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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing Paperback – 22 January 2008

by Burton G. Malkiel (Author)

159 ratings

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A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing
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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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Product details

Language : English
Paperback : 464 pages
ISBN-10 : 0393330338
ISBN-13 : 978-0393330335

Customer reviews:
159 ratings

Product description

Review

"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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Amazon.com: 122 reviews

Art

Good book but it strengthens my view that the markets are inefficient

8 April 2018 - Published on Amazon.com

Verified Purchase

To clear up what some readers misconceive, I found the author's summary at the end of Ch. 4 helpful: "Probably more so than any other chapter in the book, this review of the Internet [sic] bubble seems inconsistent with the view that the stock market is rational and efficient. The lesson from this chapter, it seems to me, is not that markets occasionally can be irrational and, therefore, that we should abandon the firm-foundation theory. Rather, . . . in every case, the market did correct itself. The market eventually corrects any irrationality . . . ." So in short, Malkiel acknowledges the market temporarily becomes irrational but eventually corrects such irrationality; thus, the market eventually acts rational.

In my view, even if the market eventually acts rational, the market acts inefficiently as Malkiel admits: "markets occasionally can be irrational." As Malkiel points out, the market acted irrationally for years by over valuing internet stocks during the late 1990's. A market that fails to rationally value companies for years acts inefficiently.

So far, I like the book and take away its points. However, that does not mean I changed my thinking. As I pointed out in the example above, Malkiel's points strengthen by view: at times, the markets act irrational. Because at times, the markets acts irrationally, the market is inefficient. Because the market is inefficient, investors who understand the inefficiency can consistently produce a return greater than the market. Read the Market Wizard series where Jack Schwager interviews investors who have done so.

11 people found this helpful

Billy

Instant knowledge

31 August 2013 - Published on Amazon.com

Verified Purchase

I really enjoyed this book. I am going to keep this really short and sweet:

1) A complete history of the stock market. It seems silly, but it allows you to hopefully learn from past mistakes
2) A really simple method to make money. This is not a get rich quick scheme, Malkiel suggests low fee mutual funds
3) Some really good advice about personal finance issues that a lot of people don't consider

That is it folks. He gives you the goods and explains why along every step of the way. He gives you the tools to be a smart investor and make money. If you are an old pro, this book probably isn't for you. If you are new to investing and/or have an open mind, start here.

15 people found this helpful

Greg

Must Read

22 November 2011 - Published on Amazon.com

Verified Purchase

My Intro to Finance Professor recommended this book. I got the newest edition, which seems to have been edited, as time has proved many of his theories and I am sure he took some ideas that proved to be untrue out.

Malkiel does a greta job of explaining finance in great little stories, with real examples so anyone can get them. He uses simple and well known Economics situations. The only recommendation I would have is to read up on discounting cashflows and the time-Value of Money to have a better understanding of some of the "fundamentals"

Despite being brillant and ground breaking, Malkiel's book is an easy fast read, if you study up on those few concepts I mentioned, you should be able to understand how what he covers (efficient market theory, costs of trading/transaction costs and taxes) affect how much you can save.

The first 300 pages are really fast, the last 80-120 (if you read the supplements) get a little more dense, but are by no means too complex for anyone to grasp. A Must Read for anyone saving for any significant purchase.

7 people found this helpful

O. Halabieh

An Investment Primer!

7 December 2009 - Published on Amazon.com

Verified Purchase

This book is an extensive and complete review of the investing sector, with a particular focus on equities. If you are trying to read one book only on this subject, this is probably the book that I would recommend. If you are quite familiar with this subject, you may not find as much depth as you hope but this book would serve as a historical reference. I particularly recommend reading the sections relating to the formation of bubbles and the subsequent collapses throughout the decade. The author clearly demonstrates how this is an inherent phenomena in the investing world, as we have recently experienced, and shows us ways to better understand and deal with these situations. I also liked the discussion about technical vs fundamental analysis of equities, when each should be used and how to harness the power of each. Finally, although the author does take a side on some of the topics he discusses, he does a great job of objectively presenting the different view points which is key for any reference material. A recommended primer!

3 people found this helpful

Taryn East

Index-funds only for me from now on

17 May 2008 - Published on Amazon.com

Verified Purchase

A book that leaves a lasting impression, and changes your mind, forever, about how to invest for the long run.

The first half of the book goes through the basic of index funds, then moves onto the current views of how people try to make money in the market, from the straightforward approaches to some really weird ideas that people have. Malkiel goes through each of them, using mathematics and psychology to explain which do and which don't hold any water - and what the chances are of *predictably* and *consistently* producing returns that *beat the market average* for each of those techniques.

The only downside (from my perspective) is that the book is aimed at a US-centric audience - which means it automatically rules out the larger part of the reading audience... as this book would otherwise be perfect for the entire world.
However, I strongly believe there are enough useful chunks of information that it's well worth buying, even for the European and Aussie markets.

I never thought I'd have the time or knowledge to be able to beat the average broker at the market, but I'd always thought there was more room to move than this. Seems that my best bet is also the easiest!
Index funds for me from now on!

2 people found this helpful

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