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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing
     

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

4.5 67
by Burton G. Malkiel
 

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The best investment guide money can buy, with over 1.5 million copies sold, now fully revised and updated.
In today’s daunting investment landscape, the need for Burton G. Malkiel’s reassuring, authoritative, and perennially best-selling guide to investing is stronger than ever. A Random Walk Down Wall Street has long been established as the first book

Overview

The best investment guide money can buy, with over 1.5 million copies sold, now fully revised and updated.
In today’s daunting investment landscape, the need for Burton G. Malkiel’s reassuring, authoritative, and perennially best-selling guide to investing is stronger than ever. A Random Walk Down Wall Street has long been established as the first book to purchase when starting a portfolio. This new edition features fresh material on exchange-traded funds and investment opportunities in emerging markets; a brand-new chapter on “smart beta” funds, the newest marketing gimmick of the investment management industry; and a new supplement that tackles the increasingly complex world of derivatives.

Editorial Reviews

Money
“An engagingly written and wonderfully argued tome.”
Forbes
“Not more than half a dozen really good books about investing have been written in the past fifty years. This one may well belong in the classics category.”
Chicago Tribune
“A Random Walk has set thousands of investors on a straight path…. A lucid mix of the theoretical and the pragmatic.”
Los Angeles Times
“Do you want to do well in the stock market? Here’s the best advice. Scrape together a few bucks and buy Burton Malkiel’s book. Then take what’s left and put it in an index fund.”
The Wall Street Journal
“Talk to 10 money experts and you’re likely to hear 10 recommendations for Burton Malkiel’s classic investing book.”
Barron's
“Imagine getting a week-long lesson on investing from someone with the common sense of Benjamin Franklin, the academic and institutional knowledge of Milton Friedman and the practical experience of Warren Buffett. That’s about what awaits you in the latest edition of this must-read by Burton Malkiel.”
The Browser
“A must-read for any investor.”
Publishers Weekly
The eternal truth of this updated investment classic, originally published in 1973, is simple: you can't beat the market. Well, technically, you can beat the market, but not profitably, because the transaction costs of your brilliant trading will eat up the extra returns. You can also beat the market by pure luck-but you can't deliberately beat the market, because you can't predict future stock prices. You can't predict them by divining Wall Street's crowd psychology; or by charting trends in stock prices; or by doing lots of research on companies' business prospects. You can't predict them from hemlines (though there's been "some evidence" for correlation between skirt length and market prices in the past, Malkiel poo-poos future possibilities) or Super Bowl winners (this, he says, makes "no sense"). In fact, according to the efficient market theory, which states that all knowable information about a stock's value is already reflected in its share price, you can't predict them at all. Malkiel, a Princeton economist and professional investor, backs it all up with statistics, charts and studies, and gives an entertaining review of the sorry history of market bubbles, panics and delusions of omniscience, from the Dutch tulip craze to the Beardstown Ladies. This edition looks at new wrinkles (it seems you can't beat the market by buying companies with ".com" in the name), and provides a lucid overview of novel investment vehicles. Standing by his notorious claim that "a blindfolded chimpanzee throwing darts" at the NYSE listings could pick stocks as well as the Wall Street pros, Malkiel advises investors to "buy and hold" a diversified portfolio heavy on index funds that passively mirror the market, which usually out-perform actively managed funds. His witty, acerbic style and persuasive arguments will delight readers but, alas, leave Wall Street unmoved. (Apr.) Copyright 2003 Reed Business Information.
Library Journal
Updating a classic to keep your investing fresh. Copyright 2006 Reed Business Information.
Michael Hiltzik - Los Angeles Times
“[Malkiel] should be dipped in gold and placed on a pedestal in front of the New York Stock Exchange, as a warning to investors that they can't profit from the brokerages' rigged game. . . . Do you want to do well in the stock market? Here's the best advice. Scrape together a few bucks and buy Burton Malkiel's book. Then take what's left and put it in an index fund.”
Forbes Magazine
“Not more than half a dozen really good books about investing have been written in the past fifty years. This one may well belong in the classics category.”
Booklist
“Almost every list of must-read investment books… includes Malkiel’s Random Walk.”
New York Times
“If one of your New Year's resolutions is to improve your personal finances, here's a suggestion: Instead of picking up one of the scores of new works flooding into bookstores, reread an old one: A Random Walk Down Wall Street.”
Money Magazine
“An engagingly written and wonderfully argued tome.”
Wall Street Journal
“A useful introduction to investing with lots of common-sense advice.”

