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A Random Walk down Wall Street: The Best Investment Advice for the New Century
     

A Random Walk down Wall Street: The Best Investment Advice for the New Century

4.7 4
by Burton G. Malkiel
 

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This gimmick-free, irreverent, and vastly informative guide—with over half a million copies sold—shows how to navigate the turbulence on Wall Street and beat the pros at their own game.
Skilled at puncturing financial bubbles and other delusions of the Wall Street crowd, Burton Malkiel shows why a broad portfolio of stocks selected at random will match

Overview

This gimmick-free, irreverent, and vastly informative guide—with over half a million copies sold—shows how to navigate the turbulence on Wall Street and beat the pros at their own game.
Skilled at puncturing financial bubbles and other delusions of the Wall Street crowd, Burton Malkiel shows why a broad portfolio of stocks selected at random will match the performance of one carefully chosen by experts. Taking a shrewd look at the high-tech boom and its aftermath, Malkiel shows how to maximize gains and minimize losses in this era of electronic brokers, virtual gurus, and flashy investment vehicles. Learn how to analyze the potential returns, not only for stocks and bonds, but for the full range of investment opportunities, from money market accounts and real estate investment trusts to insurance, home owning, and tangible assets like gold and collectibles. Decode the rating game for mutual funds and discover the unique advantages of index mutual funds over the wide range of riskier alternatives. Year in and year out the best investing guide money can buy, this enhanced edition includes an update of Malkiel's famous "Life-Cycle Guide to Investing," showing how to match an investment strategy to your stage in life.

Editorial Reviews

Library Journal
Princeton University economist Malkiel has written the sixth edition of his classic (LJ 9/15/73). The term "random walk" refers to the impossibility of predicting tomorrow's stock prices today. Technicians with all their charts cannot do so, nor can fundamentalists with all their ratios. The random walk is essentially the same as the "efficient market" theory-all new information is immediately reflected in stock prices, so the average investor can't beat the market. What's left? Buy no-load index funds (unavailable in 1973) or good stocks and hold for the long term. Before reaching this conclusion, Malkiel walks the reader through other useless theories with gentle humor and an abundance of tables and charts. The last part of the book is an extremely useful "practical guide" covering various aspects of an investor's financial life such as insurance and home ownership. Recommended for public libraries. [Previewed in Prepub Alert, LJ 7/95.]-Alex Wenner, Indiana Univ. Libs., Bloomington

Product Details

ISBN-13:
9780393320404
Publisher:
Norton, W. W. & Company, Inc.
Publication date:
06/28/2000
Edition description:
Revised and Updated
Pages:
464
Product dimensions:
5.50(w) x 8.20(h) x 1.00(d)

Meet the Author

Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics Emeritus at Princeton University. He is a former member of the Council of Economic Advisers, dean of the Yale School of Management, and has served on the boards of several major corporations, including Vanguard and Prudential Financial. He is the chief investment officer of Wealthfront.

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A Random Walk down Wall Street: The Best Investment Advice for the New Century 4.8 out of 5 based on 0 ratings. 4 reviews.
dietcok More than 1 year ago
1.5 million copies in circulation for a reason. It is an excellent book on investing, money management. Highly recommended. Very succint, easy to understand content, entertaining, fun to read, learned a lot about wall street, investing, money management. Exceptional book. 5stars
Guest More than 1 year ago
This was a book that I had since finance class in undergrad. I never read it cover to cover, so I decided to pick it up and see what it was about. `A Random Walk Down Wall Street¿ gives a ton of ideas and information and historical context for the financial markets. It was really good to read. I knew a lot of the information in bits and pieces, so it was nice to put it all together. While it takes a very `academic¿ approach, I did appreciate the perspectives and research that has been cultivated off the street. The denunciations of many of the trading techniques in many Wall Street firms, and the fact that a monkey throwing darts at a wall street financial page could get similar returns was an image I still keep in my mind from this book. It was pretty damning and enjoyable to read. The conclusions though are being put to the test in the current recession. But even though this book was written before the last dot com bubble and all the current scandals, it totally described what happened when it described similar crashes in the past. This book gave Wall Street a richer and more solid identity in my mind, and it takes the much of the personal sting out of the MSNBC reporters announcing the latest slump in the numbers because I have an appreciation for the institution and its history to survive and improve from these events. I think there are some new books though, that I plan to read, that will give other perspectives on the markets. And a major failure of this book is that it doesn¿t give a very personal view of the economic effects of Wall Street¿s actions. The focus on the numbers games and the analysis was so heavy that it neglected to show where those things came from and who they affected in the world. I look forward to reading the other side of the stories in further books.
Guest More than 1 year ago
If you buy one book on investing, this would be the one. I first encountered this book on an MBA's coffee table in the 1980s. It is a real classic on investing. One of the most important books on the subject in the past 20 years. The writer is a professor, but writes well for the layman. He explains why all the complex strategies on Wall Street do not work over the long haul, and how to best invest (buy an index fund and hold it). At the end of the book, he provides a good overview on personal investment choices. Good read. Not dry, but actually, interesting and fun to read.
Guest More than 1 year ago
just amaze how the book makes me understand deeper than ever about financial system and learn how to beat the market