Bernstein's investment strategy is essentially the same as David Swensen's, as detailed in Unconventional Success, and it's the strategy I've been following since 2007. In the past three years, my portfolio has outperformed the S&P 500 by nearly 5% annualized (taking into account all fees/costs), which is what this strategy predicts in a bear market (it should perform similarly to the S&P 500 in a bull market).

The strategy, in a nutshell, is to invest in low-fee index funds, setting percentage targets on a relatively small set of asset classes, and rebalancing to get back to those percentages when the market gets out of whack (Bernstein recommends once every 2-3 years). It requires no research, very little effort, and the return matches or exceeds the market in the long run with much less volatility in the short-term. And better yet, in the long run, it outperforms every other approach (anyone who tells you otherwise is either deluded or doesn't understand the math).

I highly recommend reading one of these books.