Product Details

ISBN-13:
9780393352245
Publisher:
Norton, W. W. & Company, Inc.
Publication date:
01/04/2016
Edition description:
Eleventh Edition
Pages:
496
Sales rank:
13,629
Product dimensions:
5.30(w) x 8.10(h) x 1.40(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 Time-Tested Strategy for Successful Investing 4.5 out of 5 based on 0 ratings. 67 reviews.
JA2012 More than 1 year ago
This book representa the one constant in an ever changing world of diversity and speculation in investments. Our investment decisions are becoming increasingly affected by diverse cultural points of view, rapidly changing technolgy trends, limited resources, and new investment vehicles. For readers looking for traditional guidance in value investing, this book presents the fundamentals and for that reason is highly recommended for both new and veteran investors, especially those who have lost money despite their best investment attempts. Be advised that value in the context of this book does not mean cheap, but rather, improving the odds to minimize risk for long term growth. This is the book for traditionalists and ones that would be so.
Guest More than 1 year ago
The first edition of Bernard Malkiel¿s A Random Walk Down Wall Street appeared in 1973, a few years after the twentieth century¿s first big computer technology bubble, the go-go era, popped. This, the newest and eighth edition, appears after the popping of the dot.com bubble, the last of the twentieth century¿s great computer technology bubbles. Investors burned in the first bubble could have been excused; after all, they didn¿t have Malkiel¿s book. But it¿s astounding how avidly Internet speculators threw aside all that Malkiel and others had taught them. This book belongs on every investor¿s bookshelf, and ought to be consulted, or at least touched to the forehead, before any investment decision. Most investment books aren¿t trustworthy, because their authors are salespeople who are really making a pitch instead of trying to inform you. Malkiel is disinterested. He is a teacher with the intellectual discipline of a true financial economist, and yet he writes as vividly as a good journalist. We recommend this classic: all you need to know about the market is between its covers.
wwilson6022 More than 1 year ago
The author states his investment advice in succinct terms in the first chapter, then uses the rest of the book to explain how he came to that conclusion and the history of investing. Entertaining and useful.
Guest More than 1 year ago
This book is a solid introduction to investment. It makes a strong case that the best investment strategy is simply to buy index funds.
Anonymous More than 1 year ago
Incredible -- how much quality information this book provides. Highly insightful.
SenadBogdani More than 1 year ago
This book really gives you a heads up on how you should be investing and to not be manipulated by mainstream news and analysts. Malkiel will talk about a number of studies on how predictable and unpredictable markets can be and how not to fall into the trap of short-term investments, but rather move towards a long-term investment if your seeking reasonable returns for the future. Overall, great book a must read for anybody going into finance.
Anonymous More than 1 year ago
Best investing, finance, economics, business adminstration, wall-street book that I have ever read.
Anonymous More than 1 year ago
Worldwide bestselling classic. Full of relevant, useful wisdom, very easy to read-understand-apply to your daily life. Excellent book on investing, should be required reading for all people.
Anonymous 7 months ago
I'm a finance major and graduating soon going into a career in financial analysis and I recommend this book to every finance and economics undergraduate I meet. If you read this you will automatically boost your chance if you are able to reference material in this book in a interview and you will also make the material you learn in classes easier to understand because you will be able to relate it back to some of the material you read in this book. Not only is it packed full of information but it is also an entertaining read and I myself found it all very interesting. In some of the upper level class the professor would mention a technique, equation, theory or statistical study and I would find myself going "Hey I've heard of that before!" all from this book.
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jackdav38 More than 1 year ago
One of the best books ever writen on this subject. Updated for post-Crash economy. Malkiel defends the "weak" form of the Efficient Markets Theory, arguing that investment strategies based on "charting" or technical analysis wil not pay off. 
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