Start reading A Random Walk Down Wall Street: The Time-Tested Strategy... on the free Kindle Reading App or on your Kindle in under a minute. Don't have a Kindle? Get your Kindle here.

Deliver to your Kindle or other device

Enter a promotion code
or gift card
 
 
 

Try it free

Sample the beginning of this book for free

Deliver to your Kindle or other device

Sorry, this item is not available in
Image not available for
Color:
Image not available

To view this video download Flash Player

 

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Tenth Edition) [Kindle Edition]

Burton G. Malkiel
4.4 out of 5 stars  See all reviews (367 customer reviews)

Digital List Price: $18.95 What's this?
Print List Price: $18.95
Kindle Price: $9.48
You Save: $9.47 (50%)

Free Kindle Reading App Anybody can read Kindle books—even without a Kindle device—with the FREE Kindle app for smartphones, tablets and computers.

To get the free app, enter your email address or mobile phone number.

Best Books of the Year
Best Books of 2014
Looking for something great to read? Browse our editors' picks for 2014's Best Books of the Year in fiction, nonfiction, mysteries, children's books, and much more.

Book Description

"Almost every list of must-read investment books . . . includes Malkiel's Random Walk." —Booklist


Especially in the wake of the financial meltdown, readers will hunger for Burton G. Malkiel’s reassuring, authoritative, gimmick-free, and perennially best-selling guide to investing. With 1.5 million copies sold, A Random Walk Down Wall Street has long been established as the first book to purchase when starting a portfolio. In addition to covering the full range of investment opportunities, the book features new material on the Great Recession and the global credit crisis as well as an increased focus on the long-term potential of emerging markets. With a new supplement that tackles the increasingly complex world of derivatives, along with the book’s classic life-cycle guide to investing, A Random Walk Down Wall Street remains the best investment guide money can buy.


Editorial Reviews

Amazon.com Review

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

From Publishers Weekly

Latest edition of Princeton professor Malkiel's bestselling investment guide.
Copyright 1996 Reed Business Information, Inc.

Product Details

  • File Size: 2949 KB
  • Print Length: 449 pages
  • Page Numbers Source ISBN: 0393081435
  • Publisher: W. W. Norton & Company; 10 edition (January 10, 2011)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ISBN-10: 0393340740
  • ISBN-13: 978-0393340747
  • ASIN: B004KKXMZQ
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #11,238 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
  •  Would you like to give feedback on images?


Customer Reviews

Most Helpful Customer Reviews
131 of 134 people found the following review helpful
Format:Paperback
Burton Malkiel's A Random Walk Down Wall Street is well known to be one of the modern classics on stock investing. I was already aware of the premise behind the book - the stock market is pretty efficient and most everyone is wasting their time trying to find inefficiencies to exploit - but I was interested in finding out what information inside could really help me as an individual, both as an investor and as a person interested in improving my personal finances. Here's what I found.

Chapter 1: Firm Foundations and Castles in the Air
The book starts off by defining two basic investment ideologies, the firm foundation theory and the "castle in the air" theory. The firm foundation theory basically says that you should invest based on the actual real value of what you're investing in; for example, if you buy a stock of Coke, it should be based on what the value of the Coca-Cola Corporation is. The "castle in the air" theory basically says that you should invest in response to what the crowds are doing and that you can make more money by riding the waves of people who are either following trends or trying to invest based on a firm foundation. Which one is right? The truth is that they both are, but at different times.

Chapter 2: The Madness of Crowds
This chapter is quite entertaining: it discusses financial "crazes" throughout history, including my personal favorite craze of all, tulipomania. In all three examples (tulipomania, the South Sea bubble, and the Wall Street crash of 1929), a market grew like gangbusters until everything was overvalued, then the values rapidly returned to normal.
Read more ›
Comment | 
Was this review helpful to you?
82 of 88 people found the following review helpful
5.0 out of 5 stars FOR EVERY INVESTOR January 12, 2011
Format:Hardcover|Verified Purchase
My review pertains to the newest 2010 edition of "A Random Walk Down Wall Street". I found it to be a well-updated classic. The author is very knowledgeable and makes a strong case for sensible investing choices using index funds and ETF's. Each chapter is peppered with experiences, jokes, and other interesting anecdotal tidbits. The old references that were fit for the 70's or 80's were purged or modified to make this book fit 2011. For the investor or anyone interested in building their own nest egg and then protecting it, this is a highly recommended book. I consider myself to be a rather experienced and seasoned investor but I learned a lot of new things reading this book. I have also read "The Little Book of Common Sense Investing" by John C. Bogle of Vanguard fame. I much prefer "A Random Walk Down Wall Street". Random is a much bigger book and will require more time to read, but it's much more thorough and less biased. If you have the time to read it, I would recommend A Random Walk over the Little Book.
Comment | 
Was this review helpful to you?
53 of 58 people found the following review helpful
Format:Hardcover
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, 9th ed., by Burton G. Malkiel, is a classic and brilliant explanation of how investors make the same mistakes over and over again, and how you can avoid those mistakes. If you want to understand how the stock market works, and decide for yourself if you should be investing in index mutual funds or picking stocks, this book is a must-read.

