- Paperback: 416 pages
- Publisher: WW Norton; Ninth edition (Nov. 27 2007)
- Language: English
- ISBN-10: 9780393330335
- ISBN-13: 978-0393330335
- ASIN: 0393330338
- Product Dimensions: 14 x 3 x 20.8 cm
- Shipping Weight: 381 g
- Average Customer Review: 121 customer reviews
- Amazon Bestsellers Rank: #31,301 in Books (See Top 100 in Books)
Random Walk Down Wall Street: The Time Tested Strategy For Successful Investing Paperback – Nov 27 2007
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"A classic, I know, but this preview is all about selling books and this one's already done more than a million copies... this has got to be the leading book in its field." The Bookseller "This revised new edition of the million-copy bestseller is updated with a new chapter on behavioural finance, and remains one of the best investment guides on the market... a must for students of economics." Publishing News"
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.
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Based on economic theories on the EMH, the author argues that individual investors should invest in balanced index funds to try to replicate the market return -- the best scenario for any investor with an average amount of luck. He denounces active mutual funds as a waste of money since their high management expense ratios (MER) are not compensated by superior returns when compared to the index funds. He also provides other useful ideas to investors including introducing the idea that one's willingness to take risks should depend on one's future earnings potential.
This book is one of my favourite books on investing because of its highly practical advice backed by strong economic foundations. Fortunately, it has become extremely easy to follow his strategy given the wide availability of ETFs and relatively low trading fees for the average retail investor.
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