A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition / Edition 9

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Overview

The million-copy bestseller, revised and updated with new investment strategies for retirement and the insights of behavioral finance.
Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, here is the best-selling, authoritative, and gimmick-free guide to investing. Burton Malkiel evaluates the full range of investment opportunities, from stocks, bonds, and money markets to real estate investment trusts and insurance, home ownership, and tangible assets such as gold and collectibles. This edition includes new strategies for rearranging your portfolio for retirement, along with the book’s classic life-cycle guide to investing, which matches the needs of investors in any age bracket. A Random Walk Down Wall Street long ago established itself as a must-read, the first book to purchase before starting a portfolio. So whether you want to brief yourself on the ways of the market before talking to a broker or follow Malkiel’s easy steps to managing your own portfolio, this book remains the best investing guide money can buy.
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Editorial Reviews

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.
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Product Details

  • ISBN-13: 9780393062458
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 1/22/2007
  • Edition description: Revised and Updated
  • Edition number: 9
  • Pages: 480
  • Product dimensions: 6.50 (w) x 9.60 (h) x 1.40 (d)

Meet the Author

Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics at Princeton University. He is a former member of the Council of Economic Advisers and has served on the boards of several major corporations.
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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
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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted November 17, 2007

    A reviewer

    Being a newcomer to the investment world, I like that this book recommends to invest in a simple way: index funds. It claims to match the market rather than beat it. The beginning of the book recalls the collapses experienced in the stock market. It does a great job backing up its stance by discrediting many other market theories and showing how matching the market is the smart way to go. No get rich quick scheme here. This book would have earned a five if it were not for going into TOO many of the other market theories. I found myself thinking 'Enough with what NOT to do, I want to know what I SHOULD do.'

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 3, 2010

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