossary of "Noisy" Terms.

Notes.

Index.