A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing / Edition 10

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Overview

Whether you're considering your first 401(k) contribution, contemplating retirement, or anywhere in between, A Random Walk Down Wall Street should be the first book on your reading list. In this newest edition of the perennial bestseller, Burton G. Malkiel shows how to navigate the turbulence on Wall Street and beat the pros at their own game, giving individual investors the information, they need to manage their money with confidence.

About the Author:
Burton G. Malkiel is a former member of the Council of Economic Advisers and has served on the boards of several major corporations, including the Vanguard Group of Investment Companies and Prudential Financial Corporation

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Editorial Reviews

From Barnes & Noble

The eleventh edition of A Random Walk Down Wall Street arrives market-tested: With 1.5 million-copy sales and rave reader reviews, Burton G. Malkiel's accessible guide qualifies as an authentic business classic. This expanded, revised, and updated version (the first in almost four years) delivers prudent investment portfolio strategies that consistently outperform than those of risky and glitzy predictors . Temperate and tested advice on your future.

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.”
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.
Chicago Tribune
“A Random Walk has set thousands of investors on a straight path since it was first published in 1973. Even if you read the book then or more recently, a refresher course is probably in order…. A lucid mix of the theoretical and the pragmatic.”
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.”
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.”
Money
“An engagingly written and wonderfully argued tome.”
Wall Street Journal
“A useful introduction to investing with lots of common-sense advice.”
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.”
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.”
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, now in its 10th edition.”
Library Journal
08/01/2014
Malkiel, the Chemical Bank Chairman's Professor of Economics at Princeton University and a former member of the Council of Economic Advisers, knows his investing. Here's a revision of a classic that sold more than 1.5 million copies. Hot new topics include exchange-traded funds and investment opportunities in emerging markets, and there's a brand-new chapter on "smart beta" funds.
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Product Details

  • ISBN-13: 9780393081435
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 1/10/2011
  • Edition description: Completely Revised and Updated
  • Edition number: 10
  • Pages: 416
  • Product dimensions: 6.40 (w) x 9.30 (h) x 1.50 (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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Table of Contents

Preface 15
Acknowledgments from Earlier Editions 19
Pt. 1 Stocks and Their Value
1 Firm Foundations and Castles in the Air 23
2 The Madness of Crowds 34
3 Stock Valuation from the Sixties through the Nineties 52
4 The Biggest Bubble of All: Surfing on the Internet 82
5 The Firm-Foundation Theory of Stock Prices 105
Pt. 2 How the Pros Play the Biggest Game in Town
6 Technical and Fundamental Analysis 125
7 Technical Analysis and the Random-Walk Theory 145
8 How Good Is Fundamental Analysis? 171
Pt. 3 The New Investment Technology
9 A New Walking Shoe: Modern Portfolio Theory 203
10 Reaping Reward by Increasing Risk 222
11 Potshots at the Efficient-Market Theory and Why They Miss 242
Pt. 4 A Practical Guide for Random Walkers and Other Investors
12 A Fitness Manual for Random Walkers 277
13 Handicapping the Financial Race: A Primer in Understanding and Projecting Returns from Stocks and Bonds 314
14 A Life-Cycle Guide to Investing 333
15 Three Giant Steps Down Wall Street 354
A Random Walker's Address Book and Reference Guide to Mutual Funds 387
Index 397
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Customer Reviews

Average Rating 4.5
( 64 )
Rating Distribution

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(45)

4 Star

(10)

3 Star

(4)

2 Star

(3)

1 Star

(2)

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See All Sort by: Showing 1 – 20 of 64 Customer Reviews
  • Anonymous

    Posted October 15, 2003

    Packed with Knowledge!

    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.

    9 out of 10 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted June 5, 2003

    A Classic Investment Book

    This book is a solid introduction to investment. It makes a strong case that the best investment strategy is simply to buy index funds.

    8 out of 11 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted February 11, 2012

    Don't Ignore The Classics. This is why they are.

    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.

    7 out of 7 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted December 12, 2011

    Excellent and entertaining guide to simple investing.

    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.

    6 out of 7 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted March 17, 2013

    Worldwide bestselling classic. Full of relevant, useful wisdom,

    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.

    3 out of 5 people found this review helpful.

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  • Posted March 16, 2013

    Masterpiece, superb.

    Masterpiece, superb.

    3 out of 7 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 7, 2013

    Incredible -- how much quality information this book provides.

    Incredible -- how much quality information this book provides. Highly insightful.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted March 20, 2013

    The best investment content there is for an investor. Absolutely

    The best investment content there is for an investor. Absolutely how much I learned form reading this book, very highly recommend.

    2 out of 4 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 29, 2014

    This book really gives you a heads up on how you should be inves

    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.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted April 14, 2013

    Best investing, finance, economics, business adminstration, wall

    Best investing, finance, economics, business adminstration, wall-street book that I have ever read.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted March 25, 2013

    Phenomenal book

    Phenomenal book

    1 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted March 24, 2013

    Highly recommend

    Highly recommend

    1 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted March 16, 2013

    Exceptional

    Exceptional

    1 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted November 23, 2014

    One of the best books ever writen on this subject. Updated for p

    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. 

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted July 10, 2013

    Exceptional nonfiction business book!

    Exceptional nonfiction business book!

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted May 15, 2013

    Any individual on wall street, in investing will tell you this i

    Any individual on wall street, in investing will tell you this is the book to read if you want to be in the same place.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 6, 2013

    From David Dodd>Ben Graham>Warren Buffett>Joel Greenbla

    From David Dodd>Ben Graham>Warren Buffett>Joel Greenblatt>Kyle Basss all are great investment book writers, but
    this book is better than any of their publications. Best investment book ever written. Princenton Professor Bernard Malkiel (author) provides an easy to follow book, just about everything you would ever need to know about wall street, investing, finance, theory, eocnomics, fun -- easy book to read, a must buy for any past, current, future investor. A masterpiece.

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  • Posted April 28, 2013

    Excellent wall street investing book. Perhaps the best I have ev

    Excellent wall street investing book. Perhaps the best I have ever known, read.

    Was this review helpful? Yes  No   Report this review
  • Posted April 20, 2013

    Excellent book.

    Excellent book.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 16, 2013

    Highly recommend

    Highly recommend

    Was this review helpful? Yes  No   Report this review
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