A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, written by Burton G. Malkiel and has sold over 1.5 million copies in the world.
A Best Book For Investors Pick by the Wall Street Journal’s “Weekend Investor.”
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Whether you’re considering your first 401k contribution, contemplating retirement, or anywhere in between, A Random Walk Down Wall Street is the best investment guide money can buy.
In this new edition, Burton G. Malkiel shares authoritative insights spanning the full range of investment opportunities—including valuable new material on cryptocurrencies like bitcoin, and “tax-loss harvesting”—to help you chart a calm course through the turbulent waters of today’s financial markets.
Talk to 10 money experts and you’re likely to hear 10 recommendations for Burton Malkiel’s classic investing book.—The Wall Street Journal
A Random Walk has set thousands of investors on a straight path…. A lucid mix of the theoretical and the pragmatic. —Chicago Tribune
A must-read for any investor.—The Browser
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.—Barron’s
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.—Forbes
An engagingly written and wonderfully argued tome.—Money
Burton G. Malkiel
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.
It’s unlikely that you’ll spot many dog-eared copies of A Random Walk floating amongst the Wall Street set (although bookshelves at home may prove otherwise).
After all, a “random walk”–in market terms–suggests that a “blindfolded monkey” would have as much luck selecting a portfolio as a pro.
But Burton Malkiel’s classic investment book is anything but random.
Since stock prices cannot be predicted in the short term, argues Malkiel, individual investors are better off buying and holding onto index funds than meddling with securities or actively managing mutual funds.
Not only will a broad range of index funds outperform a professionally managed portfolio in the long run, but investors can avoid expense charges and trading costs, which decrease returns.
First published in 1973, this seventh printing of a A Random Walk looks forward and does so broadly, examining a new range of investment choices facing the turn-of-the-century investor: money-market accounts, tax-exempt funds, Roth IRAs, and equity REITs, as well as the potential benefits and pitfalls of the emerging global economy.
In his updated “life-cycle guide to investing,” Malkiel offers age-related investment strategies that consider one’s capacity for risk. (A 30-year-old who can depend on wages to offset investment losses has a different risk capacity from a 60-year-old.)
In his assessment of rocketing Internet stocks, Malkiel defends his “random” position well, explaining how “the market eventually corrects any irrationality–albeit in its own slow, inexorable fashion.
Anomalies can crop up, markets can get irrationally optimistic, and often they attract unwary investors.
But eventually, true value is recognized by the market, and this is the main lesson investors must heed.”
Written for the financial layperson but bolstered by 30 years of research, A Random Walk will help individual investors take charge of their financial future.