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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. Recommended. --Rob McDonald --This text refers to an out of print or unavailable edition of this title.
Latest edition of Princeton professor Malkiel's bestselling investment guide.
Copyright 1996 Reed Business Information, Inc. --This text refers to an alternate Paperback edition.
Great book. Helped me to take action on buying stocks by providing me with a clear path and guiding me down it. Read morePublished 2 months ago by Jack Slaven
Little bit too old and out dated but the idea of index fund is goodPublished 16 months ago by Brezina Vladimir
This book must be the worst investment book I have ever read.... I have read hundreds. For me to take the time to write this review, it's got to be really, really, really, bad. Read morePublished on June 30 2013 by Canuck2004
The book focuses on the efficient market theory. Whether or not you agree with the theory, this book provides a great deal of background on overall investing. Read morePublished on July 28 2003 by K. John
As a 25 yr old newbie with no investment experience and money not yet in the stock market, Malkiel does a great comprehensive job of laying out the theories which drive the market... Read morePublished on July 22 2003 by James Romero
This is the definitive tome on the "Random Walk" theory of economics - that you can't base tomorrow's price of stock based on it's historical price. Read morePublished on June 10 2003 by therosen
I read this for my finance class at Cornell University and I can definitely say that it was a perfect introduction to many topics in finance, especially mutual funds and the all... Read morePublished on May 25 2003 by Brian S
Dr. Malkiel's thesis concerning market's unpredictability and how to invest smartly probably stepped on one too many toes in the world of professional money managers and planners. Read morePublished on May 25 2003 by P. Ma