This book is not short, but that's because it goes through the history of investing (starting in 1592! through the dot-com era), explains how professionals invest and modern portfolio theory, and how you can apply all that to your investment portfolio.

I read this book before I was an investment advisor, have re-read it since, and recommend it to my clients who want to understand how the stock market, and how investors, work.

Pros: Love the stories of early investment bubbles, like the tulip bulb bubble (yes, actual tulip bulbs) and how the dot-com bubble was just history repeating itself. Great explaination of modern portfolio theory, that a non-financial-geek can understand.

Cons: Still is pretty technical for some people, and no one could say the book is short or quick reading. Modern portfolio theory may not work in all asset classes (like international investments, though that may be changing).

What I have learned: I love sharing stories of all of the bubbles throughout history, when I'm at a cocktail party or networking event. Helps me explain to clients and press why the dot-com bubble happened, why indexing works (in some asset classes), and how someone should evaluate the fundamentals of a stock.
Was this review helpful to you?
43 of 49 people found the following review helpful
By A Customer
Format:Paperback
As a financial consultant in a global financial services firm, I wholeheartedly recommend this book to anyone in the markets. Burton Malkiel's central concepts still hold up in this seventh edition. He updates with stories of the latest investment follies, and uses them to back up his central assertion: investing in the capital markets requires a long-term time horizon, an understanding of the risks involved, a resistance to rushing into the latest hot trend without researching it, and some kind of investment strategy. (Those investors who trade, trade, trade on broker advice should always remember: Brokers make money on every trade in commissions-- they don't care if *you* lose all of your money.) Burton's continued support of index funds as an important part of any diversified asset strategy is backed up by good, rigorous research. Even the best active managers get burned-- Warren Buffett's hot streak finally ran out in the first half of this year, didn't it? Mean reversion does finally win out in the long run. Investors who play the stock market like the Lotto always lose out to the long-term strategists. "A Random Walk down Wall Street" is, and will always be, an immensely valuable work.
Comment | 
Was this review helpful to you?
Most Recent Customer Reviews
5.0 out of 5 stars A must for every investor.
A practical way on how to become wealthy over a period of time.
Published 1 day ago by Damany M.
4.0 out of 5 stars Four Stars
Good
Published 1 day ago by Sandra Clarke
5.0 out of 5 stars Very good, quite detailed, could be summarized in 2-3 pages. Higly...
Very refreshing and direct. Quite a few pages though, an executive summary would be useful.
Published 4 days ago by Stella krankusova
5.0 out of 5 stars Five Stars
Great read
Published 5 days ago by Sean Tanny
4.0 out of 5 stars Great for a read
Don't take this book as fact as a lot of what he says is inaccurate but it's a good place to start learning about the markets.
Published 5 days ago by ModerateExtremist
5.0 out of 5 stars This is an excellent book. If you want to understand markets and ...
This is an excellent book. If you want to understand markets and how one might invest for retirement as an amateur, this is the best one on the market. Read more
Published 13 days ago by Netadmin1
5.0 out of 5 stars Five Stars
I think everyone should read this book before making their personal investment decisions.
Published 17 days ago by Alan
5.0 out of 5 stars Five Stars
If there's only one financial book you read, let it be this one.
Published 20 days ago by Snake Pliskin
5.0 out of 5 stars Five Stars
Good book! Recommend!
Published 22 days ago by Oleg
4.0 out of 5 stars Good book.
A good introductory book to investing, broad scope and well written. If you already know a bit, this book won't shed too much light on any new ideas. Read more
Published 23 days ago by 456Scotty
Search Customer Reviews
Search these reviews only

More About the Author

Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics at Princeton University. His books include "From Wall Street to the Great Wall," "Naked Economics," "The Random Walk Guide to Investing," and the mega-bestseller "A Random Walk Down Wall Street."



Amazon Author Rankbeta 

(What's this?)

What Other Items Do Customers Buy After Viewing This Item?


Forums

There are no discussions about this product yet.
Be the first to discuss this product with the community.
Start a new discussion
Topic:
First post:
Prompts for sign-in
 


Look for Similar Items by Category