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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Eleventh Edition), by Burton G. Malkiel
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One of the "few great investment books" (Andrew Tobias) ever written.
A Wall Street Journal Weekend Investor "Best Books for Investors" Pick
In a time of market volatility and economic uncertainty, when high-frequency traders and hedge fund managers seem to tower over the average investor, Burton G. Malkiel's classic and gimmick-free investment guide is now more necessary than ever. Rather than tricks, what you'll find here is a time-tested and thoroughly research-based strategy for your portfolio. Whether you're considering your first 401(k) contribution or contemplating retirement, this fully updated edition of A Random Walk Down Wall Street should be the first book on your reading list.
In A Random Walk Down Wall Street you'll learn the basic terminology of "The Street" and how to navigate it with the help of a user-friendly, long-range investment strategy that really works. Drawing on his own varied experience as an economist, financial adviser, and successful investor, Malkiel shows why, despite recent advice to the contrary from so-called experts in the wake of the financial crisis, an individual who buys over time and holds a low-cost, internationally diversified index of securities is still likely to exceed the performance of portfolios carefully picked by professionals using sophisticated analytical techniques. In this new edition, Malkiel has provided valuable new material throughout the book on exchange-traded funds and investment opportunities in emerging markets, and in a brand-new, timely chapter, Malkiel authoritatively assesses the pitfalls and prospects of the latest investing trend, "smart beta."
On top of all this, the book's classic life-cycle guide to investing, which tailors strategies to investors of any age, will help you plan confidently for the future. You'll learn how to analyze the potential returns, not only for basic stocks and bonds but for the full range of investment opportunities―from money-market accounts and real estate investment trusts to insurance, home ownership, and tangible assets like gold and collectibles. Individual investors of every level of experience and risk tolerance will find throughout the book the critical facts and step-by-step guidance they need to protect and grow their hard-earned dollars.
With the prevailing wisdom changing on an almost daily basis, Malkiel's reassuring and vastly informative volume remains the best investment guide money can buy.
- Sales Rank: #72801 in Books
- Published on: 2015-01-05
- Original language: English
- Number of items: 1
- Dimensions: 9.60" h x 1.50" w x 6.50" l, .0 pounds
- Binding: Hardcover
- 448 pages
Review
“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)
About 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.
Most helpful customer reviews
71 of 76 people found the following review helpful.
If You Could Only Read ONE Book On Investments, This Is It
By Thomas Hagedorn
Eleven years ago, I retired from a successful, 30 year career in financial services, the last 20 as a Financial Consultant for two major Wall Street firms. Now, I manage my own portfolio in retirement. This is the best book on investments that I have ever read and I have read many of them. There is really too much to comment on for a concise review, since there is so much wisdom and knowledge packed in "Random Walk's" 447 pages. All I can say is that it is written in a very engaging style and it has so many take-aways that any individual investor can use to great advantage in their own investing and financial planning.
I do have one major area of disagreement. In my experience, most investors need the advice and counsel of an investment professional. We all need someone to check our egos, challenge our assumptions, and to be a voice of reason that fights the emotions of fear and greed that can consume us at market tops and market bottoms and cause us to make bad decisions. Maybe it is a fee only adviser, maybe it is a low fee money manager that uses an index fund, MPT, random walk approach. I understand that several of the discounters are testing such services.
So, read this book, then take notes and apply its lessons to your portfolio. If you don't understand parts of it, then educate yourself.
63 of 70 people found the following review helpful.
Great book, but not much changed from previous edition. If you have the 10th edition, save your money.
By Richard O.
Great book, as always, but you can't really call this a revised edition when the only thing changed is an additional selection about "smart-beta". If you have the 2012 tenth edition, save your money and research "smart-beta" on the internet.
Start here: http://tinyurl.com/nhx6cnl and here: http://tinyurl.com/obkq2mt
33 of 35 people found the following review helpful.
Thank God for Active Traders
By J. Edgar Mihelic, MBA
I have no beef against the active traders. Maybe I have a little pity for them, since half of them have to lose money if the market’s a zero-sum game. That’s more than half, once you start to factor in fees.
I have long ago realized that though I am interested in the workings of the market, I am not going to delve to the minutiae of companies and different trades and try to be smarter than someone else on the other side who thinks he’s doing the same thing. Nope. Malkiel and Bogle figured out a way I could get away with making the most return possible with the least effort possible - indexing.
Basically this book is a defense of the efficient market hypotheses, or at least part of it. As I understand it, there are two parts to the EMF. One is that the price is always right. So that there’s no such thing as a bubble ever because all the valuations of the market price of securities are representative of their underlying value. The other part is that there’s no free lunch. Or basically arbitrage opportunities may exist, but they are not predictable nor do they persist. I think that the second part is more true than the first, and that’s what this book really digs into, showing you that there are no persistent ways to beat the market. If that’s true, then the best way to consistently make money is to just buy the market. Thankfully there are financial instruments that make that possible - and they’re where I have my money. Cards on the table, this book is just a giant exercise in confirmation bias for me, but it is confirmation bias well done in clear writing with a well-organized structure. I read this burning through the pages on a long holiday weekend, and I wanted to send it to my parents. I thought again about that. It might be too late for them since I don’t know their financial positions. Maybe I’ll send it to my siblings.
A final note, though. Even though Malkiel shows convincingly that there is no way to beat the the market, there is an odd paradox. For the market to work, it needs people out there who think that they can beat the market. Even if the best strategy is to buy and hold a low cost index fund, if everyone did that liquidity and price discovery would drop. What someone following Malkiel needs is people who think he is wrong and that they can generate “alpha” (returns above the market). This goes against the second part of the EMF, where arbitrage opportunities can’t exist because if you have a way to beat the market, then everyone has a way to beat the market and then once everyone is in, no one has a way to beat the market.
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